La Banque de Syrie et du Liban a été créée le 2 janvier 1919 par la Banque Impériale ottomane. Étant une banque commerciale, elle s’est vue attribuer, suite à la signature de la Convention du 23 janvier 1924 avec les États du Levant, le privilège de l’émission de la nouvelle livre libano-syrienne. Cette monnaie est rattachée directement au Franc français afin de faciliter le fonctionnement administratif de la France au Levant et le commerce avec la Métropole. Forte de cette position, la Banque n’a pas hésité d’exercer parallèlement son activité de banque commerciale et en tirer profit. Son activité principale est axée vers le crédit et les avances aux États du Levant et aux particuliers. En plus d’être l’agent financier des États du Levant, elle a été connue aussi pour être une banque de dépôt. Sa position d’une banque émettrice du billet local a inspiré confiance à la population locale pour y venir déposer leurs économies. Sa connaissance du territoire a poussé les capitaux français à s’allier avec elle pour l’exécution de leurs investissements au Levant. Tout au long de son existence, la BSL sera un acteur incontournable de la place financière en Orient. Son histoire est considérée comme indissociable de l’histoire économique du Levant et de la France. / The Bank of Syria and Lebanon was created on January 2, 1919 by the Imperial Ottoman Bank. Being a commercial bank, it has been attributed, following the signature of the Convention of January 23, 1924 with the States of the Levant, the privilege of the issue of the new Lebanese-Syrian bank-note. This currency is directly attached to the French Franc to facilitate the administrative operation of France in the Levant and trade with the Metropolis. In this position, the Bank has not hesitated to simultaneously carry out its commercial banking activity and profit from it. Its main activity is focused on credit and advances to the Levant States and individuals. In addition to being the financial agent of the Levant States, it has also been known to be a deposit bank. Its position as a bank issuing the local bank-note has inspired confidence to the local population to come and deposit their savings. Its knowledge of the territory has pushed French capital to ally with it for the execution of their investments in the Levant. Throughout its existence, BSL will be a key player in the financial market in the East. Its history is considered inseparable from the economic history of the Levant and France.

Au cours des dernières décennies, la mondialisation a joué un rôle crucial dans l'évolution de l'économie mondiale et du mode de vie des populations. Elle a largement contribué à la croissance économique de nombreux pays grâce à l'essor des échanges commerciaux, des investissements et de la création d'emplois , entre autres. Cependant, si la mondialisation a apporté de nombreux avantages, elle a également rendu les pays plus vulnérables aux crises. Elle a aussi soulevé des défis en matière de coordinations de politiques économiques des groupes de pays souverains. Cette thèse, composée de trois chapitres, se penche sur certaines questions macroéconomiques liées à l'économie internationale. Le premier chapitre présente une méthode permettant d'analyser les canaux de propagation du cycle économique au sein d'une économie et entre les pays. Le deuxième chapitre aborde la conception de règles budgétaires pour les économies intégrées au sein d'une union économique et monétaire. Enfin, le dernier chapitre évalue l'impact des obstacles routiers tels que les barrages, les retards et la corruption sur l'intégration commerciale régionale en Afrique de l'Ouest. Dans le premier chapitre, j'ai développé une méthode visant à orienter les chercheurs dans la spécification améliorée de leurs modèles quantitatifs lors de l'étude du cycle économique international. Les orientations découlent de l'application de la comptabilité des cycles économiques, en se basant sur un modèle prototype. Ce modèle prototype est construit à partir d'un modèle de croissance internationale auquel sont intégrés des «wedges» qui captent les frictions et distorsions présentes dans l'économie. Pour chaque pays, j'ai pris en compte les «wedges» suivants : l'efficacité technologique, les distorsions sur le marché du travail, l'investissement, les dépenses gouvernementales, les préférences et les échanges d'actifs étrangers. J'ai ensuite illustré cette méthode en l'appliquant aux États-Unis et au Canada pendant la grande récession de 2007-2008. Mes résultats indiquent que les ralentissements économiques observés dans les deux pays au cours de cette période étaient principalement dus aux distorsions de l'investissement, aux distorsions sur le marché du travail et à celles de l'efficacité technologique aux États-Unis, tandis que les distorsions de l'investissement au Canada ne jouaient qu'un rôle secondaire. Ces résultats suggèrent que la crise est partie des États-Unis pour se propager ensuite au Canada. Le deuxième chapitre se concentre sur la conception de la règle budgétaire au sein d'une union économique, avec une application à l'Union économique et monétaire ouest-africaine (UEMOA), qui possède un marché des capitaux intégré et une règle budgétaire commune. Je présente des faits sur l'existence d'une hétérogénéité significative des recettes, des dépenses et de la dette publiques parmi les pays de l'UEMOA. Dans ce chapitre, j'effectue une analyse quantitative de la règle budgétaire au sein de l'UEMOA et propose une réforme optimale en utilisant un cadre théorique qui modélise la politique fiscale des gouvernements confrontés à des chocs et ayant des préférences temporelles biaisées vers le présent. Le modèle met en évidence un compromis entre la flexibilité du gouvernement pour faire face aux chocs et l'engagement à limiter les incitations à un endettement excessif. Les résultats montrent que la règle actuelle de limitation du déficit à 3 \%, appliquée uniformément à tous les pays de l'UEMOA, améliore le bien-être des citoyens par rapport à un scénario sans règle budgétaire. Cependant, l'adoption de règles budgétaires spécifiques à chaque pays conduirait à une amélioration au sens de Pareto par rapport à la règle uniforme actuelle. La limite optimale du déficit pour chaque pays dépendrait de la volatilité des chocs affectant ses besoins de dépenses ainsi que des frictions politico-économiques et monétaires propres à son gouvernement. En outre, en imposant une règle budgétaire uniforme à tous ses membres, l'UEMOA renonce à 24 \% des gains de bien-être qui pourraient être obtenus grâce à l'adoption de règles budgétaires spécifiques à chaque pays. En résumé, mes résultats démontrent que bien que l'UEMOA bénéficie d'une règle budgétaire commune, une règle sur mesure tenant compte des caractéristiques spécifiques de chaque pays membre améliorerait encore davantage le bien-être général. Le troisième chapitre (co-écrit avec Idossou Marius Adom) examine les effets des barrages routiers, des retards et de la corruption le long des routes interétatiques sur l'intégration commerciale régionale en Afrique de l'Ouest. Il est bien connu que le commerce régional en Afrique est relativement faible par rapport à d'autres régions du monde. Dans cet article, nous utilisons les rapports sur «l'amélioration de la gouvernance des transports routiers» (IRTG) pour construire une nouvelle base de données mesurant les barrages routiers, les retards et les pots-de-vin liés au commerce sur huit routes interétatiques en Afrique de l'Ouest entre 2006 et 2013. Notre objectif est d'étudier leurs effets sur le commerce bilatéral dans la région. Ces routes interétatiques relient trois pays enclavés -- le Burkina Faso, le Niger et le Mali -- à d'autres pays côtiers. Nos résultats montrent que les barrages routiers, les retards et la corruption sont des problèmes récurrents sur ces routes. Pendant le transport des marchandises, les camions sont soumis à plus de 25 contrôles, subissent des retards de plus de 5 heures et sont contraints de verser des pots-de-vin allant de 45 à 115 dollars américains. Nos analyses empiriques révèlent que les retards entravent considérablement le commerce bilatéral entre les pays connectés, tandis que l'effet positif de la corruption semble correspondre à celui de la théorie du «grease the wheels». / Globalization has been an important force in shaping the world economy and the way people live their lives in the past few decades. It has had sizable importance in the economic growth of many countries through the increase in trade, investment, new job creation, etc. While globalization has brought many benefits, it has also created many challenges such as the increase of the vulnerability of countries to crises, and the challenges of policy management of groups of sovereign countries. This dissertation, composed of three chapters, investigates some macroeconomic issues of the international economy. The first chapter proposes a method to access the channel through which the business cycle propagates to an economy and across countries. The second chapter investigates the fiscal rule design for integrated economies constituted in an economic and monetary union. The last chapter evaluates the effect of roadblocks, time delays, and bribes on interstate roads on regional trade integration in West Africa. In the first chapter, I have developed a method that can provide insights to researchers to better specify their quantitative models in international business cycle studies. The guidance comes from the application of an accounting procedure based on a prototype model of international growth that includes wedges capturing all the potential frictions and distortions of markets. For each country, I include an efficiency wedge, labor wedge, investment wedge, government wedge, preference wedge, and foreign asset wedge. I then demonstrate the method by applying it to the US and Canada during the Great Recession (2007-2008). I found that the economic downturns in both countries during this period were primarily due to the US investment wedge, US labor wedge, and US efficiency wedge, with the Canada investment wedge playing a secondary role. These results suggest that the crisis originated in the US and was propagated to Canada. The second chapter investigates the fiscal rule design for an economic union with an application to the West African Economic and Monetary Union (WAEMU) which has an integrated capital market and a common fiscal rule. I document a significant heterogeneity in government revenue, spending, and debt across WAEMU countries. Then, in this chapter, I present a quantitative analysis of the fiscal rule in WAEMU and propose an optimal reform using a theoretical framework that models fiscal policy under present-biased governments facing shocks to their fiscal needs. The model highlights a trade-off between government flexibility in responding to shocks and a commitment to limit the incentive to overborrow. I find that the current 3\% deficit limit rule, which is uniform across all WAEMU countries, improves welfare for the citizens of all countries compared to a scenario with no fiscal rule. However, country-specific fiscal rules would lead to a Pareto improvement over the current uniform rule. The optimal deficit limit for each country would depend on the volatility of the shocks to its spending needs and the strength of the political-economic and monetary-economic frictions of its government. In addition, by imposing a uniform fiscal rule on all members, WAEMU foregoes 24\% of the welfare gains that could be achieved with a country-specific fiscal rule. In summary, I show that while WAEMU countries benefit from having a common fiscal rule, a tailored approach that considers the specific characteristics of each member country would enhance welfare even further. The third chapter (\emph{co-authored with Idossou Marius Adom}) explores the effects of roadblocks, time delays, and bribes along interstate roads on the regional trade integration in West Africa. Indeed, it is a well-known fact that regional trade within Africa is low compared to other regions in the world. In this paper, we rely on the Improved Road-Transport Governance reports to construct a novel data set that measures trade-related roadblocks, time delays, and bribes on eight interstate roads in Western Africa between 2006 and 2013 to investigate their effects on bilateral trade in the region. These interstate roads connect three landlocked countries -- Burkina Faso, Niger, and Mali -- to other coastal countries. We document that roadblocks, delays, and bribes are pervasive on the roads. During goods transportation, trucks experience up to more than 25 controls, are delayed by up to more than 5 hours, and pay between 45 and 115 US dollars bribe. Our empirical analyses show that the delays seriously impede bilateral trade between the connected countries while corruption tends to match the ``grease the wheels'' theory.

Le 25 mai 2003, le peuple argentin assistait à l’investiture présidentielle du candidat du Frente Para la Victoria, Néstor Kirchner. Suite à la défection de Carlos Menem pendant l’entre-deux tours, il est élu avec 22% des suffrages. Malgré cette faible légitimité, il réussit à insuffler un changement certain dans la politique argentine. L’objectif de ce travail de thèse est de montrer comment Néstor Kirchner est arrivé à imposer un nouveau système de référence et à tourner la page du passé néolibéral qui a conduit le pays à l’effondrement. Pour cela, notre travail se concentre d’abord sur la présentation nécessaire du contexte économique et politique antérieur aux élections de 2003. Cette contextualisation permet de mieux cerner les conditions dans lesquelles Néstor Kirchner est porté au pouvoir. Ensuite, nous étudions la lutte idéologique qui se met en place, notamment à l’intérieur même du péronisme, afin d’identifier les processus qui permettent au discours kirchnériste de devenir discours dominant. Enfin, il s’agira d’étudier les points de ruptures ou de convergences du kirchnérisme avec le populisme et le péronisme afin de mieux le caractériser. De plus, le décès de Néstor Kirchner survenu le 27 Octobre 2010 a provoqué un véritable choc. Aussi, l’étude de la figure post mortem de Kirchner permet de prendre la mesure du phénomène K, dans le sens où il symbolise à la fois une réhabilitation du politique, une reconstruction de la nation argentine et une refondation du péronisme au XXIème siècle. / On 25 May 2003, argentinian population attended the presidential nomination of the "Frente Para la Victoria" party candidate, Néstor Kirchner. Thanks to the defection of Carlos Menem between the two rounds, he was elected with 22% of votes. Despite this weak legitimacy, he succeeded in impulsing changes in Argentina political agenda. The purpose of this thesis is to show how Néstor Kirchner managed to impose a new system as a new reference, and to move on from a neoliberal past which led the country to collapse. Therefore, our work first focuses on a necessary presentation of economic and political background prior to 2003' elections. Such contextualisation allows us to have a better understanding of the conditions in which Néstor Kirchner reached the presidency. Then, we study the ideological struggle taking place afterwards, particularly within peronism itself, in order to identify the processes allowing the kirchnerist line to become a dominant speech. Finally, we will focus on Kirchnerism’s breakpoints or convergences with Peronist populism for a better characterization. In addition, the death of Néstor Kirchner the 27th of october 2010 caused a real shock. Also, the study of the postmortem figure of Kirchner allows us to estimate the "K" phenomenon, in the sense it symbolizes as well a rehabilitation of politics as a reconstruction of the argentinian nation, or an overhaul of peronism in the XXIst century.

This thesis addresses three relevant macroeconomic issues: (i) why<p>Central Banks behave so cautiously compared to optimal theoretical<p>benchmarks, (ii) do monetary variables add information about<p>future Euro Area inflation to a large amount of non monetary<p>variables and (iii) why national saving and investment are so<p>correlated in OECD countries in spite of the high degree of<p>integration of international financial markets.<p><p>The process of innovation in the elaboration of economic theory<p>and statistical analysis of the data witnessed in the last thirty<p>years has greatly enriched the toolbox available to<p>macroeconomists. Two aspects of such a process are particularly<p>noteworthy for addressing the issues in this thesis: the<p>development of macroeconomic dynamic stochastic general<p>equilibrium models (see Woodford, 1999b for an historical<p>perspective) and of techniques that enable to handle large data<p>sets in a parsimonious and flexible manner (see Reichlin, 2002 for<p>an historical perspective).<p><p>Dynamic stochastic general equilibrium models (DSGE) provide the<p>appropriate tools to evaluate the macroeconomic consequences of<p>policy changes. These models, by exploiting modern intertemporal<p>general equilibrium theory, aggregate the optimal responses of<p>individual as consumers and firms in order to identify the<p>aggregate shocks and their propagation mechanisms by the<p>restrictions imposed by optimizing individual behavior. Such a<p>modelling strategy, uncovering economic relationships invariant to<p>a change in policy regimes, provides a framework to analyze the<p>effects of economic policy that is robust to the Lucas'critique<p>(see Lucas, 1976). The early attempts of explaining business<p>cycles by starting from microeconomic behavior suggested that<p>economic policy should play no role since business cycles<p>reflected the efficient response of economic agents to exogenous<p>sources of fluctuations (see the seminal paper by Kydland and Prescott, 1982}<p>and, more recently, King and Rebelo, 1999). This view was challenged by<p>several empirical studies showing that the adjustment mechanisms<p>of variables at the heart of macroeconomic propagation mechanisms<p>like prices and wages are not well represented by efficient<p>responses of individual agents in frictionless economies (see, for<p>example, Kashyap, 1999; Cecchetti, 1986; Bils and Klenow, 2004 and Dhyne et al. 2004). Hence, macroeconomic models currently incorporate<p>some sources of nominal and real rigidities in the DSGE framework<p>and allow the study of the optimal policy reactions to inefficient<p>fluctuations stemming from frictions in macroeconomic propagation<p>mechanisms.<p><p>Against this background, the first chapter of this thesis sets up<p>a DSGE model in order to analyze optimal monetary policy in an<p>economy with sectorial heterogeneity in the frequency of price<p>adjustments. Price setters are divided in two groups: those<p>subject to Calvo type nominal rigidities and those able to change<p>their prices at each period. Sectorial heterogeneity in price<p>setting behavior is a relevant feature in real economies (see, for<p>example, Bils and Klenow, 2004 for the US and Dhyne, 2004 for the Euro<p>Area). Hence, neglecting it would lead to an understatement of the<p>heterogeneity in the transmission mechanisms of economy wide<p>shocks. In this framework, Aoki (2001) shows that a Central<p>Bank maximizing social welfare should stabilize only inflation in<p>the sector where prices are sticky (hereafter, core inflation).<p>Since complete stabilization is the only true objective of the<p>policymaker in Aoki (2001) and, hence, is not only desirable<p>but also implementable, the equilibrium real interest rate in the<p>economy is equal to the natural interest rate irrespective of the<p>degree of heterogeneity that is assumed. This would lead to<p>conclude that stabilizing core inflation rather than overall<p>inflation does not imply any observable difference in the<p>aggressiveness of the policy behavior. While maintaining the<p>assumption of sectorial heterogeneity in the frequency of price<p>adjustments, this chapter adds non negligible transaction<p>frictions to the model economy in Aoki (2001). As a<p>consequence, the social welfare maximizing monetary policymaker<p>faces a trade-off among the stabilization of core inflation,<p>economy wide output gap and the nominal interest rate. This<p>feature reflects the trade-offs between conflicting objectives<p>faced by actual policymakers. The chapter shows that the existence<p>of this trade-off makes the aggressiveness of the monetary policy<p>reaction dependent on the degree of sectorial heterogeneity in the<p>economy. In particular, in presence of sectorial heterogeneity in<p>price adjustments, Central Banks are much more likely to behave<p>less aggressively than in an economy where all firms face nominal<p>rigidities. Hence, the chapter concludes that the excessive<p>caution in the conduct of monetary policy shown by actual Central<p>Banks (see, for example, Rudebusch and Svennsson, 1999 and Sack, 2000) might not<p>represent a sub-optimal behavior but, on the contrary, might be<p>the optimal monetary policy response in presence of a relevant<p>sectorial dispersion in the frequency of price adjustments.<p><p>DSGE models are proving useful also in empirical applications and<p>recently efforts have been made to incorporate large amounts of<p>information in their framework (see Boivin and Giannoni, 2006). However, the<p>typical DSGE model still relies on a handful of variables. Partly,<p>this reflects the fact that, increasing the number of variables,<p>the specification of a plausible set of theoretical restrictions<p>identifying aggregate shocks and their propagation mechanisms<p>becomes cumbersome. On the other hand, several questions in<p>macroeconomics require the study of a large amount of variables.<p>Among others, two examples related to the second and third chapter<p>of this thesis can help to understand why. First, policymakers<p>analyze a large quantity of information to assess the current and<p>future stance of their economies and, because of model<p>uncertainty, do not rely on a single modelling framework.<p>Consequently, macroeconomic policy can be better understood if the<p>econometrician relies on large set of variables without imposing<p>too much a priori structure on the relationships governing their<p>evolution (see, for example, Giannone et al. 2004 and Bernanke et al. 2005).<p>Moreover, the process of integration of good and financial markets<p>implies that the source of aggregate shocks is increasingly global<p>requiring, in turn, the study of their propagation through cross<p>country links (see, among others, Forni and Reichlin, 2001 and Kose et al. 2003). A<p>priori, country specific behavior cannot be ruled out and many of<p>the homogeneity assumptions that are typically embodied in open<p>macroeconomic models for keeping them tractable are rejected by<p>the data. Summing up, in order to deal with such issues, we need<p>modelling frameworks able to treat a large amount of variables in<p>a flexible manner, i.e. without pre-committing on too many<p>a-priori restrictions more likely to be rejected by the data. The<p>large extent of comovement among wide cross sections of economic<p>variables suggests the existence of few common sources of<p>fluctuations (Forni et al. 2000 and Stock and Watson, 2002) around which<p>individual variables may display specific features: a shock to the<p>world price of oil, for example, hits oil exporters and importers<p>with different sign and intensity or global technological advances<p>can affect some countries before others (Giannone and Reichlin, 2004). Factor<p>models mainly rely on the identification assumption that the<p>dynamics of each variable can be decomposed into two orthogonal<p>components - common and idiosyncratic - and provide a parsimonious<p>tool allowing the analysis of the aggregate shocks and their<p>propagation mechanisms in a large cross section of variables. In<p>fact, while the idiosyncratic components are poorly<p>cross-sectionally correlated, driven by shocks specific of a<p>variable or a group of variables or measurement error, the common<p>components capture the bulk of cross-sectional correlation, and<p>are driven by few shocks that affect, through variable specific<p>factor loadings, all items in a panel of economic time series.<p>Focusing on the latter components allows useful insights on the<p>identity and propagation mechanisms of aggregate shocks underlying<p>a large amount of variables. The second and third chapter of this<p>thesis exploit this idea.<p><p>The second chapter deals with the issue whether monetary variables<p>help to forecast inflation in the Euro Area harmonized index of<p>consumer prices (HICP). Policymakers form their views on the<p>economic outlook by drawing on large amounts of potentially<p>relevant information. Indeed, the monetary policy strategy of the<p>European Central Bank acknowledges that many variables and models<p>can be informative about future Euro Area inflation. A peculiarity<p>of such strategy is that it assigns to monetary information the<p>role of providing insights for the medium - long term evolution of<p>prices while a wide range of alternative non monetary variables<p>and models are employed in order to form a view on the short term<p>and to cross-check the inference based on monetary information.<p>However, both the academic literature and the practice of the<p>leading Central Banks other than the ECB do not assign such a<p>special role to monetary variables (see Gali et al. 2004 and<p>references therein). Hence, the debate whether money really<p>provides relevant information for the inflation outlook in the<p>Euro Area is still open. Specifically, this chapter addresses the<p>issue whether money provides useful information about future<p>inflation beyond what contained in a large amount of non monetary<p>variables. It shows that a few aggregates of the data explain a<p>large amount of the fluctuations in a large cross section of Euro<p>Area variables. This allows to postulate a factor structure for<p>the large panel of variables at hand and to aggregate it in few<p>synthetic indexes that still retain the salient features of the<p>large cross section. The database is split in two big blocks of<p>variables: non monetary (baseline) and monetary variables. Results<p>show that baseline variables provide a satisfactory predictive<p>performance improving on the best univariate benchmarks in the<p>period 1997 - 2005 at all horizons between 6 and 36 months.<p>Remarkably, monetary variables provide a sensible improvement on<p>the performance of baseline variables at horizons above two years.<p>However, the analysis of the evolution of the forecast errors<p>reveals that most of the gains obtained relative to univariate<p>benchmarks of non forecastability with baseline and monetary<p>variables are realized in the first part of the prediction sample<p>up to the end of 2002, which casts doubts on the current<p>forecastability of inflation in the Euro Area.<p><p>The third chapter is based on a joint work with Domenico Giannone<p>and gives empirical foundation to the general equilibrium<p>explanation of the Feldstein - Horioka puzzle. Feldstein and Horioka (1980) found<p>that domestic saving and investment in OECD countries strongly<p>comove, contrary to the idea that high capital mobility should<p>allow countries to seek the highest returns in global financial<p>markets and, hence, imply a correlation among national saving and<p>investment closer to zero than one. Moreover, capital mobility has<p>strongly increased since the publication of Feldstein - Horioka's<p>seminal paper while the association between saving and investment<p>does not seem to comparably decrease. Through general equilibrium<p>mechanisms, the presence of global shocks might rationalize the<p>correlation between saving and investment. In fact, global shocks,<p>affecting all countries, tend to create imbalance on global<p>capital markets causing offsetting movements in the global<p>interest rate and can generate the observed correlation across<p>national saving and investment rates. However, previous empirical<p>studies (see Ventura, 2003) that have controlled for the effects<p>of global shocks in the context of saving-investment regressions<p>failed to give empirical foundation to this explanation. We show<p>that previous studies have neglected the fact that global shocks<p>may propagate heterogeneously across countries, failing to<p>properly isolate components of saving and investment that are<p>affected by non pervasive shocks. We propose a novel factor<p>augmented panel regression methodology that allows to isolate<p>idiosyncratic sources of fluctuations under the assumption of<p>heterogenous transmission mechanisms of global shocks. Remarkably,<p>by applying our methodology, the association between domestic<p>saving and investment decreases considerably over time,<p>consistently with the observed increase in international capital<p>mobility. In particular, in the last 25 years the correlation<p>between saving and investment disappears.<p> / Doctorat en sciences économiques, Orientation économie / info:eu-repo/semantics/nonPublished