Alors que la pression, dans le contexte actuel de concurrence mondialisée, s'accumule sur les managers logistiques afin d'opérationnaliser les stratégies développées par leur hiérarchie, les pratiques logistiques sont de plus en plus diverses et sophistiquées; le choix de telle ou telle pratique pour telle ou telle stratégie devient de moins en moins évident. Si tel que le stipule la théorie de la contingence, les pratiques ne sont pas équivalentes quel que soit le contexte stratégique, quel modèle de performance opérationnelle peut-on proposer? C'est ainsi que nous suggérons dans cette étude la construction d'un modèle taxonomique comprenant stratégies commerciales et concurrentielles des entreprises, pratiques supply chain et performance opérationnelle à partir d'une étude empirique menée au Maroc auprès de 119 entreprises manufacturières. Les résultats de notre investigation confirment l'émergence de cinq profils supply chain d'entreprises issus de la revue de littérature : « Stratégies multiples », « Innovation », « low cost », « Qualité » et « Résiduel ». L'approche configurationnelle nous montre ici que l'alignement de la stratégie commerciale, la stratégie concurrentielle, et la pratique supply chain aboutit à une meilleure performance opérationnelle, par contraste avec les entreprises non alignées du groupe « résiduel ». / Pressure, in today's context of globalized competition, is accumulating on the shoulders of logistics managers so they execute the strategies developed by their hierarchy. However, logistics practices are more and more diverse and sophisticated, and the choice of the right practice for the right strategy is less and less obvious. If, as stated by Contingency Theory, practices are not equivalent in any given strategic context, which operational performance model can be suggested? Hence, we develop a taxonomic model comprising generic strategies, competitive priorities, supply chain practices and operational performance based on the empirical study of 119 manufacturing Moroccan companies. Our investigation confirms the emergence of five supply chain profiles which resulted from our literature review: “Multiple strategies”, “Innovation”, “Low Cost”, “Quality” and “Residual” profiles. The configuration approach indicates here that the alignment of generics strategies with the competitive priorities and the supply chain practices lead to better operational performance, in contrast with the unaligned companies of the residual group.

L'internationalisation des entreprises des pays en développement est une caractéristique de la mondialisation contemporaine. Inversant la tendance des flux de capitaux, ces derniers représentent ce que le Boston Consulting Group appelle les global challengers: «un groupe de challengers émergents qui deviennent des acteurs importants à la fois dans les pays développés et en voie de développement à travers le monde.» Cette thèse examine le cas de l'un de ces global challengers: la compagnie minière brésilienne Vale. Après l'acquisition du géant minier canadien Inco en 2006, Vale fit un bond en avant en passant de la sixième à la deuxième position parmi les producteurs miniers mondiaux. Une évolution aussi drastique suscite un certain nombre d’interrogations. Quelles raisons ont conduit cette compagnie émergente inconnue à s'aventurer dans un environnement international? Quel a été le succès de Vale dans cette entreprise? Et enfin: quels sont les effets de l’internationalisation de Vale sur l'économie brésilienne? Fondée par l’État en 1942, Vale est à la base de la filière sidérurgique qui est au cœur du développement économique du Brésil. Dans le même temps, Vale est contrainte à rechercher de marchés à l’étranger. Après sa privatisation en 1997, l'entreprise s’est fixé l'objectif de devenir un acteur global doté d’un plan agressif d’acquisitions nationales et internationales. Vale élargit sa présence internationale et son portefeuille de produits. Néanmoins, cette ambition internationale n'est pas complètement réalisée. En 2010, Vale doit composer avec l'ingérence du pouvoir politique au Brésil et le coût de faire des affaires pour une entreprise brésilienne. / The internationalisation of companies located in developing countries is a feature of contemporary globalization. Inverting the trend of capital flows, they represent what the Boston Consulting Group calls the global challengers: “a group of emerging challengers that are becoming important players in both developing and developed countries around the globe.” This dissertation examines the case of one of these challengers: the Brazilian mining company Vale. After the acquisition of the Canadian giant Inco in 2006, Vale jumped from the sixth to the second position among global mining companies. Such a drastic move elicits a number of questions. What reasons led this unknown emerging company to venture in an international environment? How successful was Vale in this endeavor? What are the effects of Vale’s internationalization on the Brazilian economy? Since its creation in 1942 as a state-controlled company, Vale plays a leading role in Brazil’s economic development. At the same time, the company had no choice but to turn to international markets. After its privatization, the company defines the goal of becoming a global player with an aggressive plan for national and international acquisitions. Results are expressive. Vale succeds in expanding both its international presence and its product portfolio. Nevertheless, the becoming a global player ambition is not completely achieved. In 2010, Vale remains a company that suffers from Brazilian political interference and cost of doing business.

Le monde économique connaît actuellement un large mouvement de réglementation afin de stabiliser la finance et de renforcer la surveillance des activités bancaires à travers le nouveau dispositif de Bâle. Ce dernier est au centre du débat actuel sur les besoins de financement de l’économie dans le cadre de la crise actuelle et ses effets sur le financement de l’économie. En effet, les pays développés ont connu un credit crunch à la suite de la crise des subprimes et du renforcement de la réglementation des activités bancaires. Dans ce cadre, nous nous intéressons aux effets du nouveau cadre réglementaire et de son application dans les pays développés, où sont implantées les banques internationales, sur leurs flux bancaires vers les pays émergents qui ont déjà connu de grandes crises dues à la nature volatile de leur financement extérieur. Les résultats apportés dans le cadre de cette thèse montrent que la réglementation basée sur les pondérations aux risques affecte le volume, la structure et la volatilité de ces flux. En effet, vu l’importance des flux bancaires dans le financement des pays émergents et vu le renforcement des exigences réglementaires dans le contexte de la crise, la modification des possibilités d’arbitrage réglementaire a conduit à des modifications de la structure du financement externe des pays émergents avec la progression du financement obligataire au détriment du financement bancaire. Cette nouvelle structure, volatile et dépendant des cycles de marché, n’est pas sans conséquences sur la stabilité financière de ces pays trop sensible aux changements de financement externe, ce qui implique de nouveaux défis pour garantir la stabilité de ces pays émergents. / The economic world is now undergoing a large regulatory movement to stabilize finance and strengthen the supervision of banking activities through the new Basel agreement. This agreement is the focus of the current debate on the economy financing needs in the context of the recent crisis and its effects on the economy financing. Indeed, developed countries have recently experienced a credit crunch following the subprime crisis and strengthening the regulation of banking activities. In this context, we are interested in the effects of the new regulatory framework and its application in developed countries, where are headquarters of international banks, on their banking flows to emerging countries that have already experienced major crises due to the volatile nature of external financing. The results obtained in this thesis show that regulation based on risk weights affects the volume, structure and volatility of these flows. Indeed, given the importance of bank flows in the financing of emerging countries and given the strengthening of regulatory requirements in the context of the crisis, the change in regulatory arbitrage opportunities modifies the external financing structure of emerging countries with the evolution of bond financing instead of bank financing. This new external financing structure, volatile and depends on market cycles, is not without consequences for the financial stability of these countries, which remains very sensitive to changes in external financing, what implies new challenges to guarantee their stability.

Esta dissertação tem o propósito de avaliar a experiência de Brasil, Chile e México comparativamente a de Austrália, Finlândia, Suécia, Reino Unido, Nova Zelândia e Canadá sob o regime de metas inflação (IT). Dessa forma, o interesse central deste estudo é o efeito das políticas monetárias adotadas sobre produto dos países emergentes, em um contexto de excessiva volatilidade da taxa de câmbio, elevada dívida pública e baixa credibilidade das instituições. Para atingir este objetivo, optouse pela conjugação do método analítico descritivo, análise do histórico dos países sob IT, e de um exercício econométrico. A variável através do qual o desempenho econômico dos países será analisado, para fins de comprovação empírica, é a taxa de sacrifício, construída a partir da razão entre hiato do produto, medido pelo filtro HP, e o logaritmo da variação da inflação. Os resultados empíricos deste trabalho, bem como o histórico dos países, sugerem que a taxa de sacrifício dos emergentes é, em média, superior a dos industrializados. As fraquezas presentes nas economias emergentes, como falta de coordenação entre políticas monetária e fiscal, vulnerabilidade externa, que se manifesta na excessiva volatilidade e sensibilidade da taxa de câmbio a choques externos, entre outras, são as possíveis explicações para este fenômeno. / This thesis main objective is evaluate and compare the experience of Brazil, Chile and Mexico against the experience of Australia, Finland, Sweden, United Kingdom, New Zealand and Canada under the inflation targeting (IT) regime. In this regard, the central interest of this study is the effect of the monetary policy adopted over the emerging countries GDP, in a context of extreme exchange rate volatility, high public debt and low institution’s credibility. To reach this goal, it was combined the analytical descriptive method with an econometrical exercise. The variable, through which the country’s economic performance was analyzed, for ends of empirical evidence, is the sacrifice rate, built from the GDP gap, measured through HP filter, and the inflation variation logarithms. The empirical results of this work, as well as the countries historical experience, suggest that emerging countries sacrifice ratio is, on average, higher than for the industrialized ones. The weaknesses found in these economies, as lack of monetary and fiscal policy coordination, external vulnerability, manifest through exchange rate volatility and high sensitivity to external shocks, among others, are the possible explanations for this phenomenon.

A elevação de economias emergentes ao status de Grau de Investimento (GI) atesta que o país premiado seja seguro para o investimento, ou seja, que a disposição e capacidade do governo central de honrar os seus compromissos financeiros são elevadas. O objetivo central desta pesquisa é o de testar a hipótese de que a elevação de economias emergentes a Grau de Investimento, por agências de avaliação de rating, tem como consequência a mitigação de volatilidade em bolsa de valores no médio e no longo prazo. Para tanto, foi selecionado um grupo representativo de economias emergentes que já receberam o status de GI – México, Chile, Rússia, Índia e Coréia do Sul – e foram modeladas as séries de retornos dos principais índices de bolsa de valores das economias amostradas, fazendo uso de modelos da família GARCH. Desta forma, foi possível avaliar o comportamento da volatilidade condicional dos retornos de cada índice no médio e longo prazo. Os resultados obtidos validam em parte a hipótese levantada. Ou seja, foi verificado que todas as cinco economias amostradas apresentaram mitigação da volatilidade em bolsa de valores, no médio prazo, após a primeira elevação a GI. No longo prazo, no entanto, apenas o México, o Chile e a Rússia apresentaram persistência de mitigação de volatilidade em bolsa. Na Índia e na Coréia do Sul, por outro lado, houve reversão do movimento de mitigação de volatilidade, observado no médio prazo, havendo aumento no longo prazo. Ao avaliar o histórico de rating soberano dos países estudados, foi constatado que aqueles que tiveram rebaixamento de nota após o primeiro registro de GI – Índia e Coréia do Sul – somente apresentaram mitigação de volatilidade em bolsa no médio prazo, não tendo esse movimento se prolongado no longo prazo. / The upgrade of emerging markets to the status of Investment Grade country attest that the upgraded country is safe for investment, which means that the willingness and capacity of central government to honor its financial obligations are high. The main objective of this research is to test the hypothesis that emerging countries that have their sovereign rating upgraded to Investment Grade, by rating agencies, have as consequence mitigations of stock marker volatility in the medium and long run. A set of five representative emerging countries that received Investment Grade status in the past was selected – Mexico, Chile, Russia, India and South Korea – and, using GARCH family models, their main sock market index returns were modeled. So it was possible to asses the medium and long run behavior of conditional volatility of returns for every country selected. The result was that all the five economies had volatility mitigation in the medium run after the first Investment Grade status was granted. However, only Mexico, Chile and Russia had stock market volatility mitigation in the long run. India and Korea reverted volatility mitigation movement and showed gain of volatility in the long run. Assessing the sovereign rating historic of the five countries it was noticed that the countries that suffered rating downgrade after the first Investment Grade elevation – India and Korea – had stock market volatility growth in the long run.

A elevação de economias emergentes ao status de Grau de Investimento (GI) atesta que o país premiado seja seguro para o investimento, ou seja, que a disposição e capacidade do governo central de honrar os seus compromissos financeiros são elevadas. O objetivo central desta pesquisa é o de testar a hipótese de que a elevação de economias emergentes a Grau de Investimento, por agências de avaliação de rating, tem como consequência a mitigação de volatilidade em bolsa de valores no médio e no longo prazo. Para tanto, foi selecionado um grupo representativo de economias emergentes que já receberam o status de GI – México, Chile, Rússia, Índia e Coréia do Sul – e foram modeladas as séries de retornos dos principais índices de bolsa de valores das economias amostradas, fazendo uso de modelos da família GARCH. Desta forma, foi possível avaliar o comportamento da volatilidade condicional dos retornos de cada índice no médio e longo prazo. Os resultados obtidos validam em parte a hipótese levantada. Ou seja, foi verificado que todas as cinco economias amostradas apresentaram mitigação da volatilidade em bolsa de valores, no médio prazo, após a primeira elevação a GI. No longo prazo, no entanto, apenas o México, o Chile e a Rússia apresentaram persistência de mitigação de volatilidade em bolsa. Na Índia e na Coréia do Sul, por outro lado, houve reversão do movimento de mitigação de volatilidade, observado no médio prazo, havendo aumento no longo prazo. Ao avaliar o histórico de rating soberano dos países estudados, foi constatado que aqueles que tiveram rebaixamento de nota após o primeiro registro de GI – Índia e Coréia do Sul – somente apresentaram mitigação de volatilidade em bolsa no médio prazo, não tendo esse movimento se prolongado no longo prazo. / The upgrade of emerging markets to the status of Investment Grade country attest that the upgraded country is safe for investment, which means that the willingness and capacity of central government to honor its financial obligations are high. The main objective of this research is to test the hypothesis that emerging countries that have their sovereign rating upgraded to Investment Grade, by rating agencies, have as consequence mitigations of stock marker volatility in the medium and long run. A set of five representative emerging countries that received Investment Grade status in the past was selected – Mexico, Chile, Russia, India and South Korea – and, using GARCH family models, their main sock market index returns were modeled. So it was possible to asses the medium and long run behavior of conditional volatility of returns for every country selected. The result was that all the five economies had volatility mitigation in the medium run after the first Investment Grade status was granted. However, only Mexico, Chile and Russia had stock market volatility mitigation in the long run. India and Korea reverted volatility mitigation movement and showed gain of volatility in the long run. Assessing the sovereign rating historic of the five countries it was noticed that the countries that suffered rating downgrade after the first Investment Grade elevation – India and Korea – had stock market volatility growth in the long run.

Esta dissertação tem o propósito de avaliar a experiência de Brasil, Chile e México comparativamente a de Austrália, Finlândia, Suécia, Reino Unido, Nova Zelândia e Canadá sob o regime de metas inflação (IT). Dessa forma, o interesse central deste estudo é o efeito das políticas monetárias adotadas sobre produto dos países emergentes, em um contexto de excessiva volatilidade da taxa de câmbio, elevada dívida pública e baixa credibilidade das instituições. Para atingir este objetivo, optouse pela conjugação do método analítico descritivo, análise do histórico dos países sob IT, e de um exercício econométrico. A variável através do qual o desempenho econômico dos países será analisado, para fins de comprovação empírica, é a taxa de sacrifício, construída a partir da razão entre hiato do produto, medido pelo filtro HP, e o logaritmo da variação da inflação. Os resultados empíricos deste trabalho, bem como o histórico dos países, sugerem que a taxa de sacrifício dos emergentes é, em média, superior a dos industrializados. As fraquezas presentes nas economias emergentes, como falta de coordenação entre políticas monetária e fiscal, vulnerabilidade externa, que se manifesta na excessiva volatilidade e sensibilidade da taxa de câmbio a choques externos, entre outras, são as possíveis explicações para este fenômeno. / This thesis main objective is evaluate and compare the experience of Brazil, Chile and Mexico against the experience of Australia, Finland, Sweden, United Kingdom, New Zealand and Canada under the inflation targeting (IT) regime. In this regard, the central interest of this study is the effect of the monetary policy adopted over the emerging countries GDP, in a context of extreme exchange rate volatility, high public debt and low institution’s credibility. To reach this goal, it was combined the analytical descriptive method with an econometrical exercise. The variable, through which the country’s economic performance was analyzed, for ends of empirical evidence, is the sacrifice rate, built from the GDP gap, measured through HP filter, and the inflation variation logarithms. The empirical results of this work, as well as the countries historical experience, suggest that emerging countries sacrifice ratio is, on average, higher than for the industrialized ones. The weaknesses found in these economies, as lack of monetary and fiscal policy coordination, external vulnerability, manifest through exchange rate volatility and high sensitivity to external shocks, among others, are the possible explanations for this phenomenon.

Depuis l’article séminal de Baks et Kramer (1999), le concept de la liquidité globale est souvent revenu au cœur de l’actualité, car les facteurs de son développement ont été considérés comme ayant indirectement participé aux développements des déséquilibres précédents la crise financière de 2008. Face à ces enjeux, la littérature s’est largement concentrée sur l’approche de la stabilité financière dans les pays émetteurs. Contrairement à cette approche, les recherches développées dans cette thèse se concentrent la perspective des pays destinataires de la liquidité globale, en particulier les pays émergents. Ainsi pour répondre à la problématique principale de l’identification des effets de reports de la liquidité globale, cette thèse propose une analyse en trois chapitres du phénomène. Premièrement, à travers une généralisation de l’analyse de la problématique de la stabilité financière dans les pays émergents. Deuxièmement, en analysant comment le comportement d’accumulation des pays destinataires affecte les conditions de la liquidité globale dans les pays émetteurs. Troisièmement, en analysant au niveau national le comportement des autorités monétaires pour prémunir leurs économies des effets de l’expansion de la liquidité globale. / Since the seminal paper by Baks and Kramer (1999), the concept of global liquidity catch once again the attention because the factors of its expansion are considered in the literature as having contributed to the development of vulnerabilities prior to the global financial crisis. Given the importance of global liquidity issues, the literature has largely focused on the financial stability approach in the issuing countries. Contrary to this approach, the research developed in this Ph.D. thesis relies principally on the receiving countries perspective, particularly the emerging countries. Accordingly, in order to answer our main problematic regarding the identification of global liquidity spillovers into the receiving countries, this thesis proposes a three chapters analysis of the phenomenon. First, we focus on a generalization of the financial stability concerns into the emerging countries. Second, we analyze how the reserve accumulation behavior in the receiving countries affects the global liquidity conditions in the main issuing country. Third, we center on the monetary authorities behavior in order to isolate their economies from the effects of the global liquidity expansion.

Esta dissertação tem o propósito de avaliar a experiência de Brasil, Chile e México comparativamente a de Austrália, Finlândia, Suécia, Reino Unido, Nova Zelândia e Canadá sob o regime de metas inflação (IT). Dessa forma, o interesse central deste estudo é o efeito das políticas monetárias adotadas sobre produto dos países emergentes, em um contexto de excessiva volatilidade da taxa de câmbio, elevada dívida pública e baixa credibilidade das instituições. Para atingir este objetivo, optouse pela conjugação do método analítico descritivo, análise do histórico dos países sob IT, e de um exercício econométrico. A variável através do qual o desempenho econômico dos países será analisado, para fins de comprovação empírica, é a taxa de sacrifício, construída a partir da razão entre hiato do produto, medido pelo filtro HP, e o logaritmo da variação da inflação. Os resultados empíricos deste trabalho, bem como o histórico dos países, sugerem que a taxa de sacrifício dos emergentes é, em média, superior a dos industrializados. As fraquezas presentes nas economias emergentes, como falta de coordenação entre políticas monetária e fiscal, vulnerabilidade externa, que se manifesta na excessiva volatilidade e sensibilidade da taxa de câmbio a choques externos, entre outras, são as possíveis explicações para este fenômeno. / This thesis main objective is evaluate and compare the experience of Brazil, Chile and Mexico against the experience of Australia, Finland, Sweden, United Kingdom, New Zealand and Canada under the inflation targeting (IT) regime. In this regard, the central interest of this study is the effect of the monetary policy adopted over the emerging countries GDP, in a context of extreme exchange rate volatility, high public debt and low institution’s credibility. To reach this goal, it was combined the analytical descriptive method with an econometrical exercise. The variable, through which the country’s economic performance was analyzed, for ends of empirical evidence, is the sacrifice rate, built from the GDP gap, measured through HP filter, and the inflation variation logarithms. The empirical results of this work, as well as the countries historical experience, suggest that emerging countries sacrifice ratio is, on average, higher than for the industrialized ones. The weaknesses found in these economies, as lack of monetary and fiscal policy coordination, external vulnerability, manifest through exchange rate volatility and high sensitivity to external shocks, among others, are the possible explanations for this phenomenon.

A elevação de economias emergentes ao status de Grau de Investimento (GI) atesta que o país premiado seja seguro para o investimento, ou seja, que a disposição e capacidade do governo central de honrar os seus compromissos financeiros são elevadas. O objetivo central desta pesquisa é o de testar a hipótese de que a elevação de economias emergentes a Grau de Investimento, por agências de avaliação de rating, tem como consequência a mitigação de volatilidade em bolsa de valores no médio e no longo prazo. Para tanto, foi selecionado um grupo representativo de economias emergentes que já receberam o status de GI – México, Chile, Rússia, Índia e Coréia do Sul – e foram modeladas as séries de retornos dos principais índices de bolsa de valores das economias amostradas, fazendo uso de modelos da família GARCH. Desta forma, foi possível avaliar o comportamento da volatilidade condicional dos retornos de cada índice no médio e longo prazo. Os resultados obtidos validam em parte a hipótese levantada. Ou seja, foi verificado que todas as cinco economias amostradas apresentaram mitigação da volatilidade em bolsa de valores, no médio prazo, após a primeira elevação a GI. No longo prazo, no entanto, apenas o México, o Chile e a Rússia apresentaram persistência de mitigação de volatilidade em bolsa. Na Índia e na Coréia do Sul, por outro lado, houve reversão do movimento de mitigação de volatilidade, observado no médio prazo, havendo aumento no longo prazo. Ao avaliar o histórico de rating soberano dos países estudados, foi constatado que aqueles que tiveram rebaixamento de nota após o primeiro registro de GI – Índia e Coréia do Sul – somente apresentaram mitigação de volatilidade em bolsa no médio prazo, não tendo esse movimento se prolongado no longo prazo. / The upgrade of emerging markets to the status of Investment Grade country attest that the upgraded country is safe for investment, which means that the willingness and capacity of central government to honor its financial obligations are high. The main objective of this research is to test the hypothesis that emerging countries that have their sovereign rating upgraded to Investment Grade, by rating agencies, have as consequence mitigations of stock marker volatility in the medium and long run. A set of five representative emerging countries that received Investment Grade status in the past was selected – Mexico, Chile, Russia, India and South Korea – and, using GARCH family models, their main sock market index returns were modeled. So it was possible to asses the medium and long run behavior of conditional volatility of returns for every country selected. The result was that all the five economies had volatility mitigation in the medium run after the first Investment Grade status was granted. However, only Mexico, Chile and Russia had stock market volatility mitigation in the long run. India and Korea reverted volatility mitigation movement and showed gain of volatility in the long run. Assessing the sovereign rating historic of the five countries it was noticed that the countries that suffered rating downgrade after the first Investment Grade elevation – India and Korea – had stock market volatility growth in the long run.