Cette thèse étudie l’effet des variations du taux de change sur la valeur de l’entreprise, les déterminants de la politique de couverture et le rôle des conflits d’agence. Les résultats montrent que la non-significativité de l’exposition au risque de change est expliquée par une asymétrie de la couverture. Le niveau de couverture de change dépend des économies d’échelle, du risque de détresse financière et du niveau d’exportations de l’entreprise. Nos résultats révèlent, aussi, que la rémunération des dirigeants en actions et en options réduit le risque de change résidu de la couverture. / This PhD thesis examines exchange rate movements’ effect on firm value, determinants of hedging policy and the role of agency conflicts. Results show that non-significance of foreign exchange rate exposure is explained by an asymmetric hedging. Firm hedging level depends from scale of economies, financial distress risk and it exports level. Our empirical results demonstrate, also, that CEO shares and stock-options compensations have negative effect on foreign exchange risk that is residue from hedging.

Cette thèse traite deux sujets distincts, les deux représentant des enjeux importants pour un grand nombre de Pays d’Europe Centrale et Orientale (PECO). La première partie porte sur les emprunts en devises étrangères. Plusieurs études antérieures montrent que dans de nombreux PECO, l’endettement en devises étrangères a augmenté de manière considérable avant la crise et est devenu un enjeu majeur pour les entreprises, les ménages et pour la politique budgétaire et monétaire. Pour évaluer les risques associés à l’endettement excessif en devises étrangères, nous étudions la volonté des entreprises d’apparier la composition en devises de leurs actifs et leurs passifs ainsi que leurs incitations à dévier de l’appariement parfait. Nos résultats fournissent des preuves solides à l’appui du rôle de la couverture naturelle. Néanmoins, ce dernier n’est pas le motif principal d’endettement en devise étrangères : le motif de couverture naturelle n’explique qu’environ 10 à 20 pour cent de la dette totale en devises étrangères des entreprises avant et pendant la crise, respectivement. La plus grande partie de la dette en devises étrangères correspondrait, au moins en Hongrie, à des positions de carry trade détenues par des sociétés non financières. La deuxième partie de la thèse est consacrée à l’exploration des liens entre les systèmes socio-fiscaux et l’offre de travail à la marge extensive. Le deuxième chapitre propose une nouvelle stratégie de modélisation de l’offre de travail comme alternative aux deux approches dominantes basées sur le calcul marginal et les modèles d’utilité aléatoire. Finalement, le dernier chapitre utilise ce modèle pour quantifier la part de la différence entre les taux d’activité tchèque et hongrois qui peut être expliquée par les divergences des systèmes d’imposition et de protection sociale. Les estimations donnent des élasticités d’offre de travail similaires, ce qui suggère que les préférences individuelles sont essentiellement identiques dans les deux pays. Nos résultats montrent que la moitié de l’écart entre les taux d’activité s’explique par les différences des systèmes socio-fiscaux. / This thesis deals with two distinct topics, both of them representing central issues for many Central and Eastern European (CEE) countries. The first part of the thesis focuses on foreign currency (FX) lending. Several previous studies point out that in many CEE countries, FX borrowing rose significantly before the crisis and has become a major challenge for firms, households and for fiscal and monetary policy. To evaluate the risks associated with excessive FX indebtedness, we investigate firms’ willingness to match the currency composition of their assets and liabilities and their incentives to deviate from perfect matching. Our results provide strong evidence to support the role of natural hedging, however, it is not the primary motivation for firms to choose foreign currency : it explains only about 10 percent of the overall corporate FX debt during the pre-crisis and 20 percent during the post-crisis periods. Most likely, the largest part of the corporate FX debt, at least in Hungary, corresponds to open carry trade positions held by non-financial corporations. The second part of the thesis is devoted to exploring the links between tax-benefit systems and labour supply at the extensive margin. The second chapter presents an alternative modelling strategy of labour supply to the two dominating approaches based on marginal calculus and on random utility models. Finally, the last chapter uses this model to quantify the difference between the Hungarian and the Czech participation rates that can be attributed to differences in taxation and welfare benefits. We find that the estimated labour supply elasticities for the Czech Republic are very close to the results for Hungary, suggesting that, at least in this dimension, individual preferences are similar in the two countries. Results suggests that about one-half of the total difference in the participation rates can be explained by differences in the tax-benefit systems.

The aim of this study was to critically explore the constructions of Muslim identities in selected Black African American popular music composed before and after the 11th of September 2001. This study is interdisciplinary because it used popular culture theories developed by Hall, Strinati, Storey and Gilroy’s concept of the Black Atlantic. Postcolonial literary theories of Bhabha, Spivak and Fanon were also used. The study demonstrated that the content and style of the lyrics by Public Enemy, Talib Kweli, Paris, Lupe Fiasco, Kanye West, Scarface, Miss Eliot, Missundastood, Erykah Badu and KRS-One have been influenced by Islam’s religious versions of the Nation of Islam, Five Percenters or Nation of Gods and Earths and Sunny Islam. Individual singers also manipulated the spiritual symbols and cultural resources made available to them in the Islam religion. Black African American singers more or less share common historical experiences, but they constructed and depicted Muslim identities differently because of their class, generational and gender backgrounds. Chapter one introduced the area of study, justified it and adopted an eclectic theoretical approach in order to account for the diverse constructions of Muslim identities in the songs composed by black African American hip hop singers. Chapter two provided an extended review of literature for the study. Chapter three explored the influence of the Nation of Islam on the singers and its creative manipulation by the black singers. Chapter four explored religious hybridity because the lyrics draw from Islam and Christian eschatological values. Chapter five used lyrics by three black female singers and revealed how they reconfigured differently, Black Muslim identities in a musical industry predominantly patronised by male singers. Chapter six explored the use of language in signifying different meanings of Muslim-ness in order to arrive at different definitions of pan Black Islamic musical consciousness. Chapter seven concluded the study by summarising the central argument of the study which was that black African American singers have referenced cultural symbols from Islam and in the process manipulated Islam’s religious metaphors to suggest different and alternative models for the black communities in the United States of America. / English Studies / D. Litt. et Phil.

Au plus fort de la crise, le régime monétaire international se révèle être impuissantlorsqu’il s’agit de limiter la volatilité excessive des taux de change, l’ampleur desdéséquilibres des balances de paiements courants, le développement d'une spéculationeffrénée sur les marchés des changes et l’asymétrie entre pays en excédent et pays endéficit. Cette thèse, qui a eu le mérite d’ouvrir des pistes nouvelles dans lacompréhension des rapports complexes entre les déséquilibres mondiaux et le régimeactuel, a montré que ces déséquilibres sont intrinsèquement rattachés aux défaillances dela structure monétaire internationale. Pour interrompre cette dynamique qui détériore lesdéséquilibres mondiaux, nous proposons que le régime tende vers un système centraliséavec la création d’une monnaie internationale et d’une chambre de compensation. Cettethèse, qui réactualise le plan Keynes, inclut également des dispositions statutaires visant àajuster automatiquement les dettes extérieures aux capacités de paiement des pays. Bienque cette réforme soit une avancée, cette réflexion n’occulte pas les progrès qu’il reste àfaire pour résorber les déséquilibres extérieurs. Pour améliorer l’efficacité et la pérennitédu système des paiements internationaux, il est utile de renforcer la coopération desbanques centrales, notamment dans un contexte marqué par les crises d’endettementextérieur. Dans ce sens, cette thèse montre les opportunités qu’offre la constitution dezones monétaires régionales intégrées dans une union monétaire internationale / At the height of the crisis, the international monetary system is powerless to reduce theinstability of exchange rates, the imbalance of the current account of balance ofpayments, instability of exchange rates and the development of speculation in financialmarkets the and the asymmetry between net exporters countries and net deficits countries.This thesis, which had the merit of opening new tracks in order to understand thecomplex relationships between global imbalances and the actual system, showed thatthese global imbalances are intrinsically linked to the failures of the internationalmonetary structure. To stop the deterioration of global imbalances, we propose that thesystem turns towards an international system payment with the creation of aninternational currency and a clearing house. This thesis, which reactualizes the KeynesPlan, also includes statutory dispositions for automatically adjusting the external debt tothe capacities payment of countries. Although this reform is a step forward, we don’t hidethe progress that can be done to reduce external imbalances. To increase the efficiencyand sustainability of the international payments system, it is useful to boost thecooperation between central banks, particularly in a context marked by the external debtcrises. In this sense, this thesis shows the opportunities which offered the creation ofregional monetary zones which are integrated in a monetary union international

The aim of this study was to critically explore the constructions of Muslim identities in selected Black African American popular music composed before and after the 11th of September 2001. This study is interdisciplinary because it used popular culture theories developed by Hall, Strinati, Storey and Gilroy’s concept of the Black Atlantic. Postcolonial literary theories of Bhabha, Spivak and Fanon were also used. The study demonstrated that the content and style of the lyrics by Public Enemy, Talib Kweli, Paris, Lupe Fiasco, Kanye West, Scarface, Miss Eliot, Missundastood, Erykah Badu and KRS-One have been influenced by Islam’s religious versions of the Nation of Islam, Five Percenters or Nation of Gods and Earths and Sunny Islam. Individual singers also manipulated the spiritual symbols and cultural resources made available to them in the Islam religion. Black African American singers more or less share common historical experiences, but they constructed and depicted Muslim identities differently because of their class, generational and gender backgrounds. Chapter one introduced the area of study, justified it and adopted an eclectic theoretical approach in order to account for the diverse constructions of Muslim identities in the songs composed by black African American hip hop singers. Chapter two provided an extended review of literature for the study. Chapter three explored the influence of the Nation of Islam on the singers and its creative manipulation by the black singers. Chapter four explored religious hybridity because the lyrics draw from Islam and Christian eschatological values. Chapter five used lyrics by three black female singers and revealed how they reconfigured differently, Black Muslim identities in a musical industry predominantly patronised by male singers. Chapter six explored the use of language in signifying different meanings of Muslim-ness in order to arrive at different definitions of pan Black Islamic musical consciousness. Chapter seven concluded the study by summarising the central argument of the study which was that black African American singers have referenced cultural symbols from Islam and in the process manipulated Islam’s religious metaphors to suggest different and alternative models for the black communities in the United States of America. / English Studies / D. Litt. et Phil.