English classification according to subject - article ; n°5 ; vol.81, pg 35-55

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Économie & prévision - Année 1987 - Volume 81 - Numéro 5 - Pages 35-55
21 pages
Source : Persée ; Ministère de la jeunesse, de l’éducation nationale et de la recherche, Direction de l’enseignement supérieur, Sous-direction des bibliothèques et de la documentation.

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• Publié par: ECONOMIE_-_PREVISION
• Publié le: 01 janvier 1987
• Nombre de lectures: 7
• Langue: English
• Poids de l'ouvrage: 1 Mo

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English classification according to subject
In: Économie & prévision. Numéro 81, 1987-5. Répertoire des articles parus de 1982 à 1987. pp. 35-55.
Citer ce document / Cite this document :
English classification according to subject . In: Économie & prévision. Numéro 81, 1987-5. Répertoire des articles parus de 1982
à 1987. pp. 35-55.
doi : 10.3406/ecop.1987.6051
http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1987_num_81_5_6051English classification
according to subject
Fundamental economic reflection 36 la
Ib Macro-economic models and their methodology 37
Ha Peripheral models (connected with the general model) 40
42 lib Specific models (not connected with the general model)
Ilia French economic studies on a general question 43
Illb French economic studies on a specific question 44
IIIc Methodology of economic studies 48
International economic studies or comparaisons IVa 49
IVb Foreign economies 51
V Social studies 53
VI Financial studies in themselves or their influence on models 54
35 Index la
Fundamental
economic reflection
Année 1986 - number 76
Regulation and competition:
some elements of economic theory
by David Encaoua
This paper presents elements of economic theory which
shed some light on the debate surrounding deregulation
of some industries. It deals in particular with the cases of
activities where competition is considered to be ineffi
cient and/or impracticable: telecommunications, air and
road transport... Until the midsixties it was traditionally
accepted that the flaws in market mechanisms which
resulted from these weaknesses in competition justified a
measure of government regulation in terms of controls on
prices and on supply structures. Since then, however, this
notion has come in for a certain amount of criticism,
mainly in the United States, the critics arguing either that
the mechanisms of regulation themselves are faulty or
that the basic premise justifying the regulation of econo
mic forces by the State is no more true.
The paper goes on to examine this latter type of argument
by analysing the theory of contestable markets, which
has come to be a new paradigm in analysing competition.
The central issue is thus the following: can the threat of
potential competitors entering the market and new
technologies breaching boundaries of activity which
form natural monopolies actually exert sufficient pressure
for free market forces to lead to results which are sati
sfactory all round? The situation of the natural multi-
product monopoly which entails no sunk costs is examined
in detail, in particular in terms of the cost allocation
problem.
Finally, the paper examines to what extent the recent
deregulation experiments in the United States confirm
the predictions of the contestable market theory by
studying .the cases of the air transport and telecommunic
ations industries.
36 due, in particular, to the complete pegging of interest Index Ib rates of banks to the rates of the monetary market.
On a long-term basis, the "orthodox" characteristics of a Macro-economic models stricter monetary policy can be found once more:
stabilization of activity at a lower level and a gradual and their methodology inflexibility of prices.
However, it is not the "monetarist" adjustment of cash
balance to desired levels which causes these long-term
effects but rather the gradual dissipation of the influence
of increased rates on real behavior through the readjust
ment of debts and thus the transfer of interests.
Prolix: 1982 - a number model of 53 French financial intermediating
1984 - number 65 by Mario Dehove Disequilibrium theory and
macro-economic models The Prolix model (abbreviation of « Projection des Liqui
dités ») was set up at the Office of Macro-economic by Dominique Bureau, Didier Miqueu, Michel Norotte
Research of the Forecast Department. It constitutes the
This paper is devoted to studying macro-econometric financial part of the Copain model (abbreviation of
models in relation with recent developments of the fixed- « Comportements PAtrimoniaux INtégrés », i.e. "int price equilibria theory, in an attempt to find micro- egrated patrimony behavior"), a macro-economic model
economic foundations to macro-models. The fixed-price which was described in Edition No. 48 of « Economie et
(or "disequilibriums") approach proved to be well prévision ». It reproduces the mechanism of monetary
adapted for analysing quantity equilibria and real creation and, in general terms, shows the whole process
dynamics of macro-models, but remained of little help as of French financial intermediating during the period from
regards the coherence of a few econometric equation in 1960 to 1978. The model is presented in three chapt
such field as prices, tensions on output capacities, or ers.
wages through the Phillips curve. The author first examines the different periods of French
financial intermediating since the end of the war. He
makes a distinction between two basic systems of logic, The core-model Desir depending on the part played by the Treasury and the by Dominique Bureau, Didier Miqueu, Michel Norotte commercial banks. They followed one another at the
beginning of the 1960's. The core-model described in this paper was made to In the first period, the activity of the banks remained demonstrate the static and dynamic functioning of a secondary, their access to rediscounting was limited and disequilibrium model with several regimes. Within the the role of the Treasury was decisive. Subsequently, in the keynesian regime, Desir's structure and properties are second period, the commercial banks imposed their found to be very similar to those of big macro-econometric competitive logic in monetary creation and the Treasury models. withdrew. The credit market no longer was restricted and
the issuing of money was regulated by the rediscount rate
established by the Bank of France on funds made avai 1984 - number 66 lable to the banks. The relatively rare credit rationing did
The Hermès-France model not constitute an abandonment of this system, but was
instead an emergency procedure. by Eric Faubry, Jean-Eudes Moncomble,
The author describes the principles followed in setting up Olivier Vidal de la Blache, Paul Zagamé.
models of these two systems of financial intermediating,
centering his analysis on the second period on which the The Hermès-France model is the French part of a system
estimates have been made. He likewise indicates the of dynamic econometric medium-term models represent
changes which must be made in the central model in ing the economies of the E.E.C. Nine economic branches
order to describe the sequence of the particular phases are distinguished, among which three represent industry,
of credit rationing. After this, the retrospective simulations in the accounting system of S.O.E.C. Energy has been
of the model are described. modelled specifically: it is considered as a specific pro
Finally, in the third part, the author examines the influence duction factor in productive branches and the energetic
of financial variables on the behavior of non-financial choices of households and the productive sector are
agents (enterprises and households), and describes the described in a detailed nomenclature of eight "strategy" they adopt when, in a closed economy, their products. Therefore, such a system of models permits to
monetary environment is altered. He then reviews the improve the analysis of macro-sectoral phenomena,
lessons to be learned in economic policy, and specifically because of three substantial contributions: policy,through an observation of the analytic the direct integration of energy into the sectoral product
simulation of Prolix when integrated in a global model ion functions allows a finer study of questions related to
(Copain). employment, investment, productivity, competitivity, by
On a short-term basis the model reveals, in the case of reference to a mean price of energy use;
the study of choice behaviour between various utilized "stagflation" monetary restrictions, than is found a much in neo-keynesian greater tendency models. toward It is forms of energy in terms of prices: a price variation for
37 Index Ib
Macro-economic models and their methodology
improve them by reconsidering the supposed characterone kind modifies the choice structure, the mean price of
istics of the production function. In this way we show how energy and, hence, the global demand for energy and for
business surveys shed an original and useful light on the other production factors,-
possible deformations of the production function and on finally, the growing interpénétration of European eco
depreciation behaviours. nomies leads, even on medium term, to the use of linked
Models based on more than one school (Keynesian, models for a better understanding of competitivity and
classical, etc.) in which market constraint is unduly redistribution effects of the productive activities.
The construction of the Hermès model has led to original represented by production are theoretically biassed
econometric contributions: estimation of sectoral "putty-