LabEx ReFi produces independent high-level research, feeding the debate on the role of finance and its regulation, in order to encourage a financial development beneficial to the real economy. LabEx ReFi research efforts develop along three lines:
- Regulation of the financial system actors (banks, insurance companies, capital markets, rating agencies)
Following the financial crisis, this was the original topic of LabEx ReFi. The goal is to understand and measure the specific risk associated to each actor, in order to design a more efficient regulation. In particular, the issue of systemic risk, the role of accounting norms, of business models and incentives (compensation and taxes) are central to the research agenda of LabEx ReFi. The recent development of Fintechs, their underlying risk and their emerging regulation, have been an important new priority of the LabEx.
- Finance and the real economy
Finance regulation (or its absence) has a structural effect on the development of different forms of finance and in fine on growth. The objective is to study how those alternative forms of finance affect the development of the real economy, given their specific implications in terms of financing and governance. In particular, the role of long term investors and leveraged finance, the real effect of capital markets and the contribution of new actors (crowdfunding, private debt funds…) are important issues that are addressed.
- Governance of Financial Regulation
A recent objective is to investigate the governance of Financial Regulation itself to better understand its origin, its efficiency and its temporal and spatial consistency. At the crossroad of Law, Finance and Economics, the goal is to produce research on the architecture of financial regulation and supervision and on the relation between the regulator and the regulated in an efficiency perspective.
Apart from the research content itself, it is necessary to insist on the employed methods.
The production of high-level research, publishable in leading journal of each discipline (Economics, Management, Law) is enhanced by high-level seminars, workshops and academic conferences, attended by PhDs, Postdocs and Professors. However, LabEx ReFi, consistently with its initial project, has the willingness to support “useful” research, with an impact on policymaking and governance. In order to promote the transfer of research to the world of policy makers and managers, research breakfast and thematic workshops are organized on a regular basis, opened to a wide audience of practitioners and regulators.