Dans cette thèse, nous étudions l'impact du risque de liquidité et de production sur le lien entre flux de capitaux et croissance d'une part, entre politique de change et croissance d'autre part. Ainsi, nous avons pu proposer des explications à certains paradoxes empiriques de la finance internationale : le paradoxe de l'allocation et le paradoxe du régime de change. Plus précisément, ces paradoxes font référence, pour le premier, à la relation "perverse" entre croissance et flux de capitaux ; pour le deuxième, à l'absence de relation stable entre régimes de change et performances économiques. Les deux premiers chapitres sont consacrés au paradoxe des flux de capitaux. Le premier tente d'expliquer comment croissance de la productivité globale des facteurs et sorties de capitaux peuvent être associés de manière endogène. Il peut ainsi s'appliquer aux récents déséquilibres mondiaux et à la croissance parallèle des pays émergents. Le deuxième, quant à lui, applique une démarche comptable, où ce ne sont pas tant les liens de causalité entre flux et croissance qui sont étudiés que leur cohérence dans la dimension inter-pays. Dans les deux cas, la présence de risque non assurable au niveau des firmes, qu'il s'agisse de risque de production ou de risque de liquidité, explique la relation positive entre croissance et sorties de capitaux. Enfin, le troisième chapitre s'intéresse au choix de régime de change et à son impact sur la croissance. C'est le risque de liquidité et l'accès imparfait au crédit qui justifie l'idée que la volatilité peut avoir un impact sur la croissance. Plus particulièrement, ce chapitre établit au niveau théorique et empirique que la dollarisation de la dette conditionne cet impact. Il permet d'expliquer ainsi la faible robustesse des précédentes études empiriques sur la question

La présente thèse porte sur l'analyse des impacts du crédit dans le cadre d'une problématique générale de la microfinance et en particulier sur un terrain empirique de la ville de Ouagadougou, au Burkina Faso. Notre thèse démontre d'abord les mécanismes par lesquels les crédits sont octroyés et gérés en mettant en perspective certains aspects de la théorie de l'agence. Du côté de l'offre, nous étudions trois Systèmes Financiers Décentralisés (SFD) et leurs politiques de crédit. Nous analysons comment les trois SFD s’efforcent de servir les exclus aux financements des banques classiques et d'encadrer toute recherche de profit dans cette même vision. De l'autre côté, il est question de la demande et de la gestion du crédit par les PME. Là, nous découvrons les facteurs déterminants de la demande de crédit ainsi que les modes de fonctionnement des PME. Cette thèse procède aussi à l'analyse de la performance socio-économique des SFD. Cette analyse nous révèle des signaux importants sur leurs performances et des questions pertinentes en ce qui concerne leur gestion. Nous saisissons également la dynamisation du milieu rural par le transfert de l'épargne de la ville vers la campagne comme une perspective de solidarité qui mérite un approfondissement et des appuis. La thèse expose la ramification des impacts notamment sur le revenu, l’emploi et l'exclusion sociale à l'instar du concept de la chaîne d'impacts tel que prôné par David Hulme. Par ailleurs, notre thèse révèle la nécessité d'évaluer les actions à partir des objectifs des acteurs en proposant une théorie dans ce sens. Enfin, la thèse fait une analyse critique des options possibles pour l'avenir de la microfinance. Dans tout cela, notre thèse démontre que les acteurs continuent d'afficher des positions souvent contradictoires en fonction de leurs logiques et stratégies. C'est en effet, dans ces conditions et particulièrement dans l'observation et l'analyse de ces logiques et stratégies que nous suggérons des recommandations par type d'acteurs avant de tirer des conclusions. / The present thesis relates on the analysis of the impact of the credit within the framework of general problems of microfinance and in particular to an empirical ground of the town of Ouagadougou, in Burkina Faso. This thesis shows initially the mechanisms by which the credits are given and managed by putting into perspective certain aspects of the agency theory. On the offer side, we study three Decentralized Financial Systems (DFS) and their credit policies. We analyse how the three DFS endeavour to finance people excluded from the financings of the traditional banks and to frame any search for profit in this same vision. On the demand side, it is a question of the demand and the management of the credit by SME. There, we discover the determining factors of the application for credit as well as the operating modes of SME. This thesis also carries out the analysis of the socio-economic performance of the DFS. This analysis reveals to us important signals on their performances and relevant issues with regard to their management. We also seize the dynamisation of the rural area by the transfer of the savings of the city towards the countryside as a prospect for solidarity which deserves a deepening and supports. The thesis exposes the ramification of the impact in particular in terms of income, employment and social exclusion following the concept of the chain of impacts as preached by David Hulme. In addition, this thesis reveals the need for evaluating the actions starting from the objectives of the actors by proposing a theory in this direction. Lastly, the thesis makes a critical analysis of the possible options for the future of microfinance. All in all, our thesis shows that the actors continue to post often contradictory positions according to their logics and strategies. It is indeed, under these conditions and particularly in the observation and the analysis of these logics and strategies, that we suggest recommendations by type of actors before drawing the conclusions.

Le vieillissement démographique en France constitue un sujet de préoccupation majeure et fait l'objet de plusieurs recherches du point de vue économique. La plupart des études mettent en évidence les effets négatifs du vieillissement sur l'économie française notamment sur les comptes de la protection sociale et le marché du travail. Récemment une nouvelle littérature relative au vieillissement émerge. Celle-ci cherche à savoir et à montrer en quoi le vieillissement peut être une opportunité pour l'économie. Cette thèse s'inscrit dans cette littérature. Elle cherche à répondre à la question suivante : Est-ce que le vieillissement peut être une opportunité pour l'économie française ? Pour répondre à cette question, la thèse explore les pistes de l'épargne et de la consommation en insistant sur la partie de la consommation. La thèse est articulée en cinq chapitres. Le chapitre 1 décrit les causes du vieillissement démographique en France et dresse un état des lieux des études qui portent sur l'effet de ce phénomène sur l'économie française. Le chapitre 2 analyse l'évolution du revenu, du niveau de consommation et du taux d'épargne au cours du cycle de vie et selon les générations afin d'appréhender l'évolution la consommation et du taux d'épargne agrégés dans une société vieillissante et avec le renouvellement des générations. Ces résultats permettent également de comparer le niveau de vie des classes d'âge et des différentes générations. Le chapitre 3 se focalise sur l'évolution de la structure de consommation selon l'âge, les générations et suite à une modification du revenu du ménage. Le chapitre 4 part du constat de la modification de la structure de consommation au cours du temps, la différence de la structure de consommation entre les ménages d'âge actif et les seniors pour estimer les échelles d'équivalence de 1979 à 2010, des seniors et des ménages d'âge actif. Ces échelles permettent de comparer le niveau de vie des seniors et des ménages d'âge actif en tenant compte des économies d'échelles réalisées au sein des différents ménages. Enfin le chapitre 5 utilise un modèle d'équilibre général pour quantifier l'effet du vieillissement sur la structure de consommation, productive et de l'emploi. / The ageing population in France is a subject of major concern and has been the subject of several studies from the economical perspectives. Most of studies highlight the negative effects of aging on the French economy, particularly on social protection accounts, the labor market. Recently a new literature on ageing emerges. It seeks to know and show how ageing can be an opportunity for the economy. This thesis is part of this literature. It seeks to answer the following question: Is Ageing can be an opportunity for the French economy? To answer to this question, the thesis explores the tracks of savings and consumption insisting on the consumption. The thesis is organized in five chapters. Chapter 1 describes the causes of ageing in France and provides an overview of studies covers the effect of this phenomenon on the French economy. Chapter 2 analyzes the evolution of income, consumption levels, and savings rates over the life cycle and according to the generations, to understand the evolution of aggregate consumption and aggregate savings rate in a society that's facing ageing and the renewal generations. These results also allow us to compare standards of living of age groups and different generations. Chapter 3 focuses on the evolution of consumption structure by age, generations. It provides also information about evolution of consumption structure when the household income changes. Chapter 4 began from the observation of the change in structure consumption over time, the difference in consumption structure between working-age households and seniors to estimate equivalence scales from 1979 to 2010, seniors and working-age households. These scales are used to compare the standards of living of seniors and working-age households, taking into account economies of scale achieved within different households. Finally Chapter 5 uses a general equilibrium model to quantify the effect of aging on the structure of consumption, productive and employment.

Les différences constatées entre les droits et obligations financiers, patrimoniaux et politiques d’un salarié actionnaire et ceux des autres actionnaires suscitent un légitime questionnement juridique. Il apparaît nécessaire de les expliquer car elles interrogent sur la cohérence d’ensemble du droit de l’actionnariat salarié. Les justifications classiquement avancées ne paraissant pas pleinement satisfaisantes, il convient donc de les dépasser.Le particularisme du statut du salarié actionnaire est ainsi attribué à l’existence d’un modèle de l’actionnariat salarié, soigneusement élaboré par le législateur et par la pratique, afin de répondre à plusieurs défis contemporains. La vérification de cette hypothèse implique d’identifier ce modèle. Une recherche en ce sens met en évidence la « double instrumentalisation » de ce type d’actionnariat partagé entre mode de rémunération et mode de gouvernance. Il est ensuite démontré que ces deux traits caractéristiques du modèle de l’actionnariat salarié ont influencé, au niveau individuel, le statut du salarié actionnaire. Son statut est alors construit autour de la volonté de transformer le principal intéressé, essentiellement, en bailleur de fonds de la société qui l’emploie et, subsidiairement, en actionnaire de contrôle. Cette conclusion offre une autre grille de lecture éclairant d’un jour nouveau le droit de l’actionnariat salarié. Cette nouvelle approche permet de fonder des propositions visant à limiter les risques financiers supportés par le salarié actionnaire et à rénover sa participation à la démocratie actionnariale. / The noticed differences between the financial, patrimonial and political rights and duties of an employee shareholder and those of the other shareholders arouse a legitimate legal questioning. It seems necessary to explain them because they question about the coherence of the whole salaried shareholding law. The justifications classically advanced don’t seem completely satisfactory, it is thus advisable to exceed them.The sense of identity of the status of the employee shareholder is so awarded to the existence of a model of the salaried shareholding, carefully elaborated by the legislator and by the practice, to answer several contemporary challenges. The check of this hypothesis implies to identify this model. A research in this way brings to light the " double instrumentalization " of this type of shareholding shared between method of payment and mode of governance. It is then demonstrated that these two characteristic features of the model of the salaried shareholding influenced, at the individual level, the status of the employee shareholder. His status is then built around the will to transform the main person interested, essentially, in financier of the company who employs him and, additionally, on shareholder of control. This conclusion offers another railing of reading enlightening in a new way the salaried shareholding law. This new approach allows establishing propositions to limit the financial risks supported by the employee shareholder and to renew its participation in the shareholder democracy.

Remittances (money sent home by migrants) to developing countries are estimated to have reached US$ 325 billion in 2010 (World Bank, 2011). These amounts reflect only officially recorded transfers, transferred through formal channels and calculated as the sum of three items of the Balance of Payments Statistics, namely: compensation of employees, workers’ remittances and migrants’ transfers (Salomone, 2006; Aggarwal et al. 2011). Unrecorded remittances could represent 50 to 100% of recorded flows (World Bank, 2006; Hagen-Zanker and Siegel, 2007).<p>Remittances are three times the size of official development assistance (ODA) and the second source of external funds after foreign direct investment (FDI) for developing countries. Given their weight in receiving countries’ economies and household livelihood in many developing countries (for instance, remittances flows represent more than 25% of Lesotho’ and Moldavia’s gross domestic product in 2008), there is increasing policy and research interest in remittances as development resource. Furthermore, unlike FDI and ODA, remittances have the particularity to be directly affected to families, even those in remote areas, where development funds don’t arrive (Shaw, 2006). The thesis addresses the relationship between microfinance and the impact remittances have on domestic investment in developing countries. <p>Like other sources of external finance, remittances allow the economy to invest in human and physical capital (health, education), which contribute to growth (Ziesemer, 2006; Acosta et al. 2008). However, as remittances may be either directly consumed (remittances allow households to smooth their consumption, see for instance Lucas and Stark, 1985 and Glytsos, 2005) or used to invest in physical and human capital, it appears that their impact on domestic investment is perceived to be low or limited, given the amount of money they represent each year. According to literature, this is due to the small share that is dedicated to the launch or the support of economic activities. Actually, the allocation between consumption and investment, which depends on various factors such as the level of dependence households have with remittances, the migrant gender, and the existence of a credit constraint, varies on average around 10-20% of remittances that are not directly consumed (Salomone, 2006; Sorensen, 2004; Orozco, 2004). In the thesis we focus on the share of remittances that is saved and wonder how to maximize its impact, whatever this share. We are interested in the role of microfinance institutions, as actors of the financial sector, on this issue. Actually, two recent contributions, Mundaca (2009), and Giuliano and Ruiz-Arranz (2009), stress the role of the development of the financial sector. More precisely, the thesis focuses on a set of questions or issues that may be important for the microfinance industry to consider when interested in remittances flows and the deposits they may generate. <p>Financial development is generally defined as “increasing efficiency of allocating financial resources and monitoring capital projects, through encouraging competition and increasing the importance of the financial system. In other words, the development is about structure, size and efficiency of a financial system” (Huang, 2006). A large line of research work provides evidence that development of a financial system is a key driver of economic growth. <p>King and Levine (1993) argue that greater financial development increases economic growth. Levine and Zervos (1993) shows that growth is related to stock market activity, among other variables. Levine (1999) finds a significant effect of determinants of financial intermediation on economic growth. Beck et al. (2004) find strong evidence in favor of the financial-services view which stresses that financial systems provide key financial services, crucial for firm creation, industrial expansion, and economic growth. Levine (1997), Levine et al. (2000), and Beck et al. (2000) also stress the impact of financial development on growth. There is also an empirical literature that argues that the expansion and the deepening of the financial system lead to higher investment (see for instance Rajan and Zingales, 1998; Demirgüç-Kunt and Macksimovic, 1998). <p>By providing financial services to people whom traditionally do not have access to financial institutions, microfinance institutions (MFIs) may contribute to increasing the size of the financial system in many developing countries. Actually, according to the CFSI’s 2011 report, the one thousand-plus MFIs that report to the Microfinance Information eXchange (MIX) have 88 million borrowers and 76 million savers. Total assets of these MFIs amount to US$ 60 billion (CFSI, 2011). <p>The quite recent literature on remittances, financial development and growth can be categorized under two main approaches (Brown et al. 2011). One approach explores the relationship between remittances and financial development, with a view to assessing their impact on the level of financial development in receiving countries. The underlying argument is that remittances potentially contribute to financial development through both demand- and supply- side effects: by increasing households’ demand for and use of banking services, and by increasing the availability of loanable funds to the financial sector. According to this approach which consider the direct relationship between remittances and financial development, remittances have an impact on both financial outreach and depth in receiving countries, respectively through the fostering of financial literacy among remittances receivers and through the increasing availability of funds (see for instance Gupta et al. 2009, Aggarwal et al. 2011, Brown et al. 2011). <p>The second approach examines the remittances – financial development relationship indirectly by investigating how the given level of financial development in a country affects the impact of remittances on growth. This growth-focused approach allows for interactions between remittances and financial development in estimating growth equations for remittances receiving countries. Within the set of studies related to this approach, two opposing positions have emerged. The first position hypothesizes that the greater availability of financial services helps channel remittances to better use, thus boosting their overall impact on growth. Remittances are seen as financial flows in search of good investment projects, and good financial institutions are needed to facilitate the channeling of remittances to such investments. In this sense, remittances and financial system are complements. This position is supported by Mundaca (2009) who find that financial intermediation increases the responsiveness of growth to remittances in Latin America and the Caribbean over the 1970-2002 period. Other few studies also argue that channeling remittances through the banking sector enhances their development impact (see for instance Hinojosa Ojeda, 2003 and Terry and Wilson, 2005). <p>The other position argues that remittances contribute to investment and growth by substituting for inefficiencies in credit and capital markets. Remittances provide an alternative source of funding for profitable investments by alleviating liquidity constraints. In this sense, remittances promote growth more in less financially developed countries by substituting for lack of credits from financial institutions. This hypothesis is supported by Giuliano and Ruiz-Arranz (2009) who argue that poor households use remittances to finance informal investment in poorly developed financial markets with liquidity constraints. In their study, they interact remittances with a measure of financial development in standard growth equations, for a sample of 73 countries over the 1975-2002 period. Ramirez and Sharma (2009) obtain similar results using data from 23 Latin American countries over the 1990-2005 period. <p>The thesis contributes to existing knowledge on this indirect, growth-focused approach. Given the two existing opposite views on remittances impact on investment and the level of financial intermediation (a high level of financial development implies a high level of financial intermediation), in the thesis we first analyze the relationship that links these variables. We then analyses questions related to microfinance institutions (MFIs), as financial intermediaries. <p>Our focus on microfinance is made from two different perspectives, leading to different research questions. First, from the demand or microfinance clients’ perspective, we question about the interest for them to have MFIs entering the money transfers market (through the money transfer facilities and/or financial products that may be directly linked to remittances). The underlying argument is that MFIs enter the remittances market by providing money transfer services because there is a need for such services (and for other financial services) from their (potential) clients who are remittances receivers and migrants. According to this point of view, MFIs can contribute to recycle remittances flows into the financial system by contributing to the financial inclusion of remittances receivers and migrants thanks to the supply of adapted financial products. The occurrence of this assumption can therefore be measured by considering the involvement of MFIs on the remittances market as a determinant of financial inclusion indicators. Second, from the supply or MFIs’ perspective, we question about the rationale for MFIs to enter the remittances market. Here, the underlying argument is that MFIs are interested in operating on the remittances market because working with migrants can potentially contributes to the improvement of their financial and social performances. According to this perspective, remittances market opportunities as well as MFIs’ characteristics will determine the offer of money transfer services by MFIs. This supply approach therefore leads to the consideration of money transfers activities in MFIs as depending on remittances market opportunities and institutional variables. <p>Therefore, our papers related to microfinance will be articulated around these two questions (interest for clients and rationale for MFIs to have MFIs operating on the money transfers industry) by focusing, as argued earlier, on the deposits resulting from remittances flows. <p>As a matter of facts, by studying the relationship between microfinance and remittances respectively through the demand and the supply perspective, we raise causality issues related to MFIs’ money transfer activities and their impacts on MFIs performances. Actually, MFIs’ characteristics such as the right to collect public savings, as a potential source of efficiency gains, may significantly determine the supply of a money transfer service (MFIs’ perspective), while a money transfer service may itself be the determinant of some MFIs’ performance indicators related to financial inclusion, such as the volume of deposits made by clients (demand approach). However, given currently existing data on MFIs’ involvement on the remittances market we cannot consider simultaneously both perspectives in order to implement causality treatment techniques. Actually, the indicator of MFIs’ involvement we will use in our regressions is time invariant, therefore we are not able to build instrumental variables for instance (such as lagged values of our variable of interest) to eliminate econometric issues in our regressions. Nevertheless, through these two approaches taken separately, we contribute to some extend to the knowledge by putting in perspective different issues at stake for the microfinance industry. <p>Before we tackle our research questions we have an introductory chapter related to remittances flows: what are their trends, determinants and characteristics? The chapter also includes the definition of money transfer activities that we will use in the thesis, as well as an overview of MFIs’ involvement on the money transfers market. <p>Then, our research framework is divided into 4 sub-questions. The first one, treated in Chapter 2, is about the relationship between our variables of interest. What is the impact of the financial sector development (FSD) on the remittances’ impact on investment? This chapter aims at stressing the relationship existing between financial intermediation and remittances’ impacts on investment, which motivated our focus on MFIs (as financial intermediaries between remittances and the formal economy) in the following chapters. We focus on two transaction costs that decline with FSD. The first is the “Cost of Bank Depositing”, henceforth CDEP, which measures the difficulties of savers, particularly the less well-off, of depositing their savings in the formal banking system. The second transaction cost is the “Cost of External Finance”, henceforth CEXF, which measures the marginal cost for the banking system of borrowing in global financial markets. This cost is notably associated with the robustness of the country’s financial sector. In a stylized model of the lendable funds market, we analyze how both these variables affect the marginal effect of remittances on investment. We test model’s propositions using country-level data on remittances, investment, and proxies for both CDEP and CEXF, on a sample of 100 developing countries. We perform empirical tests using both cross-section and panel-data with country fixed effects, over the period 1975-2004. The results demonstrate, theoretically and empirically, that remittances and ease of access to the banking sector act as complements to stimulate domestic investment, while remittances and external borrowing are substitutes. We find that remittances flows stimulate local investment, as a part of remittances indeed become banks’ deposits, which increases the availability of lendable funds, reduces the interest rate and stimulates investment. In terms of policy implication, results suggest that enhancing financial sector development is crucial as it allows remittances to better fuel domestic investment. This is even truer when the access to international funds is difficult or costly. Improving the financial inclusion of remittances receivers by developing domestic banks’ ability to collect their savings is then a straightforward recommendation to policymakers who want to improve remittances impact on investment. <p>The second question, developed in Chapter 3 is related to the demand perspective of the relationship between microfinance and remittances. We want to assess whether there is a need from remittances receivers for financial products that may be linked to remittances. We aboard this question by assessing whether the supply of MTA leads to higher volume of deposits mobilized by MFIs, meaning that MFIs actually contribute or succeed in turning remittances into deposits. Using an original database of 114 MFIs –operating in Latin America and the Caribbean (LAC), South Asia (SA), East Asia and the Pacific (EAP), and Africa–, we perform empirical tests to study whether MFIs are able to capture migrants’ savings thanks to their money transfer activity. We test the impact of money transfer activity on deposits, using the natural logarithm of deposits as explained variable. Our main result suggests that money transfer activity has a significant positive impact on savings collection. MFIs involved in the remittances market thus attract more savings than MFIs that are not involved in it, probably coming from migrants and remittances receivers who are in need of adapted financial services. This confirms the opportunity MFIs may represent as a tool or a channel to improve remittances impact on investment. In that sense, MFIs should then be encouraged to operate on the remittances market, and to design financial products dedicated to migrants and remittances receivers. <p>The third question, developed in Chapter 4, is related to the supply approach of the relationship between remittances and microfinance. More precisely, we try to identify factors that seem to explain the availability of such service in the scope of services provided by MFIs. In this chapter, we focus first on potential sources of efficiency gains linked to the money transfer activity as a rationale for diversification (i.e. the expansion of the offer). And second, using an original database of 435 MFIs –operating in Latin America and the Caribbean (LAC), South Asia (SA), East Asia and the Pacific (EAP), and Africa–, we perform empirical tests using cross-section over the year 2006, to identify which environmental and institutional parameters have an impact on the willingness of a MFI to provide a money transfer service. We test the impact of various variables that are related to one of the rationale for MFIs to enter the money transfer market, namely economies of scale and scope as a source of efficiency gains, on the probability to have a money transfer service provided by a given MFI. Our main result suggests that the size, as well as the fact that an MFI collects savings have a positive and significant impact on this probability, while the level of financial development negatively impact it. This confirms among other things that the ability to realize economies of scale through a potential increase of collected deposits may be a determinant of managers’ choice to diversify. Policies that contribute to reduce entry barriers in low financially developed countries should then, among other things, be encouraged to have MFIs fully playing their role of intermediaries between remittances and the (formal) economy. <p>The chapter 5 questions about the institutional consequences for MFIs to collect migrants’ savings. The aim of this chapter is to give an insight on the opportunity migrants’ money (including remittances) could represent for the microfinance industry as a source of stable medium- and long-term funds. It is therefore related to the supply approach and the motivation for MFIs to enter the remittances market by analyzing the impact of migrants’ deposits (which include remittances) on another potential source of efficiency gains, namely the internal capital market. Through a case study approach, this chapter is devoted to the analysis of funding risk in microfinance, comparing migrants’ and locals’ time deposits. Migrants’ time deposits are expected to be of longer term and more stable (in terms of early withdrawals) than locals’ deposits. This assumption had never been tested yet. Based on an original database of 7,828 deposit contracts issued between 2002 and 2008 by 12 village banks belonging to a major Malian rural microfinance network (PASECA-Kayes), we used the Cox proportional hazard model to identify the variables that have an impact on the probability to have early withdrawals, and the technique of re-sampling to calculate withdrawal rates and deposits at risk. Results from the Cox methodology suggest that the migration status is not a direct determinant for the probability to have an early withdrawal. However, this probability increases with the amount deposited and the term of the contract which are both higher for migrants compared to non-migrants. The re-sampling method results suggest that withdrawal rates are not the same for the two categories of depositors observed. We find higher withdrawal rate distributions for migrants than for locals. The value at risk is also higher on migrants’ deposits than on locals’ deposits. However, as migrants tend to deposit for longer term than locals, through the calculation of durations we have measured to which extend migrants’ deposits still have a positive impact on MFIs’ liabilities. It appears that migrants’ money has a marginal but positive impact on time deposits durations, either when considering early withdrawals, which impacts are very limited, except in 2007 (the worst year in terms of amount withdrawn early). As our results show that MFIs that receive migrants’ deposits are not necessarily better-off than without migrants’ money in terms of funding risk - and durations - this paper has stressed the importance of assessing more carefully the role of migrants for the microfinance industry. <p><p><p><p> / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Au carrefour du droit du travail, du droit civil et du droit des sociétés siège la notion de rémunération. À l’image du contrat de travail, la rémunération peut se métamorphoser pour devenir un outil d’association financière des salariés à la performance de l’entreprise. L’association financière des salariés aux performances de l’entreprise ne présente pas un visage unique. Elle déploie d’abord ses effets dans le périmètre du Code du travail : l’individuel et le collectif se rejoignent pour dessiner une première forme d’association. Salaire et épargne salariale constituent les fruits du contrat de travail exécuté sous la seule bannière de la qualité de salarié. Celle-ci constitue l’élément primaire de l’association financière. L’actionnariat salarié emporte, en revanche, une double qualité : à celle de salarié s’ajoute celle d’associé. L’association financière devient alors parfaite. / At the crossroads between civil law and corporate law lies the notion of remuneration. Modelled on the contract of employment, remuneration can turn into a tool to share profits with the employees according to the performance of the company. Sharing profits with the employees according to the company’s performance is a multifaceted action. Its first effects appear within the scope of the labor code: the notions of individual and collective meet to give a first draft of profit sharing. Salaries and employee savings plans are at the core of profit sharing. On the contrary, employee share ownership presents a twofold position: employee and associate. Profits then become perfectly shared.

CETTE ETUDE TEND A DEFINIR LE ROLE COMMERCIAL D'INEZGANE DANS LA PLAINE DU SOUSS (SUD-OUEST MAROCAIN), QUI REPRESENTE UN CAS PARTICULIER DANS L'ARMATURE URBAINE MAROCAINE. INEZGANE EST UNE VILLE ENRACINEE DANS LA REGION, DEMOGRAPHIQUEMENT HETEROGENE, DIVERSIFIEE DANS SON TERTIAIRE ET PUISSANTE ADMINISTRATIVEMENT, CE QUI LUI VAUT D'ETRE UN POLE DE LA REGION. LE DEVELOPPEMENT DE L'APPAREIL COMMERCIAL DE DETAIL TEND VERS L'ETOUFFEMENT, SURTOUT AVEC UN SOUK DEVENU PERMANENT. POUR ECHAPPER A UN SUREQUIPEMENT PASSIF, UNE TENDANCE A LA SPECIALISATION COMMENCE A S'INSTALLER DANS LE COMMERCE, CONTRAIREMENT AUX SERVICES DONT LA PROGRESSION S'ORIENTE VERS LES SERVICES SUPERIEURS. LA DOMINATION D'INEZGANE SE MANIFESTE PRINCIPALEMENT DANS LE COMMERCE DE GROS. SA FONCTION DE COLLECTE DES PRODUITS RURAUX ET DE DISTRIBUTION DES PRODUITS RURAUX ET URBAINS LUI PERMET DE RAYONNER AU-DELA DU CADRE SOUSSI EN MONOPOLISANT LES ECHANGES AVEC LES VILLES DU SUD. LA REUSSITE DE LA FONCTION COMMERCIALE A INEZANE A DES REPERCUSSIONS SPATIALES (CHERTE DES PAS DE PORTE, REAMENAGEMENT DE LA VILLE EN FONCTION DE L'ACTIVITE COMMERCIALE AVEC PLUS DE KISSARIA) ET SOCIALES (L'APPARITION D'UNE BOURGEOISE COMMERCIALE). L'ETUDE DE LA CIRCULATION DES HOMMES ET DES MARCHANDISES AU SOUSS A CONFIRME INEZGANE COMME POLE COMMERCIAL DE LA REGION PAR EXCELLENCE, CE QUI NOUS A PERMIS DE BATIR-UN SCHEMA DE LA HIERARCHIE URBAINE AU PAYS CHLEUH.

Le premier chapitre examine les caractéristiques statistiques à long terme des rendements financiers en France et aux USA. Les propriétés des différents actifs font apparaître qu’à long terme les actions procurent un risque sensiblement moins élevé. En outre, les propriétés de retour à la moyenne des actions justifient qu’elles soient utilisées dans une stratégie de cycle de vie comme « option par défaut » de plans d’épargne retraite. Le chapitre deux fournit une explication au débat sur l'hypothèse d’efficience des marchés. La cause du débat est souvent attribuée à la petite taille des échantillons et à la faible puissance des tests statistiques dédiés. Afin de contourner ce problème, nous utilisons l'approche développée par Campbell et Viceira (2005) qui utilisent une méthode VAR pour mettre en évidence l’existence de retour vers la moyenne dans le cours des actifs risqués.Le troisième chapitre évalue la vitesse de convergence des cours des actions. Un moyen classique pour caractériser la vitesse de retour vers la moyenne est la « demi-vie ». En comparant les indices boursiers de quatre pays développés (États-Unis, Royaume-Uni, France et Japon) sur la période 1950-2014, nous établissons une vitesse de convergence significative, avec une demi-vie entre 4,0 et 5,8 ans.Le dernier chapitre présente les résultats d'un modèle conçu pour étudier les interactions entre la démographie et les régimes de retraite. Afin d’étudier les risques inhérents à l’utilisation des revenus du capital pour financer les retraites, nous utilisons un « Trending OU process » au lieu d’un MBG classique pour modéliser les rendements. Pour un épargnant averse au risque le marché pourrait concurrencer les régimes par répartition. / Chapter one examines the long run statistical characteristics of financial returns in France and the USA for selected assets. This study clearly shows that the returns’ distributions diverge from the Gaussian strategy as regards longholding periods. Thereafter we analyze the consequences of the non-Gaussian nature of stock returns on default-option retirement plans.Chapter two provides a reasonable explanation to the strong debate on the Efficient Market Hypothesis. The cause of the debate is often attributed to small sample sizes in combination with statistical tests for mean reversion that lackpower. In order to bypass this problem, we use the approach developed by Campbell and Viceira (2005) who have settled a vectorial autoregressive methodology (VAR) to measure the mean reversion of asset returns.The third chapter evaluates the speed of convergence of stock prices. A convenient way to characterize the speed of mean reversion is the half-life. Comparing the stock indexes of four developed countries (US, UK, France and Japan) during the period 1950-2014, we establish significant mean reversion, with a half-life lying between 4,0 and 5,8 years.The final chapter provides some results from a model built in order to study the linked impacts of demography and economy on the French pension scheme. In order to reveal the risks that are contained in pension fund investment, we use a Trending Ornstein-Uhlenbeck process instead of the typical GBM for modeling stock returns. We find that funded scheme returns, net of management fees, are slightly lower thanthe PAYG internal rate of return.