Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The opinions expressed in this paper are those of the authors, and not necessary those of the institutions to whom they belong to. The authors thank M.Mourant from SBF who made available to them the CAC 40 notifications and M.Davydoff from SBF, M. Champarnaud from COB and M.Thollon Pommerol from Insee for their advice in gathering information. Claude Truy from the Bank of France gave very valuable research assistance and perspicacity in putting together the information on financial institutions. Terms of use: Documents in 2 SUMMARYThis paper provides an overview on ownership structure and voting power in France, both in terms of institutional and legal framework and of quantitative analysis. If cross share holdings in large groups were a characteristic of the French model, called «financial core», and had been extended in 1986, with the first wave of privatizations, the foundations of this model seem to be weakened. This organization has not been able to really prevent the increasing of foreign presence in French capitalization.Looking at listed firms and CAC40 firms, and at a large dataset of unlisted firms, this paper shows that concentration of direct ownership and voting power is very high in France, even for listed and CAC40 firms.The second direct owner lags far behind the first one and the category «families» plays a major role in the detention of non-listed firms. The average ownership stakes of banks, insurance companies and other financial institutions are relatively low, except for CAC40 firms.
Une approche du coût de l'enfant In: Economie et statistique, N°155, Mai 1983. Réactions aux chocs pétroliers : une comparaison internationale / Chômage dans les années trente et aujourd'hui / La croissance du parc de logements / Le coût de l'enfant. pp. 51-67.
À partir d'informations comptables et de dossiers bancaires relatifs à un échantillon de PME ayant déposé leur bilan entre novembre 1988 et janvier 1993, on étudie les comportements de l'entreprise en difficulté et de ses créanciers durant la période qui sépare le défaut de paiement du dépôt de bilan, en mettant notamment l'accent sur les asymétries d'information entre les banques et les entreprises (Hoshi-Kashyap-Scharfstein, 1990 ; Asquith-Gertner-Scharfstein, 1994). On analyse le processus qui mène à la défaillance comme une succession de phases marquées par l'apparition de signes manifestes de difficultés, appelés « signaux » (défauts de paiement, conflits entre l'entreprise et ses partenaires...), auxquels correspondent des réactions de la part des banques et des décisions de l'entreprise. L'étude met en évidence les difficultés que rencontre le banquier pour établir un diagnostic dans un environnement où l'information est imparfaite et coûteuse à mobiliser. Alors que la situation économique et financière de l'entreprise s'est déjà sensiblement détériorée, ce n'est généralement qu'après les premiers défauts de paiement ou dépassements de découverts qu'il réagit. Face aux sollicitations des clients, le banquier ne consent de nouveaux crédits qu'au cours des deux premières phases de difficulté, essentiellement dans le cas où celles-ci proviennent d'une dégradation brutale de l'environnement. En revanche, il a tendance à se désengager à partir de la seconde phase, surtout lorsque les difficultés proviennent de choix de gestion inadaptés à moyen terme.
[eng] Although general to every developed country, growth of health spendings has been particularly important in France. However, this movement has not led to a relatively better state of health. In the past, some factors have played an important role but are not so strong anylonger: elimination of supply shortage; extension of the social coverage. Other factors are still very strong: ageing of the population; growth of income; technological innovation. But these factors can explain only a part of the increase in health spendings. Further explanations are to be looked for in the health system organization and regulation. A balance between market and state regulations must be found. Public intervention can be justified by the need of larger efficiency. The health system is characterized by the presence of many imperfections: asymmetric information, medical uncertainty, specific nature of health as a public good, uncompetitive market structures which lead to collective inefficiencies. Public intervention is also necessary to greater equity in the access to health. However, complete public and centralized health systems also lead to collective inefficiencies. As experiments in several countries demonstrate it, state regulation can be associated with market mechanisms: prospective payments based for example on Diagnosis Related Groups; competition on the health production market and/or the insurance market. In France former regulation policies did not prove to be very efficient. Price control encouraged increase in health consumption. Hospital planning did not succeed in restructuring supply and copayments failed to moderate demand. Moreover, a clear configuration of roles between health providers, public and private insurers and the state has not been defined. Furthermore, regulation lacks a complete and consistent information system on health. Following the german and Canadian reforms' examples, a new policy, based on global budgeting or growth targets has been implemented in the '80s and the early 90s'. After the recent announcement of a large reform by the Prime Minister, lots of questions stay yet unanswered. How will the Parlement define health objectives associated with spendings limitation targets? How is it possible to improve incentives on demand? How to improve regulation mechanisms (enforcement of spendings targets, distribution of resources between different sectors and areas, evaluation and control of medical practices, development of incentives, more ambitious reforms based on greater competition between health providers and further responsibility of health insurance)? [fre] Caractéristique commune à tous les systèmes de santé développés, la croissance des dépenses apparaît particulièrement accentuée en France. Cette évolution ne se traduit pas par un état de santé globalement supérieur en France. Certains facteurs ont joué un rôle important sur la croissance des dépenses dans le passé, mais ne jouent aujourd'hui qu'un rôle faible: accès à une offre de soins autrefois rationnée ou encore amélioration d...
[eng] The Unification of VAT rates and macroeconomic mechanisms - What could be the impact on the French economy of a change in indirect taxation through VAT rates (possibly accompanied by a change in direct taxation on income) when the unified European market is created ? With the METRIC model, it is possible to try to assess the reactions of households and enterprises, and their consequences on prices, consumption, investment and foreign trade. However this model does not permit us to take into account the effects of income redistribution caused by tax changes in a household. . The adoption of two VAT rates of 9 % and 1 9 % — which is practically neutral budgetwise both ex ante and ex post, and is analysed in this article as a case study — would put France in the upper part of the two brackets suggested by the EEC for reduced and normal rates (that is, respectively 4% to 9% and 14% to 20%). The overall macroeconomic effects are relatively slight. However, after changes in relative prices, the structure of consumption might change markedly. . The adoption of two VAT rates of 5.5 % and 1 7 % would be in keeping with the measures taken by the 1 988 and 1 989 budget laws. Compared to EEC objectives, 5.5 % is in the lower part of the bracket suggested for reduced rates and 1 7 % in the middle part of the bracket suggested for normal rates. Adopting these rates would lead to a general drop in prices and might eventually boost both exports and household consumption. But the gains in price-competitiveness could not prevents a further deterioration in the balance of manufactured products (approximately an average of 15 to 20 billion francs a year), following an increase in the domestic demand and changes in relative prices. In addition, this option would be harmful to public finances. The cost in terms of the public deficit would be relatively high even if, because of the drop in prices and the ensuing recovery, it turns out to be lower ex post than ex ante (approximately an average of 40 billion francs instead of 70 billion francs a year). . If two VAT rates of 5.5 % and 1 7 % were adopted, the state could make up for the ex ante losses in VAT proceeds by raising household income tax. According to the METRIC model, such a compensation might lead to substantial tax collections as early as the first year. Eventually, household purchasing power would be reduced on a long-term basis. As a result, households would have to cut down on consumption. On the other hand, not only would economic growth remain practically unchanged, but also the price competitiveness of French products would improve and the deficit of current transactions would be reduced by half compared to the present situation. [fre] Quel pourrait être l'impact sur l'économie française d'une modification de la fiscalité indirecte par les taux de TVA (éventuellement accompagnée par une modification de la fiscalité directe sur les revenus) dans le cadre de la constitution du grand marché européen ? Grâce au modèle METRIC, on peut tenter d'évaluer les réponses des ...
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