Research Seminar, Systemic Risk – « Contagion and systemic risk during the Great Depression Grunspan » Antoine Parent & « Topology of financial globalization and the diffusion of international prices shocks : A cliometric approach » Cécile Bastidon
Jan 18 @ 17 h 00 min – 19 h 00 min

Organized by Prof. Philippe de Peretti  (Université Paris I Panthéon-Sorbonne, Labex ReFi) and Prof. Hayette Gatfaoui  (Associate professor chez IÉSEG School of Management Labex ReFi).

Antoine Parent,

 Laboratoire Aménagement Economie Transports, Sciences Po Lyon and Cliometrics & Complexity, Complex Systems Institute, ENS Lyon


on January 18th 2017,

from 5-6 pm

Contagion and systemic risk during the Great Depression

The aim of this article is to clearly identify the mechanisms of the money market spillovers between the United States, the United Kingdom and France during the interwar period. To describe these mechanisms in detail, a BEKK model, in which we introduce a structural break, is adopted. Our analysis sheds new light on key historical issues: Was the crisis imported into the US? Did France set off interest rate volatility in the rest of the world during the thirties? Does the propagation process of interest rate volatility corroborate the “Golden Fetters” hypothesis?

Cécile Bastidon,

Laboratoire d’Economie Appliquée au Développement, Université de Toulon and Cliometrics & Complexity, Complex Systems Institute, ENS Lyon

on January 18th 2017,

from 6-7 pm

Topology of financial globalization and the diffusion of international prices shocks : A cliometric approach

We propose a topological analysis of financial globalization, based on the equity markets of 32 countries over the period 1960-2015. We use topological indicators of connectivity and distances associated with the structure of the networks. Our main contribution is to suggest a direction for the improvement of the understanding of global contagion channels and systemic risk mechanisms. Indeed the structure of the network changes over the period of study from a linear network to a star network, implying a shortening of transmission chains by both reductions of the number of nodes and distances between them. A second contribution which is merely methodological is to determine endogenously subperiods characterized by homogeneous contagion channels. To this end, we conduct a detection of structural breaks in multivariate time series corresponding to the network indicators of connectivity and distances.

Conférence : « Regards croisés sur la performance bancaire » – Labex ReFi & SFAF & SFEV
Jan 18 @ 18 h 30 min – 20 h 00 min


Le Labex Refi, la SFAF (Société Française des Analystes Financiers) et la SFEV (Société Française des Evaluateurs) organisent le mercredi 18 janvier 2017 à 18h30-20h une conférence intitulée:

Regards croisés sur la performance bancaire

Cette conférence se tiendra à l’auditorium Thomson Reuters, 6/8 boulevard Haussmann 75002 Paris.

Les intervenants sont :

Mr. Franck Bancel (Professeur ESCP Europe)

Mr. Jean-Baptiste Bellon (Président de la SFAF)

Mr. Ludovic Lebrun (ACPR, Autorité de contrôle prudentiel et de résolution )

Cette conférence permettra d’exposer les points de vue académiques, des marchés et du régulateur sur l’impact du nouveau cadre réglementaire sur la mesure de la performance et la valeur des banques.

L’entrée est gratuite mais l’inscription est obligatoire pour des raisons de sécurité


Les conférences du Labex ReFi (ici)

Research Seminar, ReFi – Connections between bank board of directors and shareholders: Is there an impact on the cost of equity ? Laetitia Lepetit – Université de Limoges
Jan 20 @ 12 h 00 min – 13 h 30 min




Organized by Prof. Gunther Capelle-Blancard (Université Paris I Panthéon-Sorbonne, Labex ReFi) and Prof. Christophe Moussu (ESCP Europe, Labex ReFi).


Laetitia Lepetit

Université de Limoges

(CV & Bio here)


Connections between bank board of directors and shareholders:

Is there an impact on the cost of equity ?

(Consult the paper TBA )
79 avenue de la République 75011 Paris
le vendredi 20 janvier 2017
12:00 – 1:30pm, Amphi 4310
For security reason, please register before the deadline.
Deadline: 19 janvier 2017
NB. If you are prevented from coming, we would be obliged if you could inform us as soon as possible at contact@labex-refi.com.


 (Past and coming events)


The Laboratory of Excellence on Financial Regulation is pleased to announce a call for papers for its International Conference on Public Authority and Finance, to be held in Paris on September 1 and 2, 2017. This conference is being organised by: Labex ReFI (Paris). It is partnered by the Centre on Corporate Governance, Columbia Law School (New York), the Blavatnik School of Government, University of Oxford, DIW (Berlin), Policy Network (London), and the Université Sorbonne Nouvelle – Paris 3 (CERVEPAs, Paris).


# Logo Labex                                                 

 In partnership with




International Conference

Public Authority and Finance:

What is the Relevant Scale and Scope of Deregulation and Re-Regulation?

Paris, September 1 and 2, 2017

Deadlines – save the date:

Abstract submission by February 15, 2017

Full paper  by July 15, 2017


This conference seeks to contribute to the ongoing research into financial regulation, combining approaches by economists, legal experts, political scientists, geographers and historians. It aims to adopt an empirical approach from a comparative and historical perspective to characterize public authority and its relationship to the financial sector.

Learn more

Since the late 1960s, major changes have taken place in this relationship: the Chicago school of economics and public choice theory have challenged the legitimacy of government action; progress in communications and convergence of technological levels between countries and territories have undermined national regulations; jurisdictions engage in regulatory competition to attract resources; representative democratic politics is often captured by financial interests, etc.

The broad concepts of deregulation and globalization are usually viewed as the main processes that have led to the dismantling of the authority of nation-states while new regulatory entities have emerged, with the financial sector playing a leading role in these phenomena. For instance, capital controls were substantially lowered during the 1980s, while some regulatory areas have been delegated to supranational bodies such as the Basel committee on banking supervision or the International Accounting Standards Board. Since the 2008 crisis, national governments have regained some initiative in exercising public authority over finance, as with the Dodd-Frank Act in the US, or the set of normative texts adopted by the European Union during the term of EU Commissioner Barnier. Many initiatives are still being driven by international bodies such as the G20 or the Financial Stability Board, while some regulatory power is being delegated to foreign authorities under “equivalence regimes” justified by international frameworks. These complex developments suggest that national governments are no longer the only relevant decision-making level, and that regulation is not only a matter of competition. As a result, views about “regulatory competition” might be flawed because they wrongly focus too much on competition between national public authorities.

Interdisciplinary research is essential to understanding the dislocation and the reconstitution of public authority, in order to shed light on: legal and institutional changes; the behavior of actors that makes such changes possible; the scientific and electoral arguments put forward concerning regulation; the economic consequences of regulatory change and their perception by the public; and also the emergence of a new regulatory geography based on national governments, international agreements and international bodies. In place of a fragmented world of nationally-partitioned zones, a heterogeneous continuum is emerging in which the authority of public agencies acts within a global jurisdiction: for example when a French bank is fined in New York for dollar operations in Africa and Asia. The topology of such pan-national regulation needs to be made intelligible, and its political legitimacy assessed, especially in view of rising nationalist politics.

Overall, developments since the crisis thus suggest there is still the need for future changes in order to realign the interests of finance with the broader interests of national and global economies, as well as the public interest more generally.

We invite papers from different disciplines to examine three main areas, to understand better the various aspects of the relationship between public authority and finance today:

  1. Ideology, Technology and Regulatory Effectiveness
    Learn more

    This area covers the ideological justifications of deregulation (public choice, corruption and political distortions), and the technological developments permitting rules to be circumvented: well before “fintech” became fashionable, alternative exchange platforms had undermined market regulation and given rise to high frequency trading. Now, unregulated crypto-currencies evade money laundering regulations, etc. Precise timelines of the relations between these technological (or ideological) changes and their legal consequences (like the repeal of the Glass-Steagall Act) are required. More generally, it may be asked on what political-theoretical grounds public authority should act today?

  2. The Role of New Regulatory Players and the New Frontiers of Public Authority
    Learn more

    Case studies could analyze the recent history, showing for instance how the traditional public authorities handed over their regulatory powers to new independent entities, either private (such as FINRA and PCAOB) or public (as it is mainly the case in continental Europe, such as the European Supervisory Authorities), be they national or international. Forward looking contributions, for instance on the possible form and impact of the global financial registry suggested by Thomas Piketty, or indeed on the possible deregulation by the Trump administration, are appreciated. More theoretical contributions could address general questions such as the legitimacy (collective and/or individual) of such authorities. Under what principles do they operate? What kind of financial activities (especially the diverse shadow banking sector) should be optimally covered by different kinds of authorities? Will they be able to adapt to further financial innovation? How can the capture of public authorities be better dealt with?

  3. Changes in the (Territorial) Scope of Financial Regulation
    Learn more

    Do financial markets working in parallel reflect a multi-polar world or a continuum? What areas of homogeneity can be identified? What is the present situation, and what is desirable? What, for example, would be the effects of a global financial registry on tax evasion of financial wealth-related inequalities? Do we need global regulators or supervisors for financial institutions (such as banks) in order to prevent the capture or leniency of national authorities? Or is a global framework with national implementation (as initiated by the Financial Stability Board, FSB) enough to prevent systemic risk? Only the United States seems to have shown its authority over international banks by clearly fining them for misconduct. So what are the theoretical foundations for having authorities encompassing multiple jurisdictions? Does such an authority need to be the universal expression of one state or an effective public authority reflecting true multilateral commitments? Alternative constructions of finance may be examined within this framework: for instance, does Islamic finance offer a consistent international rule of law, or is it an expression of local idiosyncrasies?



Communication proposals (maximum 400 words) and short biographies should be sent to Nicholas Sowels <Nicholas.Sowels@univ-paris1.fr>, by February 15, 2017.

Speakers will receive notification by March 15, 2017, and will be requested to submit their papers by July 15, 2017.

Financial support for travel will be provided, as far as possible, to PhD students and postdoctoral researchers. Confirmation of support will be given with the acceptance of papers.

For further information, please contact Pierre-Charles Pradier <Pierre-Charles.Pradier@univ-paris1.fr> or Nicholas Sowels <Nicholas.Sowels@univ-paris1.fr>.



Members of the Scientific Committee include:

Yuri Biondi (CNRS, Labex ReFi),

Robert Boyer (Institut des Amériques),

Charles Calomiris (Columbia University),

John C. Coffee (Columbia University),

Christian de Boissieu (Université Paris 1, Labex ReFi),

Raphaël Douady (Université Paris 1, Labex ReFi),

Gerard Hertig (ETH Zurich),

Christophe Moussu (ESCP, Labex ReFi),

Alain Pietrancosta (Université Paris 1, Labex ReFi),

Pierre-Charles Pradier (Université Paris 1, Labex ReFi),

Karthik Ramanna (Blavatnik School of Government, University of Oxford),

Dorothea Schäfer (DIW-Berlin),

Shyam Sunder (Yale School of Management).






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