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Les fonds souverains, véhicules d'investissement créés, financés et contrôlés par leur Etat d'origine, échappent à l'heure actuelle à toute qualification juridique. Leur structure et finalité souveraines, conjuguées à la nature privée de leurs activités, suscitent de nombreux débats au sein de la communauté internationale, d'autant plus que certaines de leurs opérations, dont l'opacité est régulièrement relevée, s'effectuent en dehors de leur territoire. Les percevant à la fois chevaliers blancs au secours d'un marché financier en pleine crise, et menaces à la souveraineté des nations, les Etats récepteurs de leurs investissements semblent adopter une position quelque peu ambigüe à leur égard, laquelle oscille entre libéralisme et retour à un protectionnisme latent. Ces craintes plus ou moins fantasmés dont ils font l'objet sont par ailleurs attisées par la nouvelle réalité qu'ils projettent d'un basculement du pouvoir au détriment des pays occidentaux et de l'essor d'un nouveau capitalisme d'Etat. Il importe dès lors de déterminer si les fonds souverains sont des acteurs économiques comme les autres, susceptibles de bénéficier de la protection offerte aux investisseurs étrangers, ou des représentants de l'Etat dont ils émanent. Cette question, pierre angulaire des problématiques posées par les fonds souverains, n'épuise toutefois pas l'ensemble des controverses soulevées à leur sujet, ces dernières étant particulièrement nombreuses en termes de problèmes juridiques relatifs à l'encadrement juridique qui leur serait applicable. / Sovereign wealth funds, investment vehicles created, funded and controlled by nation states, do not adhere to any clear legal status. Their public ownership and ultimate objectives, together with the private nature of their activities, most of which are confidential and international, have created much debate and controversy within the international community. Considered by many to be white knights of a financial market in crisis, sovereign wealth funds are also seen as a threat to the economic sovereignty of their host countries, which seem to adopt an ambiguous position towards them, varying between liberalism and a return to a latent protectionism. These more or less fantasized fears are exacerbated by the new reality they project: a decline in western influence and the rise of a new state capitalism in the global scene. It is therefore imperative to understand whether sovereign wealth funds are ordinary economic players that should benefit from the protection provided to international investors, or whether they represent the objectives of the nation states from which they emanate. This question is at the heart of the debates ranging around sovereign wealth funds in addition to controversies surrounding other legal aspects regarding the legal regime that would apply to them.

Submitted by ANDRE KOBAYASHI (atkobayashi@gmail.com) on 2015-09-10T14:16:31Z No. of bitstreams: 1 dissertacao-mestrado.pdf: 2295051 bytes, checksum: 493dbe4f172f9322cf8aa11f4de670b3 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: André, boa tarde A formatação de seu trabalho não está de acordo com as normas da ABNT. Segue abaixo o que deverá ser alterado: - Título: Se não houve solicitação para alteração do mesmo, deverá deixa-lo igual consta em ATA e protocolo: OTIMIZAÇÃO DA MEDIDA OMEGA DE UM PORTFOLIO DE AÇÕES COM A UTILIZAÇÃO DE OPÇÕES SOBRE IBOVESPA. - CAPA: Retirar a formatação em negrito e observar o tamanho da fonte que deve ser tamanho 12. - FICHA CATALOGRÁFICA: Esta é a ficha que você recebeu em seu e-mail? Geralmente consta um código numérico junto à CDU e na sua ficha consta pontos de interrogação (CDU ???). - RESUMO e ABSTRACT: Justificar o texto. Não deve constar espaços entre os parágrafos. Att. on 2015-09-10T19:55:05Z (GMT) / Submitted by ANDRE KOBAYASHI (atkobayashi@gmail.com) on 2015-09-11T15:43:57Z No. of bitstreams: 1 dissertacao-mestrado.pdf: 2296089 bytes, checksum: a64acd53b9b023aec617de2098d90a84 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-09-11T17:31:41Z (GMT) No. of bitstreams: 1 dissertacao-mestrado.pdf: 2296089 bytes, checksum: a64acd53b9b023aec617de2098d90a84 (MD5) / Made available in DSpace on 2015-09-11T18:09:53Z (GMT). No. of bitstreams: 1 dissertacao-mestrado.pdf: 2296089 bytes, checksum: a64acd53b9b023aec617de2098d90a84 (MD5) Previous issue date: 2015-08-17 / The use of options in the financial market has gained importance because of its non-linear payoff and the ability to change the profile of the distribution of a portfolio returns. There are several strategies that are appropriate for each scenario the investor believes to be exposed, but as a set of scenarios forms a distribution of returns, we must use an appropriate measure to work with this type of information. Thus we used the Omega measure, which is a measure capable of capturing all moments of a distribution, given a threshold of returns. This study aims to develop a methodology that allows to optimize the Omega measure of a portfolio, through the use of options of IBOVESPA. To generate the distributions’ returns we used Monte Carlo simulation, with jumps and stochastic volatility. Finally, several analyzes were made on the results obtained in order to compare the optimal strategy with several random strategies, and also, a backtest to evaluate the effectiveness of the implementation of the optimized strategy. / O uso de opções no mercado financeiro tem ganhado relevância devido ao seu payoff não-linear e a possibilidade de alterar o perfil da distribuição de retornos de um portfolio. Existem diversas estratégias que são adequadas para cada cenário que o investidor acredita estar exposto, mas como o conjunto de cenários forma uma distribuição de retornos, devemos utilizar uma medida adequada para trabalhar com este tipo de informação. Assim, foi utilizada a medida Omega, que é uma medida capaz de capturar todos os momentos de uma distribuição, dado um limiar de retornos. Este trabalho se propõe a desenvolver uma metodologia que possibilite otimizar a medida Omega de um portfolio, através do uso de opções sobre o IBOVESPA. Para a geração das distribuições de retornos foi utilizada simulação de Monte Carlo, com jumps e volatilidade estocástica. Finalmente, foram feitas diversas análises sobre os resultados obtidos, afim de comparar a estratégia otimizada com diversas estratégias aleatórias, e também, realizado um backtest para avaliar a eficácia da implementação da estratégia otimizada.

Submitted by MARCOS DE JESUS GOMES NAVARRO (mjnavarro.marcos@gmail.com) on 2018-01-16T11:52:57Z No. of bitstreams: 1 Marcos Navarro_c335734_Dissertação__VERSAO FINAL ENVIADA 16 JAN 18.pdf: 2015779 bytes, checksum: 6e6c585c6c4faf73b64874c292e8a173 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Marcos, boa tarde! Para que possamos aprovar seu trabalho, é necessário que faça duas alterações: - Utilize o título "DEDICATÓRIA" ao invés de "EU DEDICO ESTE TRABALHO A"; - Centralize os títulos da "DEDICATÓRIA" e "AGRADECIMENTOS" Por gentileza, submeta-o novamente quando fizer as alterações, para que possamos aprovar ainda hoje. Qualquer dúvida, entre em contato. Att, Thais Oliveira. on 2018-01-17T18:42:39Z (GMT) / Submitted by MARCOS DE JESUS GOMES NAVARRO (mjnavarro.marcos@gmail.com) on 2018-01-17T19:30:23Z No. of bitstreams: 1 Marcos Navarro_c335734_Dissertação.pdf: 2014961 bytes, checksum: 8354b94b14c704ac6e4099866b6592f7 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-01-17T20:27:34Z (GMT) No. of bitstreams: 1 Marcos Navarro_c335734_Dissertação.pdf: 2014961 bytes, checksum: 8354b94b14c704ac6e4099866b6592f7 (MD5) / Made available in DSpace on 2018-01-18T11:58:39Z (GMT). No. of bitstreams: 1 Marcos Navarro_c335734_Dissertação.pdf: 2014961 bytes, checksum: 8354b94b14c704ac6e4099866b6592f7 (MD5) Previous issue date: 2017-12-04 / A importância do risco na formação de portfólios compostos por ativos de renda fixa e de renda variável é um assunto recorrente em trabalhos acadêmicos que visam auxiliar os gestores na composição de Carteiras Eficientes. O estudo da correlação das volatilidades dos retornos entre estes mercados no Brasil é abordado neste trabalho analisando o período de fevereiro de 2006 a agosto de 2017. Foi utilizado como indicador de renda fixa o IMA-B 5+ com o objetivo de destacar o aumento da participação dos títulos de renda fixa pós-fixados indexados à inflação na composição da Dívida Pública Mobiliária Federal interna após a adoção do regime de metas de inflação em 1999. O IBrX 50 foi utilizado como indicados do mercado de renda variável. As volatilidades nos dois mercados foram calculadas pelos desvios padrão dos retornos mensais e também pelo modelo GARCH(1.1). Os resultados apontaram que não existe uma tendência definida sobre o nível da volatilidade dos dois mercados com o passar do tempo, da mesma forma que não existe uma relação estável entre as volatilidades do mercado de renda fixa e renda variável. A não coincidência temporal dos picos e baixas de volatilidade foi confirmada pela grande variação das razões entre as volatilidades destes mercados. As volatilidades calculadas pelo modelo GARCH(1.1) apresentaram padrão semelhantes às calculadas pelos desvios padrão dos retornos. Os resultados deste trabalho diferem dos resultados dos trabalhos anteriores que compararam a volatilidade da renda fixa com a da renda variável focando em títulos prefixados. Enquanto os trabalhos de referência apontavam que a volatilidade da renda variável estava por volta de três vezes a da renda fixa para títulos prefixados, nosso trabalho encontrou como resultado que a volatilidade para os títulos de renda fixa atrelados a um índice de preços representaram mais de 50% da volatilidade da renda variável. / The relevance of the risk in the creation of portfolios composed by fixed income and risk assets is a recurrent subject in the literature that aim to assist managers in the maintenance of efficient portfolios. The focus of this study is the correlation of the volatility of gains between these two markets in Brazil, analyzing the period from February 2006 to August 2017. The IMA-B 5+ was used as a fixed income indicator in order to highlight the increase in the participation of post-fixed fixed-income securities indexed to inflation in the composition of the internal Federal Domestic Public Debt after the adoption of the Inflation Targeting Regime in 1999. The IBrX 50 was used as an indication of the variable income market. The volatilities in the two markets were calculated by the standard deviations of the monthly income and also by the GARCH model (1.1). The results pointed out that there is no trend on the level of volatility of the two markets over time, just as there is no stable relationship between the volatilities of the fixed income and risk assets markets. The non-coincidence of the peaks and lows of volatility was confirmed by the large variation in the ratios between the volatilities of these markets. The volatilities calculated by the GARCH model (1.1) presented similar patterns to those calculated by the standard deviation of the returns. The results of this study differ from the results of previous literature comparing the volatility of fixed income with that of risk assets focusing on fixed-rate securities. While the reference works indicated that the volatility of variable income was about three times that of fixed income for fixed-rate securities, this study found that volatility for fixed income securities pegged to a price index represented more of 50% of the risk assets volatility.

L'objectif sous-jacent aux trois chapitres qui composent cette thèse est la compréhension du fonctionnement du marché du travail, afin d'établir un diagnostic quant au rôle de régulation potentiel d'une autorité publique dans ce marché. Dans le premier chapitre, j'analyse, d'un point de vue purement "positif", la capacité du modèle avec frictions d'appariement à répliquer les fluctuations de court terme de variables du marché du travail aux États-Unis. Je propose une nouvelle stratégie de calibration, dans le cadre d'analyse est celui d'un modèle de fluctuations avec rigidité de prix. Dans le deuxième chapitre (co-écrit avec F. Langot), nous étudions les déterminants des évolutions de l'offre de travail sur les cinquante dernières années. L'évolution du coin fiscal, ainsi que de deux variables reflétant le cadre institutionnel (la générosité du revenu en cas de "non-emploi" et le pouvoir de négociation des travailleurs), permettent d'expliquer les différentes trajectoires du taux d'emploi et des heures travaillées observées aux États-Unis et dans trois économies européennes (France, Allemagne et Royaume-Uni). Dans le troisième chapitre, j'analyse la performance de deux systèmes alternatifs de sécurité sociale, dans le cadre d'un modèle avec agents hétérogènes en termes de richesse. Les agents sont soumis à un risque de chômage, et le planificateur peut fournir de l'assurance à travers un système fiscal redistributif, basé sur une taxe progressive et/ou l'assurance chômage. Le système fiscal progressif est supérieur, en termes de bien-être agrégé, à l'assurance fournie à travers des allocations chômage, à travers son effet sur le fonctionnement du marché du travail. / The objective underlying the three chapters of this thesis is the understanding of the functioning of the labor market to make a diagnosis about the potential regulatory role of a public authority in this market. ln the first chapter, I analyze, from a purely "positive" point of view, the ability of the model with search and matching frictions to reproduce short-term fluctuations of labor market variables in the United States. I propose a new calibration strategy, within a general equilibrium framework with sticky prices. In the second chapter (co-written with F. Langot), we study the determinants of changes in the labor supply over the last fifty years. Changes in the tax wedge, and two variables reflecting the institutional framework (the generosity of income in case of "non-employment" and workers' bargaining power), can explain the different trajectories of the rate employment and hours worked observed in the United States and three European economies (France, Germany and the United Kingdom). ln the third chapter, I analyze the performance of two alternative systems of social security, within the framework of a model with heterogeneous agents in terms of wealth. The agents are subject to a risk of unemployment, and the planner can provide insurance through a redistibutive tax system, based on a progressive tax and / or unemployment insurance. The progressive tax system is superior in terms of aggregate welfare to the insurance provided through unemployment benefits, through its effect on the functioning of the labor market.

L’objet de ce travail est de proposer une démarche d’évaluation puis de réduction du risque de fraude. Cette démarche est basée sur la notion d’appropriation, c’est-à-dire le degré d’intériorisation de son environnement par l’individu. Il s’agit d’améliorer les appropriations respectives (ce que nous appelons « appropriation croisée ») des opérateurs (gérants ou traders) et des contrôleurs. Promouvoir cette appropriation croisée permettra aux opérateurs et aux contrôleurs de développer des interrelations attentives et permettra aux opérateurs de s’affranchir de l’idée de mythe dans laquelle ils peuvent se sentir enfermés, ces deux points devant conduire à diminuer le risque de fraude. L’appropriation, par elle-même, permettant également de développer des capacités difficilement imitables, notre idée est que l’appropriation croisée favorise une performance économique de long terme de l’organisation. La démarche que nous proposons s’effectue en trois temps, il s’agit tout d’abord de faire en sorte que les acteurs concernés aient une connaissance partagée des rôles de chacun, ce qui permettra ensuite de déterminer les facteurs critiques à améliorer. Le troisième temps consistant à mesurer le déficit d’appropriation croisée à l’aide d’un outil : la balance appropriative et à diriger les appropriations afin de rééquilibrer cette balance. / The aim of this work is to suggest an appropriation-related framework for evaluating and reducing the risk of fraud in financial markets. Its purpose is to improve respective appropriations (what we call “cross appropriation”) of operators (traders or fund managers) and controllers (in charge of controlling operator’s position and operations). The enhancement of this cross appropriation should lead to heedful interactions which will permit operators to escape from the heavy mythological suit they might wear, resulting in less psychological pain. This appropriation, by itself, providing a competitive advantage, this approach should then give a long-term economic performance to the organization because appropriation is involved and respective appropriations are well balanced, resulting in less fraud. This framework is three-steps. The first one is to make sure every stakeholder has a shared understanding of the organization, which will allow a right selection of critical factors. The third step consist in measuring the quality of the cross-appropriation with a tool: the appropriation scales and to direct appropriations towards a better equilibrium of the scales if needed.

Submitted by Diego de Sousa Rodrigues (diego-2607@hotmail.com) on 2018-05-21T19:09:48Z No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 724079 bytes, checksum: 3ad8ea76a1e94e45b794f4a0daa1ee3e (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Bom dia Diego, Para que possamos dar andamento ao seu processo será necessário fazer apenas alguns ajustes. SÃO PAULO 2018 = DEVE SER LETRA MAIÚSCULA NAS CAPAS. A ficha catalográfica, deve ser inserida conforme lhe foi enviado pela biblioteca - Mudando apenas a quantidade de paginas. ( colocar ate mesmo o quadrado/ retângulo ) Apos as modificações excluir o arquivo ja postado e fazer novamente toda submissão. Qualquer duvida estamos a disposição. att, Pâmela Tonsa 3799-7852 on 2018-05-22T13:29:44Z (GMT) / Submitted by Diego de Sousa Rodrigues (diego-2607@hotmail.com) on 2018-05-22T16:41:39Z No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 742240 bytes, checksum: 7566b1884a3945cd0b1e24a245dcae9b (MD5) / Rejected by Pamela Beltran Tonsa (pamela.tonsa@fgv.br), reason: Boa tarde Diego, Conforme falamos , estou rejeitando seu trabalho para a nova alteração. Att. Pâmela Tonsa 3799-7852 on 2018-05-22T16:48:17Z (GMT) / Submitted by Diego de Sousa Rodrigues (diego-2607@hotmail.com) on 2018-05-22T16:54:53Z No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2018-05-22T16:56:47Z (GMT) No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-05-22T17:50:28Z (GMT) No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) / Made available in DSpace on 2018-05-22T17:50:28Z (GMT). No. of bitstreams: 1 Liquidity_constraints_and_collateral_crises.pdf: 761100 bytes, checksum: 7c985eac9766620ac562288a5c15f07d (MD5) Previous issue date: 2018-05-16 / Asset-backed securities were widely traded. Arguably, this happened because they were complicated claims, in the sense that it was very costly to assess their fundamental value. Here, we show that if this is the case, then the emergence of alternative ways to address liquidity needs, by undermining the liquidity role of these assets and reinforcing the relevance of their fundamental value, may increase the incentives to acquire information about them, and negatively impact the credit market. Hence, our results suggest that it is easier for these assets to accomplish the role of private money when there are fewer alternative ways to address liquidity needs. / Os títulos lastreados em ativos eram amplamente negociados. Provavelmente, isso aconteceu porque eram títulos complicadas, no sentido de que era muito custoso avaliar seu valor fundamental. Aqui, mostramos que, se este é o caso, então o surgimento de formas alternativas de atender às necessidades de liquidez, ao enfraquecer o papel de liquidez desses ativos e reforçar a relevância de seu valor fundamental, pode aumentar os incentivos para obter informações sobre eles e impactar negativamente o mercado de crédito. Portanto, nossos resultados sugerem que é mais fácil para esses ativos desempenharem o papel do dinheiro privado quando há menos formas alternativas de atender às necessidades de liquidez.

A tese por nós aqui apresentada teve por finalidade principal pesquisar a transformação na forma crítica de reprodução fictícia da agroindústria canavieira paulista, entre o Proálcool (1975 1990) e aquela forma de reprodução que começou a se constituir a partir da década de 1990, mas só se estabeleceu no início do século XXI. Para tanto, visitamos teóricos da reprodução e crise do capital que nos auxiliaram a compreender as formas de reprodução fictícia do capital em nível global atualmente, para depois podermos cotejar suas interpretações com a pesquisa por nós realizada acerca da forma atual de reprodução fictícia desta agroindústria canavieira a partir da inflação do preço do açúcar como ativo financeiro nos mercados de futuros internacionais (derivativos). Tal pesquisa nos permitiu abordarmos, também, os impactos da crise econômica do capital de 2007/2008 sobre tal agroindústria, a fim de relacionarmos tal crise com uma discussão sobre a própria crise imanente do capital. As consequências dessa transformação na reprodução fictícia acima mencionada também foram observadas no que diz respeito à terra, conforme características da produção, produtividade e área com cana-de-açúcar; e ao trabalho, por meio da discussão acerca do trabalho do boia-fria e da mecanização do corte de cana-de-açúcar. Podermos sugerir a crise da reprodução da sociabilidade capitalista por meio da historicização de suas categorias (capital, terra e trabalho) atualmente em crise, nos fundamentou para desdobrarmos a crítica da forma mercadoria de relação social e do trabalho como fundamento do capital como ponto de chegada da crítica negativa que pretendemos apresentar como basilar para o movimento do texto como um todo. / The thesis we present here had as its main purpose the research in the transformation of the critical form of sugarcane agroindustry fictitious reproduction, in São Paulo State, between the Proálcool (1975 1990) and the form that started to be constituted in the nineties but only was stablished in the beginning of the twenty first century. Therefore, which helped us to understand the actual forms of global fictitious reproduction of capitalism and then we compared these interpretations with a research about the present form of sugarcane agroindustry fictitious reproduction in the State of São Paulo, which is characterized by sugar price inflation as a financial asset negotiated in international future markets (as a derivative). That research allowed us to approach the impacts in such sugarcane agroindustry of capital economic crisis of 2007/2008 and to relate this crisis with a discussion about capital immanent crisis. The consequences of the mentioned transformation in the sugarcane agroindustry fictitious reproduction in the State of São Paulo also have been observed with regard to land by characterizing sugarcane production, productivity and area; and to labor, through the discussion of boia-fria conditions of labor and the mechanization of sugarcane harvesting. Our suggestion of capitalist social reproduction crisis because of the historical character of its categories (capital, land and labor), currently in crisis, allowed us to unfold the critique to commodity form of social relation and labor as the fundament of capital as the ultimate purpose of the negative critique we intended for the totality of this text.

Uma característica marcante da recente crise financeira que ocorreu entre 2007 e 2009, conhecida como \"A Crise do Subprime\", foi quão rapidamente se propagou por todo o mundo. Entretanto, a maior parte da evidência empírica até o presente momento mostra que no início da crise (jun/07 - ago/08) a resposta das economias emergentes foi limitada. Este trabalho corrobora este fato, bem como a rápida saída da crise, para um grupo de países emergentes em acelerado processo de desenvolvimento: Brasil, Rússia, Índia e China, os BRICs. Encontramos ainda evidências de que a China exerceu, principalmente durante a crise, forte impacto positivo nos BRICs, o que nos levou a concluir que este foi um fator importante para que fossem menos afetados, quando comparados com economias desenvolvidas como os EUA. Também mostramos que países dentre os BRICs cuja atividade econômica apresenta maior semelhança - Brasil X Rússia e Índia X China - são afetados de modo geral de forma análoga e observamos ainda evidência de notáveis ligações financeiras entre os países do grupo. Por último, notamos que variáveis reais dos BRICs responderam com menor intensidade aos efeitos da crise quando comparadas a variáveis financeiras do próprio grupo e variáveis reais de países desenvolvidos. Para o estudo, utilizamos modelos S-VAR, VEC e testes de cointegração em painel, este último para os modelos com variáveis macroeconômicas reais. Também utilizamos um índice de propagação de calor, desenvolvido pelo Fundo Monetário Internacional (FMI), que mede a intensidade dos efeitos da crise nas variáveis para cada instante do tempo. / One of the main characteristics of the recent financial crisis that took place between 2007 and 2009, known as \"The Subprime Crisis\", was how fast it spread all around the globe. Nevertheless, most empirical evidence shows that at the beginning of the crisis (Jun/07- Aug/08) emerging markets\' response was limited. This present study corroborates this idea for a fast raising group of emerging economies: Brazil, Russia, India and China, the BRICs. We show as well how rapid these economies have managed to get out of the crisis and the not negligent positive impact that China had in all of them, especially during the crisis period. We infer that China\'s booming economy must have been one of the main factors that made the crisis\' impact reduced for the BRICs when compared to developed countries such as the US. We also show that countries among the BRICs that have more similarities - Brazil X Russia and India X China - were in general affected in an analogous way and we observe that there are strong financial links between group members. Last, we find that the crisis\' effect on real BRIC\'s macroeconomic variables was not as intense as those on developed countries or on BRIC\'s financial variables. For this study, we use S-VAR, VEC and Panel Cointegration Models. This last one was used for models with real macroeconomic variables. To draw our conclusions, we also utilize a Heat Index which has been developed by the International Monetary Fund (IMF).This index is a measure of the crisis\' effects intensity on economic variables through time.

Les écrits de Monsieur Haroun BOUCHETA, rassemblés en vue de l’obtention du titre de Docteur en droit, portent sur le droit financier. Depuis 2005, en prenant appui sur ses expériences professionnelles, l’auteur publie régulièrement des articles à destination tant des praticiens que des universitaires. Les écrits rassemblés sont de deux ordres. Premièrement, l’auteur s’intéresse à l’encadrement juridique de certains acteurs des marchés financiers ainsi qu’à celui d’instruments financiers et techniques financières.Parmi les acteurs étudiés, les contreparties centrales tiennent une place importante. Les études de l’auteur portant sur ce thème permettent d’appréhender l’environnement juridique et réglementaire spécifique et de comprendre ses récentes évolutions aux niveaux européen et français. Quant aux instruments financiers et techniques financières ayant fait l’objet de publications, l’auteur s’est essentiellement concentré sur les dérivés et les matières premières. Deuxièmement, d’autres écrits sont plus transversaux, voire prospectifs, puisqu’ils ont trait à des réformes européennes incontournables en matière de réglementation financière. A côté du règlement EMIR, l’auteur a consacré plusieurs études approfondies sur la réforme de la directive concernant les marchés d’instruments financiers (MIF). Ces écrits de droit financier sont accompagnés d’une introduction générale. La première partie s’appuie sur quinze articles publiés et a vocation à mettre en exergue certaines des lacunes de la régulation financière post-crise. Dans la seconde partie, l’auteur s’interroge sur la physionomie actuelle des sources du droit financier et sur le processus d’élaboration des textes. / The writings of Mr. Haroun BOUCHETA, gathered for the title of Doctor of Laws, deal with financial law. Since 2005, drawing on his professional experience, the author regularly publishes articles for both practitioners and academics. The collected writings are of two kinds.First, the author is interested in the legal framework of certain players in the financial markets as well as those of financial instruments and financial techniques.Among the actors studied, central counterparties play an important role. The author's studies on this subject make it possible to understand the specific legal and regulatory environment and to understand its recent developments at European and French levels.As for financial instruments and financial techniques that have been the subject of publications, the author concentrated mainly on derivatives and commodities.Secondly, other writings are more cross-cutting and even forward-looking, as they relate to unavoidable European reforms in financial regulation. In addition to the EMIR regulation, the author devoted several in-depth studies on the reform of the Markets in Financial Instruments Directive (MiFID).These writings of financial law are accompanied by a general introduction. The first part is based on fifteen published articles from the author and is intended to highlight some of the shortcomings of post-crisis financial regulation. In the second part, the author examines the current physiognomy of the sources of financial law and the process of drafting the texts.