The INCAS Project Supports Young Researchers

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 crisis based on three inter-related transformations: macroeconomic and institutional changes under the neoliberal restructuring; the growing integration of firms into financial and trade markets; the restructuring of the role of the state under the drive to promote technology-intensive sectors. Building upon regulation theory and post-Keynesian economics, the analysis considers several levels—macroeconomic, institutional and political, and different scales—local, national, transnational. The thesis discusses the determining drivers and the conduits of the financialization of the South Korean political economy and the local characteristics of this global process, conceptualized as intrinsically uneven and hierarchical • Chapter 1 From industrialization to financialization analyzes the joint transformation of the macroeconomic trend, institutional change, and political change since industrialization. Based on the estimation of the demand regime(s) from 1980 to 2015, it is highlighted that the finance-dominated accumulation regime that has emerged after the 1997 Asian crisis is consumption driven and profit led. • Chapter 2 Financialization along value chains investigates the slowdown of accumulation of South Korean manufacturing firms by assessing the impact of three channels, the crowding out of fixed investment by financial investment, the financial burden of increasing payments to financial markets, and the modes of insertion to global value chains (GVCs). A dynamic panel model of an investment function is estimated on firm-level data (1990–2015). The results show that the impact of financialization channels depends on the modalities of firms’ insertion into GVCs. • Chapter 3 The uneven impact of financialization on state capacities examines the institutional and organizational transformations of the state associated with the financialization process. Based on semi-structured interviews in the start-up ecosystem, the layering mechanism of gradual institutional change within the state innovation bureaucracy is identified. The results outline a complex picture of the financialization of the state with the combination of the uneven diffusion of financialized reasoning in the innovation bureaucracy via entrepreneurship policies and the localized power shift from bureaucrats to private financiers.

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Discussion Papers

  • Discussion Paper 2018 #06(https://incas.hypotheses.org/1441): Modes of Insertion into Global Value Chains as a Source of Firms’s Heterogeneity?
  • Discussion Paper 2018 #04(https://incas.hypotheses.org/1389): Layering the developmental state away? The knock-on effect of startup promotion policies on the innovation bureaucracy in South Korea
  • Discussion Paper 2016 #01(https://incas.hypotheses.org/682): Financialization and industrial Polices in Japan and Korea : Evolving complementarities and loss of institutional capabilities

César Castellvi

The Journalist and his Company in Japan: A Sociological Analysis of Work and Careers in a Changing Professional Model

This thesis focuses on the evolution of the relationship between Japanese daily press reporters and the newspaper companies for which they work. At the crossroad of the interactionist sociology of professions, sociology of journalism and economic sociology, this work is mainly built on fieldwork conducted within the newsroom of one national newspaper, the Asahi Shimbun, the second biggest newspaper in the world regarding circulation and readership. Journalism in Japan is structured around one central element: the company. Large companies train their employees, protect reporters from labor competition by integrating them in their internal market, and by controlling access to the main news sources. In turn, they expect from their reporters a strong commitment in work and the acceptance of the appropriation of their work by the company. All those items constitute the organizational logic of Japanese journalism. The first aim of the thesis is to describe the main features of this model, while showing how some elements related to an occupational logic subsist. A second aim is to analyze the impact of two movements. Specific to the newspaper industry, the first one is related to the evolution of the readership and the editorial policies established by newspaper companies confronted to this evolution. The second, which is more generally related to the world of work in Japan, refers to the transformation of the role played by the company in society. Observations conducted within the newsroom of this newspaper company during three years, qualitative interviews and a statistical analysis has allowed us to examine the careers and the division of labor, and to see what concrete evolutions are related to the weakening of the organizational logic.

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Jeremy Ducros

Role of Regional Financial Markets and Competition among Exchanges : The Rise and Fall of the Lyon Stock Exchange, 1800-1945

This thesis studies the role played by regional stock markets as well as their functioning between 1800 and 1945, in particular the Lyon Stock Exchange. The analytical framework draws on the literature on competition among stock exchanges. The thesis is structured in five papers. Chapter 1 deals with the creation of regional stock markets during the mid-nineteenth century, i.e. nearly 40 years after the reopening of the Paris Stock Exchange. The second and third chapters address the first aspect of the competitive dynamics between stock exchanges in France, i.e. the competition on issuers, and provide two measures of financial development: the number of companies listed on each stock market between 1870 and 1913 and the number of IPOs between 1898 and 1909. Chapters 4 and 5 deal with competition on stock market activity, i.e. on orders received by stockbrokers. While Chapter 4 is devoted to the end of the nineteenth century and and focuses specifically onthe crash of the Union Générale, Chapter 5 adresses the two World Wars. These two chapters offer two measures of stock market volumes.

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Discussion Paper

  • Discussion Paper 2018 #05(https://incas.hypotheses.org/1406): The Lyon Stock Exchange: The Survival of the Fittest (1866-1914)

Haeng Sun Kim

Three Essays on Heterogeneous Firms, Financial Factors, and International Trade

This thesis emphasizes the role of firm heterogeneity in financial factors and their impact on exporting decisions or off-shoring decisions, and apply it to three different issues : the relationship between firms’ leverage and export market participation ; the differential impact of uncertainty on exporting decision in risk-averse and risk-taking firms ; and financial characteristics of firms and relocation choice. The first chapter introduces a financial dimension as an additional source of firm heterogeneity to understand export market participation and examines how the impact of leverage on firms’ exporting decisions varies depending on financial constraints, using a panel of korean manufacturing firms over the period of 1994-2011. It shows that the financially-constrained and financially-unconstrained firms base their exporting decision on a different set of rules regarding the leverage. Second, most of the existing literature which examines the links between firm heterogeneity and entry into exporting rests on the assumption that firms are risk-neutral. The second chapter relaxes a strict assumption that firms are risk-neutral and intends to introduce firms’ different attitudes towards risk as an additional source of firm heterogeneity. In particular, it examines how risk attitude changes the effect of uncertainty on firms’ decision to export, considering two aspect s: firm-specific uncertainty and macroeconomic uncertainty. The third chapter pays attention that fdi can fuel international trade in complicated ways. It intends to consider firms’ financial constraints and ownership status as an additional source of firm heterogeneity that impact their offshoring decision.

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Discussion Papers

  • Discussion Paper 2016 #02(https://incas.hypotheses.org/722): Firms’ Leverage and Export Market Participation: Evidence from South Korea

Adrienne Sala

The Regulation of the Japanese Personal Loan Market : A Political Economy History

The general ambition of this thesis is to contribute to the understanding of Japanese social and economic issues and the legislative responses by focusing on the conflicts of underlying interests. For this purpose we analyzed the evolution of the consumer credit market in parallel with the rise of households indebtedness since the modern period to the end of the 2000s. Using a multidisciplinary approach, we analyzed in details the growth of the small loan market by focusing on its institutional environment, as well as labor market’s changes and transformation of borrowers’ motives. We explored the forces driving regulatory changes, as well as government’s non-decision, by considering tensions between actors (government, moneylenders, borrowers, lawyers, civil society and media) and their conflicts of interests, leading in fine to the revision of ; the Moneylenders’ Law in 2006-2010. The revision of this law represents a major institutional ; change for the overall Japanese consumer credit market and the personal loan sector in particular. We analyzed the new law from the standpoint of historical evolution between two groups of interests playing a key role in the process: the traditional moneylenders’ group and the group of lawyers, which economic and political influence increased since the 1990’s economic crisis and the succession of scandals related to moneylenders. Indeed, since the 1970s, activist lawyers organized collective actions to raise social and judiciary awareness about the rise of households’ over-indebtedness (tajusaimu) as a result of over-borrowing on the non-secured loan market. During the 2000s, the lawyers’ group finally managed to voice their grief based on legal and ; judiciary changes (reform of the Bankruptcy Law, « kabarai » judicial and legal proceeding), supported by public opinion and media, becoming an important lobbying group.

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