This thesis consists of four essays on finance and the real economy. Chapter 1 studies the effect of banking crises on the composition of investment. It builds a partial equilibrium growth model with a banking sector and two types of investment projects: a safe, low return technology and an innovative, high productivity one. Investments in innovation are risky since they are subject to a liquidity cost which entrepreneurs cover by borrowing from the banking sector. When bank creditors are sufficiently pessimistic about the aggregate liquidity needs of the real sector, they will run on the bank and cause a credit freeze. This leads banks to tighten credit supply after the crisis, which decreases disproportionately investment in innovation and slows down economic growth. An empirical investigation, employing industry-level data on R&D investment around 13 recent banking crises, confirms this hypothesis. Industries that depend more on external finance, in more bank-based economies, invest disproportionately less in R&D following episodes of banking distress. These industries also have a relatively lower share of R&D in total investment, suggesting a shift in the composition of investment after the crisis. Such differential effects across sectors imply that the drop in R&D spending is, at least partially, the result of the contraction in credit supply.Chapter 2 studies the impact of coordination frictions in financial markets on the cost of capital. In the model, a financial intermediary seeks to raise funds to finance a risky capital-intensive project. Capital is owned by a large number of small investors, who observe noisy signals about the project's implementation cost. Employing a global games equilibrium refinement, we characterize a unique threshold equilibrium of the coordination game between investors. We then show that the relationship between the probability of success of the project and the rate of return on capital is non-monotonic. There exists a socially optimal price of capital, which maximizes the probability that the project is profitable. However, fee-maximizing intermediaries will generally set an interest rate that is higher than the socially optimal rate. The model best characterizes project finance investments funded through the bond market.Chapter 3 proposes a laboratory experiment to study the impact of partial deposit insurance schemes on the risk of deposit withdrawals. In the experiment, depositors decide whether to withdraw or leave their money in a bank, triggering a default when too many participants choose to withdraw. When a bank run occurs, the amount of wealth each depositor can recover depends on the number of withdrawals and a deposit insurance fund whose size cannot cover in full all depositors. We consider two treatments: (i) a perfect information case when depositors know the size of the insurance fund and (ii) a heterogeneous information setting when they only observe noisy signals about its size. Our results show that uncertainty about the level of deposit coverage exerts a significant impact on the propensity to run. The frequency of runs is relatively high in both treatments. A majority of subjects follow a threshold strategy consistent with a risk-dominant equilibrium selection. Finally, the last chapter re-examines the empirical relationship between financial and economic development while (i) taking into account their dynamics and (ii) differentiating between stock market and banking sector development. We study the cointegration and causality between finance and growth for 22 advanced economies. Our time series analysis suggests that the evidence in support of a finance-led growth is weak once we take into account the dynamics of financial and economic development. We show that, causality patterns depend on whether countries' financial development stems from the stock market or the banking sector. / This thesis consists of four essays on finance and the real economy. Chapter 1 studies the effect of banking crises on the composition of investment. It builds a partial equilibrium growth model with a banking sector and two types of investment projects: a safe, low return technology and an innovative, high productivity one. Investments in innovation are risky since they are subject to a liquidity cost which entrepreneurs cover by borrowing from the banking sector. When bank creditors are sufficiently pessimistic about the aggregate liquidity needs of the real sector, they will run on the bank and cause a credit freeze. This leads banks to tighten credit supply after the crisis, which decreases disproportionately investment in innovation and slows down economic growth. An empirical investigation, employing industry-level data on R&D investment around 13 recent banking crises, confirms this hypothesis. Industries that depend more on external finance, in more bank-based economies, invest disproportionately less in R&D following episodes of banking distress. These industries also have a relatively lower share of R&D in total investment, suggesting a shift in the composition of investment after the crisis. Such differential effects across sectors imply that the drop in R&D spending is, at least partially, the result of the contraction in credit supply.Chapter 2 studies the impact of coordination frictions in financial markets on the cost of capital. In the model, a financial intermediary seeks to raise funds to finance a risky capital-intensive project. Capital is owned by a large number of small investors, who observe noisy signals about the project's implementation cost. Employing a global games equilibrium refinement, we characterize a unique threshold equilibrium of the coordination game between investors. We then show that the relationship between the probability of success of the project and the rate of return on capital is non-monotonic. There exists a socially optimal price of capital, which maximizes the probability that the project is profitable. However, fee-maximizing intermediaries will generally set an interest rate that is higher than the socially optimal rate. The model best characterizes project finance investments funded through the bond market.Chapter 3 proposes a laboratory experiment to study the impact of partial deposit insurance schemes on the risk of deposit withdrawals. In the experiment, depositors decide whether to withdraw or leave their money in a bank, triggering a default when too many participants choose to withdraw. When a bank run occurs, the amount of wealth each depositor can recover depends on the number of withdrawals and a deposit insurance fund whose size cannot cover in full all depositors. We consider two treatments: (i) a perfect information case when depositors know the size of the insurance fund and (ii) a heterogeneous information setting when they only observe noisy signals about its size. Our results show that uncertainty about the level of deposit coverage exerts a significant impact on the propensity to run. The frequency of runs is relatively high in both treatments. A majority of subjects follow a threshold strategy consistent with a risk-dominant equilibrium selection. Finally, the last chapter re-examines the empirical relationship between financial and economic development while (i) taking into account their dynamics and (ii) differentiating between stock market and banking sector development. We study the cointegration and causality between finance and growth for 22 advanced economies. Our time series analysis suggests that the evidence in support of a finance-led growth is weak once we take into account the dynamics of financial and economic development. We show that, causality patterns depend on whether countries' financial development stems from the stock market or the banking sector.

La thèse est composée de trois articles de recherche. Basés sur le même fondement théorique et de modélisation, au travers de simulation numérique, les trois essais étudient différents sujets liés à la dynamique des firmes sous l’impact des contraintes financières et des fluctuations macroéconomiques. Respectivement, le premier article explore le mécanisme de sélection de marché, le deuxième se focalise sur le mode d’investissement en Recherche et Développement (R&D) des firmes, et le troisième analyse les effets d’une politique budgétaire discrétionnaire de relance de l’activité sur la dynamique des firmes. Les résultats de recherche montrent que la combinaison des contraintes financières et des fluctuations macroéconomiques peut exercer des effets significatifs sur la dynamique des firmes dans un contexte de compétition de marché. Sous différents angles d’analyse, ces effets peuvent révéler l’inefficacité du mécanisme de sélection de marché, la distorsion de structure de marché à la défaveur des investissements en R&D, et des retombées inégalitaires d’une éventuelle relance économique en période de récession, au désavantage des jeunes et petites firmes. / The thesis is composed of three research articles. Based on a common theoretical and modeling foundation, by means of computational simulation, these three essays study different subjects relating to firm dynamics under the impact of financial constraints and macroeconomic fluctuations. Respectively, the first article explores functioning of market selection mechanism, the second focuses on firms’ Research and Development (R&D) investment patterns, the third analyzes effects of economic stimulus policies on firm dynamics. The research results demonstrate that the combination of presence of financial constraints and macroeconomic fluctuations may have significant effects on firm dynamics in the context of competitive market. From different angles of analysis, the effects could reveal failure of market selection mechanism, market structure distortion which disfavors firms’ R&D investment, and unequal repercussions of an economic stimulus on firms in recession, especially to the disadvantage of young and small ones.

Le but de cette thèse est d’approfondir les connaissances académiques sur les variations jointes des actifs financiers à haute fréquence en les analysant sous un point de vue novateur. Nous tirons profit d’une base de données de prix tick-by-tick pour mettre en lumière de nouveaux faits stylises sur la corrélation haute fréquence, et également pour tester la validité empirique de modèles multivariés. Dans le chapitre 1, nous discutons des raisons pour lesquelles la corrélation haute fréquence est d’une importance capitale pour le trading. Par ailleurs, nous passons en revue la littérature empirique et théorique sur la corrélation à de petites échelles de temps. Puis nous décrivons les principales caractéristiques du jeu de données que nous utilisons. Enfin, nous énonçons les résultats obtenus dans cette thèse. Dans le chapitre 2, nous proposons une extension du modèle de subordination au cas multivarié. Elle repose sur la définition d’un temps événementiel global qui agrège l’activité financière de tous les actifs considérés. Nous testons la capacité de notre modèle à capturer les propriétés notables de la distribution multivariée empirique des rendements et observons de convaincantes similarités. Dans le chapitre 3, nous étudions les relations lead/lag à haute fréquence en utilisant un estimateur de fonction de corrélation adapte aux données tick-by-tick. Nous illustrons sa supériorité par rapport à l’estimateur standard de corrélation pour détecter le phénomène de lead/lag. Nous établissons un parallèle entre le lead/lag et des mesures classiques de liquidité et révélons un arbitrage pour déterminer les paires optimales pour le trading de lead/lag. Enfin, nous évaluons la performance d’un indicateur basé sur le lead/lag pour prévoir l’évolution des prix à court terme. Dans le chapitre 4, nous nous intéressons au profil saisonnier de la corrélation intra-journalière. Nous estimons ce profil sur quatre univers d’actions et observons des ressemblances frappantes. Nous tentons d’incorporer ce fait stylise dans un modèle de prix tick-by-tick base sur des processus de Hawkes. Le modèle ainsi construit capture le profil de corrélation empirique assez finement, malgré sa difficulté à atteindre le niveau de corrélation absolu. / This thesis aims at providing insight into comovements of financial assets at high frequency from an original point of view. We take advantage of a database of tick-by-tick prices to bring to light new stylized facts on high frequency correlation as well as to check the empirical validity of multivariate modelling frameworks. In chapter 1, we elaborate on the reasons why high frequency correlation is of the utmost importance for trading purposes. We also briefly review the empirical and theoretical literature on correlation at small time scales. Then, we describe the main features of the data set we use. Finally, we enunciate the results obtained in this thesis. In chapter 2, we suggest a way of extending the subordination modelling to the multivariate case. This relies on the definition of a global event time that merges the trading activity of all assets under consideration. We test the ability of our model to capture salient features of the empirical multivariate probability distribution of returns and find a convincing agreement. In chapter 3, we study high frequency lead/lag relationships using a suitable cross-correlation estimator for tick-by-tick data. We show its superiority over the classical correlation estimator in detecting lead/lag patterns. We relate lead/lag to standard liquidity measures and exhibit a trade-off to find optimal pairs for lead/lag trading. Finally, we evaluate the performance of a lead/lag indicator in forecasting the short-term evolution of prices. In chapter 4, we focus on the intraday correlation seasonal pattern. We estimate this pattern over four universes of stocks and observe striking similarities. We attempt to incorporate this stylized fact into a tick-by-tick price model based upon Hawkes processes. The resulting model captures the empirical profile of correlation quite well, though it doesn’t match the absolute level of correlation.

Cette thèse aborde différentes thématiques dans le champ de l’économie internationale et de la macroéconomie. Les travaux de recherche développés dans cette thèse étudient l’impact des chocs de différentes natures sur les flux de migrations internationales, de commerce international et sur la croissance de la productivité. Le premier chapitre s’intéresse à l’évolution des flux migratoires en réaction à des chocs conjoncturels. L’estimation du modèle à partir des données nous permet de conclure qu’à la fois les chocs structurels et les chocs conjoncturels influent les flux de migration. Une augmentation de 10% du salaire du pays de destination conduirait à une augmentation du flux migratoire vers ce pays de destination de près de 8%, toutes choses égales par ailleurs. Le second chapitre étudie dans quelles mesures les chocs financiers affectent le niveau des exportations des entreprises, avec un focus particulier sur les entreprises qui exportent vers des destinations lointaines. Nous trouvons que les entreprises qui font face à des frictions financières exportent entre 4% et 10% de moins que celles qui ne sont pas soumises à ces frictions. Nos résultats montrent également que parmi les exportateurs en difficulté financière, ceux qui exportent vers des destinations lointaines réduisent encore davantage leurs exportations. Dans le chapitre trois, nous étudions comment les frictions financières peuvent conduire à des distorsions dans l’allocation des ressources. Nos résultats suggèrent que dans les pays développés financièrement, les capitaux ne permettent pas forcément une amélioration de l’allocation efficace du travail entre les firmes. / This thesis covers various issues in international economics and macroeconomics.It studies the role of several types of shocks on international migration, firms’ export strategies and sectoral productivity growth. The three chapters exploit different sources of data and use recent econometrics approaches to deal with these issues.Chapter one contributes to the literature on international migration by looking at the role of short-run fluctuations as determinants of the location choice of the migrants. We find evidence that business cycles and employment rates at destination affect the intensity of gross bilateral flows.Chapter two investigates how financial frictions impact firms’ foreign sales, especially for firms that export to long distance export markets. We find that firmsfacing financial frictions export from 4 to 10% less than the ones without anyfinancial constraints. Our results also suggest that amongst exporters facing financial difficulties, those who export to faraway destinations reduce their exportsales more.Chapter three investigates how financial frictions affect the efficiency with which labor allocates across firms within a sector. Results suggest that an increase intangibility decreases the productivity growth rate of an industry located in highly financially developed country and this lower productivity growth rate is largely explained by the reallocation of labour across firms within the sector.

The poor need a range of financial services to cope with shocks, to manage day-to-day transactions, and to grasp business opportunities, among others. To be successful in reaching the poor, microfinance institutions should offer products that meet the poor’s needs. Product design, therefore, is becoming a very important topic. “Behavioral” product design pinpoints the importance of individuals’ behavioral anomalies, such as procrastination behavior and lack of self-control. Financial products are seen as commitment devices to help individuals diverting money from immediate consumption to savings and investment.<p>This doctoral thesis contributes to this recent research stream by first surveying the literature on product design in microfinance, and then providing an empirical and a theoretical contribution. Precisely, the thesis is structured in four chapters. Chapter 1 and Chapter 2 are both reviewing the literature. Chapter 1, titled “Product Flexibility in Microfinance: A Survey”, reviews the academic literature on product flexibility in microfinance and offers a categorization scheme of flexible microfinance products. Chapter 2, titled “Innovative Flexible Products in Microfinance”, scrutinizes nine real-life practices covering microcredit, micro-savings and micro-insurance services that mix flexible features and commitment devices. Chapter 3, titled “The Debt Puzzle in Dhaka’s Slums: Do Liquidity Needs Explain Co-Holding?”, examines the use of flexible savings-and-loan accounts by SafeSave’s clients and tests whether the need for liquidity explains why the poor save and borrow simultaneously. Lastly, Chapter 4, titled “Having it Both Ways: A Theory of the Banking Firm with Time-consistent and Time-inconsistent Depositors,” proposes a theoretical model to determine the liquidity premium offered by a monopolistic bank to a pool of depositors composed of time-consistent and time-inconsistent agents. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Dans cette thèse, l'objectif de mes recherches, s'inscrivant dans la lignée de la littérature qui donne un rôle prééminent aux intermédiaires financiers dans les modèles macroéconomiques,consiste à comprendre les mécanismes qui ont permis à l'intermédiation financière imparfaite et parfaite d'affecter la dynamique de l'économie et la transmission de la politique monétaire, et de fournir une nouvelle formulation théorique pour l'évaluation de la politique monétaire non conventionnelle. Pour ce faire, j'ai d'abord considéré l'impact de l'intermédiation financière sur l'analyse des effets de la transparence de la banque centrale (chapitre 2). Dans le chapitre 3, je me suis concentré sur le rôle joué par l'intermédiation financière imparfaite et les frictions financières dans la transmission des chocs : par quels mécanismes, la présence d'intermédiaires financiers contraints par leur bilan affecte l'effet des chocs sur la macroéconomie? Enfin, dans le quatrième chapitre, je construis un modèle théorique pour analyser une question importante : le mécanisme de transmission des effets de l'achat à grande échelle de la banque centrale de titres adossés, qui n'a pas été effectué dans la littérature existante. / In this dissertation, my research aims at dwelling on the questions, at understanding and explaining -- as a follow of current strand of literature on financial frictions -- the mechanisms that allowed the imperfect and perfect credit intermediation to affect the dynamics of economy and the transmission of monetary policy, and providing a new theoretical formulation for evaluating the unconventional monetary policy. To do this, I first considered the impact of financial intermediation on the analysis of central bank transparency issue (Chapter 2). ln Chapter 3, I focused on the role played by the imperfect financial intermediation/financial frictions in the transmission of shocks : through which mechanisms, do the presence of balance-sheet constraint financial intermediaries affect the effect of shocks on the macroeconomy? Finally, in Chapter 4, 1 construct an theoreticalmodel to analyze an important issue which have net been carried out in existing literature: the transmission mechanism of the central bank's large-scale purchase of mortgage-backed securities. ln this chapter, I first simulated a financial crisis to see if the model is able to replicate some of the most important stylized facts of the Great Recession. Then, basing on the simulated crisis, I examine the efficacy and transmission mechanism of large scale purchases of MBS through comparing these purchases to the purchases of corporate bonds. This experiment is conducted in two credit market configurations, i.e., a partially and a totally segmented credit market. The latter case of market condition is considered by many economists as main obstacle that impedes the nominal functioning of the financial markets. ln this work, we have obtained rich and important findings for guiding the use of unconventional monetary policy. The following parts briefly present the findinqs of the thesis.

Cette thèse comporte trois chapitres traitant de la question de l’accumulation de réserves de change dans les pays émergents. Sous différents angles, théorique comme empirique, les trois travaux présentés analysent les motivations d’accumulation de réserves de change et testent l’utilité de ces avoirs en devises étrangères pendant la crise financière mondiale de 2009. Le chapitre 1 montre que l’accumulation de réserves résulte de l’interaction entre une forte croissance de la productivité et des frictions sur le marché financier. De plus, l’accumulation de réserves est d’autant plus efficace que les flux de capitaux privés sont contrôlés. Les gains du bien-être issus d’une utilisation combinée de réserves et de contrôles de capitaux diminuent avec le développement des marchés financiers. A l’aide d’une base de données comprenant 112 pays émergents et en voie de développement, le chapitre 2 examine la relation entre l’accumulation de réserves avant la crise de 2009 et la performance économique pendant la crise. Lorsque le ratio d’adéquation de réserves de change est calculé en point de pourcentage par rapport à la dette extérieure à court terme, la performance économique d’un pays pendant la crise est positivement corrélée avec les réserves de change d’avant la crise. Ce chapitre montre aussi les nouvelles tendances dans le comportement d’accumulation des réserves après la crise. Le chapitre 3 traite de la question des effets de bilan et le rôle des réserves change. Il montre qu’en accumulant des réserves de change, le gouvernement est en mesure stabiliser l’économie nationale, en recapitalisant le secteur privé avec ses devises ou en faisant une relance fiscale. / This thesis includes three essays on foreign reserves, crises and growth. Chapter 1 proposes a theoretical model to look at foreign reserve accumulation in fast-growing emerging economies. The demand for foreign reserves stems from the interaction between productivity growth and underdevelopment of the domestic financial market. During economic transition, foreign reserve accumulation is proved to be welfare improving as long as private capital flows are controlled. Chapter 2 is an empirical work on the role of foreign reserves during the global financial crisis. It is found that the level of reserves matters: countries with high reserves relative to short-term debt suffered less from the crisis, particularly if associated with a less open capital account. In the immediate aftermath of the crisis, countries that depleted foreign reserves during the crisis quickly rebuilt their stocks. This rapid rebuilding has, however, been followed by a deceleration in the pace of accumulation. Chapter 3 takes a political economy stance and shows how reserves can be used to stabilize the domestic economy when the private sector faces credit constraint and currency mismatch. It is argued that both a targeted lending in foreign currency or a fiscal spending financed by foreign reserves help remove the bad equilibrium. Nevertheless, these two policy tools differ in the mechanism through which they stabilize the domestic economy and in terms of the amount of foreign reserves needed.

Cette thèse propose une analyse détaillée des effets de la supervision prudentielle (une composante de la réglementation bancaire) sur la stabilité du secteur bancaire, la solvabilité des institutions financières et, au niveau macro-économique, étudie son impact sur le crédit domestique. La méthodologie de recherche adoptée permet l‘intégration de l‘hétérogénéité dans l'analyse, tant au niveau systémique qu'à celui de l‘agent individuel. Des méthodes d‘estimation bayésiennes sont à la base de la partie empirique, alors que les sections théoriques utilisent la modélisation multi-agent. Le premier chapitre étudie les effets de la supervision prudentielle sur le crédit domestique dans 27 pays de l‘UE. Les résultats montrent qu‘une aggravation de la dureté de la supervision produit des effets positifs sur le crédit dans les pays ayant un système de supervision unifié. Le deuxième chapitre étudie les effets de la supervision couplée avec des outils réglementaires « traditionnels » sur la résilience et les profits bancaires dans des conditions de crise de long-terme. Parmi les instruments étudiés, c’est la taxe qui assure la profitabilité bancaire à long terme et l‘adaptation à la crise. Le troisième chapitre étudie une fraude financière complexe qui a eu lieu en Moldavie en 2011-2015. Un modèle qui réplique les schémas de fraude est construit pour étudier l‘optimalité de la décision de non-intervention de la Banque Centrale. Les résultats montrent qu'une intervention précoce n‘aurait pas minimisé les pertes du système bancaire, mais que la Banque Centrale aurait pu améliorer la situation en intervenant quand l‘exposition du secteur aux fraudeurs était minimale. / This thesis aims to provide an in-depth analysis of the effects of prudential supervision (a component of banking system regulation) on the stability of the banking sector, the soundness of financial institutions and, at a macro-economic level, its impact on domestic credit. The adopted research methods facilitate the integration of heterogeneity at the systemic and individual-agent levels into the analysis. Bayesian estimation techniques are used in the empirical part, whereas the theoretical sections utilize agent-based modeling. The first chapter studies the effects of prudential supervision on domestic credit in 27 EU countries. The results show an increase in supervisory stringency to produce a positive effect on credit in countries with unified supervisory frameworks. The second chapter investigates the effects of prudential supervision coupled with “traditional” regulatory tools on bank resiliency and profits under long-lasting crisis conditions. Taxes are found to be the most efficient tool as they potentiate long-term profitable bank operations and adaptation to the crisis. The third chapter provides a case-study of a complex financial fraud that took place in Moldova in 2011-2015. An agent-based model that replicates the schemes is constructed to study the optimality of the Central Bank’s decision to not intervene. The results show that early intervention wouldn’t necessarily have minimized the financial losses of the banking sector, but that the Central Bank could have improved the outcome of the crisis by intervening when the exposure of the banking sector to the fraudsters was minimal.

Les pertes financières dues à la faiblesse ou à l’insuffisance des moyens de contrôle en leur sein ont contraint les organisations internationales à se doter de mécanismes de contrôle capables de contrôler suffisamment leurs ressources financières et d’assurer efficacement la protection de leurs intérêts financiers contre les atteintes qui leurs faites. Car, la réussite de leurs missions dépend dans une large mesure de la bonne utilisation de leurs ressources financières. Les mécanismes juridiques ainsi mis en place, dans le cadre de cette protection, permettent d’effectuer des contrôles financiers aux moyens d’audits et d’appliquer des sanctions contre les infractions qui portent atteinte à leurs intérêts financiers. C’est dans cette perspective que les Etats membres sont mis à contribution. Mais, la participation des Etats à cette protection varie en fonction des organisations internationales (OI). En s’appuyant sur l’exemple de l’Union européenne (UE), qui a su très tôt concevoir un ensemble d’instruments juridiques efficaces, la présente thèse aborde le cadre juridique et les difficultés de la protection des intérêts financiers des OI. Pour cela, outre l’UE, deux autres OI, à savoir l’Organisation des Nations Unies (ONU) et l’Union Economique et Monétaire Ouest Africaine (UEMOA) sont prises en exemple pour analyser les mécanismes de protection des intérêts financiers des OI à la lumière de quelques scandales financiers qui ont permis de mettre à jour l’inefficacité de leurs mécanismes de protection. / Financial losses caused by lack of appropriate means of control has led international organizations to implement some mechanism that help them to protect their financial resources from diversion. Indeed, in order to reach their goals, international organizations need a good financial management. Legal mechanisms put in place to protect financial assets of international organizations allow them to oversee their financial management and help them prosecute those who commit financial crimes against international organizations. In doing so, international organization need cooperation from Member States. But this cooperation depends on each international organizations. This dissertation aims to show how, within the European Union (EU), the United Nations (UN) and the West African Economic and Monetary Union (WAEMU), what are the legal mechanisms that enable international organizations to prevent and to prosecute those who commit financial crimes against them.

Les niveaux des taux de chômage des économies développés sont aujourd'hui sensiblement différents. Les institutions du marché du travail sont elles aussi diverses et protéiformes selon les pays. Ces institutions pourraient être considérées comme permettant d'accroître ou de réduire les niveaux de chômage. Or empiriquement, on ne trouve pas de lien direct et univoque entre les taux de chômage et les institutions sur le marché du travail. Si nous considérons plus précisément la façon dont les firmes décident de leur masse salariale, on réalise que l'on omet en faisant ce simple lien de corrélation, une variable essentielle qui détermine les comportements d'embauche et de licenciement des entreprises, à savoir la variable du financement. La capacité de financement externe des firmes pourrait déterminer, ou non, la demande de travail, conditionnellement aux institutions sur le marché du travail. Ainsi, le problème ne serait pas de savoir si les institutions sur le marché du travail conditionnent sa performance relative mais plutôt de savoir si le couple d'institutions sur le marché du travail et le marché du crédit détermine ces performances. Une entreprise est certes contrainte par la plus ou moindre grande flexibilité existante sur le marché du travail, mais ses calculs s'inscrivent dans une perspective plus large, qui est de savoir si elle a accès ou non aux financements dont elle a besoin. L'importance des frictions financières sur le marché du crédit détermine le niveau de la contrainte de financement externe pour les firmes. Cela pourrait alors avoir un impact sur leurs projets d'embauche et sur les niveaux d'emplois dans les économies. Les niveaux de frictions financières devraient donc influencer le niveau des principales variables macroéconomiques relatives au marché du travail, que sont le chômage, le niveau du salaire et le nombre de postes vacants, conditionnellement aux institutions existantes sur le marché du travail. / Unemployment rates in developed economies are now significantly different. Labor market institutions are also diverse and multifaceted. These institutions could be considered as allowing to increase or to reduce the levels of unemployment. However empirically, there is no direct and unambiguous link between unemployment rates and institutions in the labor market. By considering more precisely the way in which firms decide on their payroll, we realize that we omit, by making this simple correlation link, an essential variable that determines the hiring and firing behavior of firms, namely the funding variable. The external financing capacity of firms may determine the labor demand, conditional on the institutions in the labor market. Thus, the problem is not whether institutions in the labor market condition its relative performance but rather whether the couple of institutions in labor and credit markets determines this performance. A firm is certainly constrained by a greater or lesser flexibility in the labor market, but its computations are part of a broader perspective, which is whether or not it has access to the funding it needs. The importance of financial frictions in the credit market determines the level of the external financing constraint for firms. This could then have an impact on their hiring plans and job levels in economies depending on the prevailing labor market institutions. Financial frictions should therefore influence the main labor market macroeconomic variables, namely unemployment, wage level and the number of vacancies, conditional on existing labor market institutions.