The financial systems of the southern and eastern Mediterranean countries are as heterogeneous as are their geopolitical situations. The economies of this vast area are not much interconnected, even in regions that seem more homogeneous, such as the Maghreb. This issue of the Review deals with and analyzes this great diversity. After noting the heterogeneity, it identifies a common feature of these systems—the predominance of bank financing and the great weakness of other financing modes. Finally, it outlines possible improvements, among which bank inclusion is a priority.
The current Fintech wave is based on the convergence of several different types of innovations. The combination of advances in digital technology and in the transmission, storage, and exploitation of data is impacting the various functions of finance to the point of appearing as disruptive innovation. This issue of the Review examines several aspects of the potential consequences of these innovations, in particular for traditional financial intermediaries, the structure of the banking sector, and changes in risk.
This issue of the Revue d'Economie Financière analyzes the state of the cooperative financial system in this beginning of the 21st century and the challenges it faces. The cooperative financial sector still represents a significant share of finance and is, more than ever, confronted with governance issues. How can it remain true to its founding principles while participating in a race to attain a critical mass and therefore profitability ? In order to answer this question, the values, players, governance, and perspectives of cooperative finance are reviewed one by one.
This issue of the Revue d'Economie Financière examines the price of risk, a central notion of finance, from three complementary angles. First, an analysis of its determinants, frequency, perception, aversion, and stability, followed by a price analysis of certain specific risks, such as the risk of dependency or cyber risks. A final section is devoted to the price of synthetic risks, which combine several elementary risks and represent a challenge for analysts.
This issue of the Revue d'Economie Financière examines funding issues for the territories by starting with the big stakes in their development. The first section relates this funding to European policies and refers to foreign experiences. The second and third sections take up in turn the methods and constraints of local government funding as well as the strategies of the main funding players, particularly the banks and the Caisse des Dépôts. Finally, the last section highlights the sectoral issues—health, mobility, real estate, and so on.
This issue of the Revue d’Économie Financière offers un analysis of the close relationship that exists between finance and taxation. It successively takes up three major aspects of this relation, beginning with the effects of taxation on the financial behavior of economic agents, on savings, and on financing and financial innovation. A second section centers on the debates after the financial crisis concerning the use of taxation to check risk-taking by the banking system, as well as the importance and role of fiscal paradises. Finally, the third section explores what adaptations fiscal systems must make in the face of the increased importance of economic agents and the digitization of business lines. In addition, it takes up the necessary collection of taxes in Africa.