No / During the subprime crisis, the FDIC has shown, once again, laxity in resolving and closing insolvent institutions. Ronn and Verma (1986) call the tolerance level below which a bank closure is triggered the regulatory policy parameter. We derive a model in which we make this parameter stochastic and bank-specific to infer the stock market view of the regulatory capital forbearance value. For 565 U.S. listed banks during 1990 to 2012, the countercyclical forbearance fraction in capital, most substantial in recessions, could represent 17%, on average, of the market valuation of bank equity and could go as high as 100%.

Cette recherche porte sur la question de l'existence de lacunes constitutionnelles. Elle vise à évaluer les représentations fondées sur l'hypothèse de telles inexistences normatives. La diversité des propriétés attachées à l'idée de lacune normative dans le champ du droit constitutionnel invite à proposer une cartographie des différents concepts qui peuvent lui être attachés. Les lacunes constitutionnelles sont à la fois des phénomènes et des instruments. Phénomènes, elles sont difficiles à connaître et impossibles à nier. Elles sont difficiles à connaître : leur appréhension est affectée à la fois par les variations dont peuvent faire l'objet les dogmes qui structurent la représentation systématique des normes juridiques et par diverses formes d'indétermination linguistique. Elles sont impossibles à nier: une évaluation des différents arguments formulés au soutien de la thèse de la nécessaire complétude des systèmes normatifs permet d'établir leurs limites. Instruments, les lacunes constitutionnelles ont une fonction critique et une fonction subversive. Utilisées par la doctrine, elles ont une fonction critique: elles semblent une unité de mesure, perfectible, sur le fondement de laquelle elle évalue les dispositions constitutionnelles. Utilisées par les interprètes authentiques, elles ont une fonction subversive: elles constituent une ressource argumentative propre à justifier le contournement de certaines dispositions constitutionnelles. / This research relates to the question of the existence of gaps in the constitution. It aims to assess the representations based on the hypothesis of these normative non-existences. The range of properties linked to the idea of normative gaps in the field of constitutional law necessitates the mapping of its various connected concepts. Constitutional gaps are both phenomena and instruments. As phenomena, they are difficult to recognise yet impossible to deny. They are difficult to recognise as their understanding is affected both by the variations in the dogma that structure the systematic re-presentation of the legal norms, and by various forms of linguistic indecision. They are impossible to deny insomuch that an assessment of the various arguments in favour of the theory of the necessary completeness of the system of norms makes it possible to establish their limits. As instruments, constitutional gaps have a critical and a subversive function. Used for doctrinal analysis, their function is critical : they appear as a unit of measure, perfectible, serving as a basis to evaluate constitutional provisions. Used by authoritative interpreters, they have a subversive function: they constitute an argumentative resource that can justify the circumvention of specific constitutional provisions.

La scelta del modeller riguardo alla chiusura del modello CGE influenza i suoi risultati finali e le sue prescrizioni di policy. In questa tesi, lo scopo è l’analisi e l’identificazione del problema, sia attraverso una discussione teorica che un’ applicazione pratica. Dall’articolo del 1963 di Amartya Sen in poi, la letteratura ha presentato vari articoli sull’argomento. Attualmente, il problema delle chiusure del modello non appare più centrale nel dibattito. Dopo una breve introduzione su cosa siano i CGE, il loro sviluppo e la loro struttura, è presentata una serie di esemplificative maquette con lo scopo di introdurre al concetto di chiusura, come essa influenzi i risultati e come questa scelta del modeller sia intimamente connessa ai fondamenti macroeconomici del sistema. Dopo la teoria, ci si sposta nel mondo reale analizzando con differenti modelli (Neoclassico, “Bastardo Keynesiano”, Strutturalista/Post- Keynesiano) e diverse chiusure per gli aggregati macroeconomici (risparmi privati, pubblici, e stranieri) l’impatto dell’accordo regionale SADC sull’economia mozambicana. I modelli CGE per il Mozambico sono calibrati su una SAM del 2003 e sono svolti con l’ausilio di GAMS/MPSGE. I risultati dimostrano che la chiusura influenza i risultati stessi del modello per cui ognuno presenta una serie di raccomandazioni politiche per l’applicazione dell’accordo SADC. / Modellers’ choice on closure rules affects a CGE model results and consequently its policy prescriptions. In this thesis, the aim is to detect and assess this issue, both through a theoretical discussion and an empirical application. Starting from Amartya Sen’s 1963 paper, literature presents many contributions on this topic. Currently, the closure rule problem is not central in the CGE debate. After a brief introduction on CGEs, their development and their structure, a series of simple maquette is presented. They have the exemplary role of introducing the concept of closures, explain how they affect final outcomes and how this modeller’s choice is strictly connected to the macroeconomic foundation of the economic system. After theory, we move into the real World analyzing through different models (Neoclassical, “Bastard Keynesian”, and Structuralist/ Post- Keynesian), and through different closure rules for macro- aggregates (private, public and foreign savings) the impact of the Regional Trade Agreement of SADC with respect to the Mozambican economy. The Mozambican CGE models are calibrated on a 2003 Social Accounting Matrix (SAM) and they are performed using GAMS/ MPSGE. Outcomes show that closure rules affect them and each model presents a set of policy prescription to implement the SADC agreement.