Abstract Contrary to what law and finance theory would predict, the Paris Bourse was highly liquid at the turn of the 20th century: the traded volumes amounted to four times the French GDP. This magnitude was mainly due to forward trading. The Bourse had developed as a forward market, despite a ban on forward transactions. The official stockbrokers played a key role in legitimizing and legalizing these operations, previously equated with gambling. The 1885 legalizing act initiated a new field of law and made possible further regulatory changes that paved the way for the heyday of the Paris Bourse. Authors...
The next INCAS annuel meeting will take place at Free University of Berlin (FUB), from 20th Septembre to 22nd Septembre 2018.
One of the major contributions of the INCAS project has been to support young researchers, in terms of funding but also in terms of research framework and networking with international researchers. In particular, this project has facilitated the transition from Ph.D. candidate to post-doctoral situation.In total, five doctoral students at EHESS who have benefited from the INCAS project have defended or will soon defend their thesis. Pauline Debanes The financialization of the South Korean Political Economy since 1997: Multi-level Analysis of Accumulation Regime Change This thesis examines the financialization of the accumulation regime in South Korea since the 1997 Asian...
Discussion Paper Series 2018 #09: Do Globalization, Deregulation and Financialization Imply a Convergence of Contemporary Capitalisms?
Abstract Distinctive political compromises prevailed and explained various brands of capitalism observed from WWII to the early 1990s. Is this key finding by régulation research been still valid given the wide diffusion of common structural changes since the 2000s: slow productivity in the industrialized world, overwhelming impact of finance, rise of inequalities within many Nation-States in response to deregulation, social and political polarization, open conflict between capitalism and democracy, the trading place between mature and emerging economies? These stylized facts challenge most economic theories but they can be explained by an institutionalist and historical approach that also helps in redesigning...
Abstract We study the causes and the consequences of two regulatory changes affecting the competition between the transparent Parquet and the OTC-like Coulisse markets in Paris at the turn of the 20th century. First, we provide evidence supporting the interest group theory to explain regulatory changes. By using these changes as natural experiments, we show then that competition widens bid-ask spreads while monopoly makes them narrower. These results are in line with recent literature questioning the effects of “dark” competition: a transparent monopoly could be more effective than competition if the latter involves opaque markets. Authors Pierre-Cyrille Hautcœur (EHESS &...
Discussion Paper Series 2018 #07: Firm-Level Labor Demand for and Macroeconomic Increases in Non-Regular Workers in Japan
Abstract The purpose of this study is to account for the increase in non-regular workers, namely, part-time and dispatched workers, in the Japanese economy from the early 2000s. Our contribution is that we use a firm-level panel dataset extracted from an administrative survey and distinguish between the short-run and long-run determinants of non-regular labor demand. Using the estimated parameters of the labor demand function, we decompose the rate of increase in the macroeconomic non-regular worker ratio into determinant factor contributions. Our major results can be summarized as follows. First, the firm-level determinants of the demand for part-time and dispatched workers...
Discussion Paper Series 2018 #06: Modes of Insertion into Global Value Chains as a Source of Firms’s Heterogeneity?
While the slowdown of accumulation has been at the center of the financialization literature since the 2000s, not much has been written on the investment behavior of firms beyond the US and Europe neither in the case of non-leading firms.
In this paper, the authors look back at the XIX century France to shed light on effect of competition in the stock exchange industry. During the XIX century the Paris financial centre plays a central role in the French financial markets. Nevertheless, six organized regional exchanges do exist along all the second half of the century.
The paper addresses the crucial question of whether the corresponding organizational capabilities do exist to implement such policies. This article focuses on the case of South Korea, renowned at the same time for the strong capacities of the state and an institutional setting hostile to new ventures.
Discussion Paper Series 2018 #03: Professionals On Corporate Boards In Japan: How Do They Affect The Bottom Line?
Licensed professionals, such as accountants and lawyers, play a variety of roles when they sit on corporate boards. This paper sheds light on what role professional-directors play under what circumstances, and its consequences for corporate performance.
Agata Kapturkiewicz and Pauline De Banes, both Phd Students seconded to Japan as part of the INCAS project, attended the startup world’s event SLUSH held in Tokyo (March 28-29).
Pauline Debanes has been accepted to SASE’s third Early Career Workshop, to be held on Friday, June 22nd, at Doshisha University in Kyoto, Japan.
This paper examines the data of listed firms in Japan, and explores the impact of institutional change on organisational diversity in terms of gender diversity on boards. In particular, it focuses on analysing the institutional pressure which Japan has been recently undergoing: financialisation and incremental regulatory reform.
The CEAFJP (Centre for French-Japanese Advanced Studies in Paris) is recruiting a post-doctoral fellow for 10 months, from 1 November 2018 to 31 August 2019.
Discussion Paper Series 2018 #01: Organization of Value Creation and Work in the Japanese Wind Power Industry: Studying Organizational Diversity in Face of Institutional Change
By Manuel Nicklich & Jörg Sydow. The Fukushima disaster of 2011 has changed the perspective on renewable energies, not least in Japan.
Seminar at the SOAS Japan Research Centre, SOAS Department of Economics and Japan Economy Network.
This paper analyses the revival of industrial policies from the late 2000 s in Japan and Korea and their limitations.
The dynamics of urban degrowth in Japanese metropolitan areas: what are the outcomes of urban recentralisation strategies?
By Sophie Buhnik.
Japanese authorities have supported compact city-oriented policies since the late 1990s to counter the effects of population decline and lingering economic stagnation. The concentration of renewal projects in well-connected neighbourhoods is meant to sustain the mobilities of an ageing society.