# Publications

Most of the information presented on this page have been retrieved from RePEc with the kind authorization of Christian Zimmermann
Les dépenses pré-engagées : près d’un tiers des dépenses des ménages en 2017Journal articlePierre-Yves Cusset, Ana Gabriela Prada-Aranguren and Alain Trannoy, La note d'analyse, Volume 102, Issue 4, pp. 1-12, 2021
Maximum Inequality: The Case of Categorical DataBook chapterFrank A. Cowell and Emmanuel Flachaire, In: Research on Economic Inequality: Poverty, Inequality and Shocks, S. Bandyopadhyay (Eds.), 2021-12-02, Volume 29, pp. 95-103, Emerald Publishing Limited, 2021

In the case of ordered categorical data, the concepts of minimum and maximum inequality are not straightforward. In this chapter, the authors consider the Cowell and Flachaire (2017) indices of inequality. The authors show that the minimum and maximum inequality depend on preliminary choices made before using these indices, on status and the sensitivity parameter. Specifically, maximum inequality can be given by the distribution which is the most concentrated in the top or bottom category, or by the uniform distribution.

Bayesian Inference for Parametric Growth Incidence CurvesBook chapterEdwin Fourrier-Nicolaï and Michel Lubrano, In: Research on Economic Inequality: Poverty, Inequality and Shocks, S. Bandyopadhyay (Eds.), 2021-12, Volume 29, pp. 31-55, Emerald Publishing Limited, 2021

The growth incidence curve of Ravallion and Chen (2003) is based on the quantile function. Its distribution-free estimator behaves erratically with usual sample sizes leading to problems in the tails. The authors propose a series of parametric models in a Bayesian framework. A first solution consists in modeling the underlying income distribution using simple densities for which the quantile function has a closed analytical form. This solution is extended by considering a mixture model for the underlying income distribution. However, in this case, the quantile function is semi-explicit and has to be evaluated numerically. The last solution consists in adjusting directly a functional form for the Lorenz curve and deriving its first-order derivative to find the corresponding quantile function. The authors compare these models by Monte Carlo simulations and using UK data from the Family Expenditure Survey. The authors devote a particular attention to the analysis of subgroups.

Is partial privatization of universities a solution for higher education? A successive monopolies modelJournal articleRim Lahmandi-Ayed, Hejer Lasram and Didier Laussel, Journal of Public Economic Theory, Volume 23, Issue 6, pp. 1174-1198, 2021

This paper accounts simply for the link between higher education and the productive economy through educated workers. We study a model of vertical successive monopolies where students/workers acquire qualification from a University then “sell” skilled labor to a monopoly which itself sells its final product to consumers, linking through quality the education sector to the labor and output markets. We determine the optimal share the State should keep in the University to compensate for the market imperfections, while taking into account the inefficiencies of public management. The resulting partially privatized University fixes the tuition fees so as to maximize a weighted sum of profits and social welfare. We derive the optimal public share under the hypothesis that the State may subsidize the tuition fees/University losses, then under the constraint that the University should make a nonnegative profit. We prove that in both cases, the State should keep a substantial share (higher under the first hypothesis) in the University, unless public management is too inefficient in which case the University's management should be completely private.

Monetary Policy and the Top 1%: Evidence from a Century of Modern Economic HistoryJournal articleMehdi El Herradi and Aurelien Leroy, International Journal of Central Banking, Volume 18, Issue 5, pp. 237-277, 2021

This paper examines the distributional effects of monetary policy in 12 OECD economies between 1920 and 2016. We exploit the implications of the macroeconomic policy trilemma with an external instrument approach to analyze how top income shares respond to monetary policy shocks. The results indicate that monetary tightening strongly decreases the share of national income held by the top 1 percent and vice versa for a monetary expansion, irrespective of the position of the economy. This effect (i) holds for the top percentile and the ultrarich (top 0.1 percent and 0.01 percent income shares), while (ii) it does not necessarily induce a decrease in income inequality when considering the entire income distribution. Our findings also suggest that the effect of monetary policy on top income shares is likely to be channeled via real asset returns.

The effect of international accreditations on students’ revealed preferences: Evidence from French Business schoolsJournal articleJulien Jacqmin and Mathieu Lefebvre, Economics of Education Review, Volume 85, pp. 102192, 2021

This paper evaluates how three different international accreditations for business schools (AACSB, EQUIS and AMBA) affect student preferences, expressed via enrollment decisions. Focusing on the French context, we build a relative preference indicator to compare schools using data collected by the central clearinghouse that allocates students to schools. We observe that all three accreditations positively and significantly influence students, but that the impact of the AACSB accreditation is larger than the other two accreditations. Having an AACSB accreditation is equivalent to moving up four places in rankings by L’étudiant magazine, whereas the impact of having EQUIS or AMBA is similar to moving up two places. We also find a sizeable “triple crown” effect, meaning that the three accreditations tend to complement each other. Our results are robust to different ways of assessing potential self-selection into accreditation.

Reassessing the demand for community-based health insurance in rural Senegal: Geographic distance and awarenessJournal articleMârwan-al-Qays Bousmah, Sylvie Boyer, Richard Lalou and Bruno Ventelou, SSM - Population Health, Volume 16, pp. 100974, 2021

Limited access to information is one of the main health insurance market imperfections in developing countries. Differential access to information may determine individuals’ awareness of health insurance schemes, thereby influencing their probability of enrollment. Relying on primary data collected in 2019–2020 in rural Senegal, we estimate the uptake of community-based health insurance using a Heckman-type model to correct for awareness-based sample selection bias. Besides showing that health insurance awareness is a precondition for effective enrollment in community-based health insurance schemes, we also bring new evidence on the roles which geographic factors and individual risk preference play in health insurance uptake by rural dwellers. We show that geographic distance prevents individuals from accessing information on health insurance schemes, and discourage those who are informed from enrolling, because of the additional distance they must travel to benefit from covered healthcare services. Results also show that individual risk preference influences health insurance uptake, but only when information barriers are taken into account. Overall, our results could help decision-makers better shape the universal health coverage roadmap, as policies to improve health insurance awareness differ substantially from policies to improve the features of health insurance schemes.

Vers une couverture sanitaire universelle au Sénégal : quelles sont les meilleures stratégies de financement ?Journal articleSameera Awawda, Mohammad Abu-Zaineh and Bruno Ventelou, Revue internationale des études du développement, Volume 247, Issue 3, pp. 37-60, 2021

Cette étude a pour objectif d’évaluer différents modes de financement de la couverture santé universelle au Sénégal. La méthode utilisée, la micro-simulation, permet d’examiner l’impact de différents scenarii sur les consommations des ménages ainsi que sur les dépenses publiques. Les résultats montrent que la généralisation d’une assurance-maladie à l’ensemble de la population, associée à une réduction des coûts directs des soins, augmenterait les consommations de soins des Sénégalais, améliorant donc leur accès aux services de santé. Néanmoins, une telle généralisation serait coûteuse pour les finances publiques. Pour limiter les coûts supportés par le gouvernement, l’augmentation du taux d’imposition sur la consommation et de la prime de contribution à l’assurance-maladie serait utile et permettrait de ramener les finances publiques à l’équilibre.

Comment les migrations affectent-elles la mortalité infanto-juvénile en zone rurale ? L’exemple de Niakhar, SénégalJournal articleUlrich Nguemdjo and Bruno Ventelou, Population, Volume 76, Issue 2, pp. 359-387, 2021

Explorant les riches données longitudinales fournies par l’Observatoire de santé et de population de Niakhar, cette étude examine les effets des migrations sur la mortalité infanto-juvénile dans les familles rurales restées au village. Les migrations, en particulier de courte durée, sont associées de manière positive aux chances de survie des enfants de moins de cinq ans au sein du ménage. On constate également que les déplacements de courte durée des femmes d’âge actif ont plus d’incidences sur la mortalité des enfants que ceux de leurs homologues masculins. De surcroît, des effets croisés sont identifiés entre ménages de la même concession, ce qui est conforme à l’idée que les familles rurales africaines partagent les gains de l’émigration avec une communauté étendue de voisins. Enfin, l’effet des migrations maternelles de courte durée sur la survie des enfants de moins de cinq ans demeure globalement positif, mais nettement plus modeste. L’émigration de la mère, en particulier pendant la grossesse, semble améliorer la probabilité de survie des enfants juste après la naissance, mais celle-ci tend à diminuer après l’âge d’un an et lorsque la mère est absente.

ESG-Washing in the Mutual Funds Industry? From Information Asymmetry to RegulationJournal articleBertrand Candelon, Jean-Baptiste Hasse and Quentin Lajaunie, Risks, Volume 9, Issue 11, pp. 199, 2021

In this paper, we study the asymmetric information between asset managers and investors in the socially responsible investment (SRI) market. Specifically, we investigate the lack of transparency of the extra-financial information communicated by asset managers. Using a unique international panel dataset of approximately 1500 equity mutual funds, we provide empirical evidence that some asset managers portray themselves as socially responsible yet do not make tangible investment decisions. Furthermore, our results indicate that the financial performance of mutual funds is not related to asset managers’ signals but should be evaluated relatively using extra-financial ratings. In summary, our findings advocate for a unified regulation framework that constrains asset managers’ communication.