IDEI Researcher
Member of the Toulouse School of Economics (TSE)
Professor of Mathematics and Economics, University Toulouse I

Contacts

Secretary

Links

Long CV (PDF file, 172 Kb)

Research Interests

Bank, Finance and Insurance
Industrial Organization

Professional experiences

Current positions

Former positions

Education

Grants and awards

Work in progress

Articles in revision in refereed journals

• "Liquidity Risk and Corporate Demand for Insurance", Journal of Financial Intermediation.

  (with Stéphane Villeneuve)

  [in revision]

Articles in working paper series

• "The Lifecycle of the Financial Sector and Other Speculative Industries", IDEI Working Paper, n. 549, April 2009.

  (with Bruno Biais and Paul Woolley)

  [ Full text (PDF file, 263 Kb) ]

• "Le futur de la réglementation bancaire", TSE Notes/Notes TSE, n. 2, December 2008.

• "Free Cash-Flow, Issuance Costs and Stock Price Volatility", IDEI Working Paper, n. 518, September 2008.

  (with Jean-Paul Décamps, Thomas Mariotti and Stéphane Villeneuve)

  [ Full text (PDF file, 342 Kb) ]

• "Defining Risk Apetite", IDEI Working Paper, n. 513, 2007.

  (with Thomas-Olivier Leautier and Stéphane Villeneuve)

• "Incorporating a Public Good Factor into the Pricing of Large-Value Payment System", European Central Bank Working Paper, n. 507, July 2005.

  (with Cornelia Holthausen)

• "Is Health Insurance an Appropriate Tool for Redistribution?", IDEI Working Paper, n. 291, June 2004.

• "Operational Risk and Capital Requirements in the European Investment Fund Industry", IDEI Working Paper, n. 239, 2003.

  (with Bruno Biais and Catherine Casamatta)

Mimeos

• Competition between HMO and PPO: A Two-Sided Market Approach, February 2, 2009.

  (with David Bardey)

  [ Full text (PDF file, 235 Kb) ]

• Lending Booms and Sudden Stops: Why do Countries Default?, 2007.
• Some Economics of Horizontal Integration in the Payments Industry, 2007.

Forthcoming

Articles in refereed journals

• "Large Risks, Limited Liability and Dynamic Moral Hazard", Econometrica, 2009.

  (with Bruno Biais, Thomas Mariotti and Stéphane Villeneuve)

  [Forthcoming]

  [ Full text (PDF file, 425 Kb) | Supplement (PDF file, 419 Kb) ]
• "The Pricing of Academic Journals: A Two-Sided Market Perspective", American Economic Journal: Microeconomics, 2009.

  (with Doh-Shin Jeon)

  [Forthcoming]

  [ Full text (PDF file, 327 Kb) ]
• "Must Take Cards: Merchant Discounts and Avoided Costs", Journal of the European Economic Association, 2009.

  (with Jean Tirole)

  [Forthcoming]

Publications

Articles in refereed journals

• "Regulating Systemic Institutions", Finnish Economic Papers, vol. 22, n. 2, Autumn 2009, p. 35-46.

  [ Full text (PDF file) ]

• "Rating the Raters: Are Reputation Concerns Powerful enough to Discipline Rating Agencies?", Journal of Monetary Economics, vol. 56, n. 5, July 2009, p. 657-674. doi:10.1016/j.jmoneco.2009.04.004.

  (with Jérôme Mathis and James J. Mcandrews)

• "Tying in Two-Sided Markets and the Honor All Cards Rule", International Journal of Industrial Organization, vol. 26, n. 6, November 2008, p. 1333-1347.

  (with Jean Tirole)

  [ Full text ]

• "Dynamic Security Design: Convergence to Continuous Time and Asset Pricing Implications", Review of Economic Studies, vol. 74, n. 2, April 2007, p. 345-390. doi:10.1111/j.1467-937X.2007.00425.x.

  (with Bruno Biais, Thomas Mariotti and Guillaume Plantin)

  [ Final Version_Working Paper (PDF file, 443 Kb) ]

• "Risk Aversion and Planning Horizon", Journal of the European Economic Association, vol. 4, n. 4, June 2006, p. 708-734. doi:10.1162/JEEA.2006.4.4.708.

  (with Antoine Bommier)

  [ Full text (PDF file) ]

• "Externalities and Regulation in Card Payment Systems", The Review of Network Economics, vol. 5, n. 1, March 2006, p. 1-14.

  (with Jean Tirole)

• "Is Health Insurance an Appropriate Tool for Redistribution?", Annales d'Économie et de Statistique, vol. 83-84, Institut national de la statistique et des études économiques, Paris, 2006, p. 61-82.

  (with Dominique Henriet)
• "Efficient Pricing of Large Value Interbank Payment Systems", Journal of Money, Credit and Banking, vol. 38, n. 7, 2006, p. 1797-1818.

  (with Cornelia Holthausen)
• "Two-Sided Markets: A Progress Report", The RAND Journal of Economics, vol. 35, n. 3, 2006, p. 645-667.

  (with Jean Tirole)

  [ Full text (PDF file) ]

• "La régulation en pratique", Revue d'Économie Politique, vol. 115, n. 3, Hommage à  Jean-Jacques Laffont, May 2005, p. 273-284.

  (with Bruno Jullien)

• "Risque opérationnel et régulation du capital dans l'industrie de la gestion de fonds d'investissement en Europe", Revue d'économie financière, vol. 79, 2005, p. 197-211.

  (with Bruno Biais and Catherine Casamatta)
• "Corporate Portfolio Management", Annals of Finance, vol. 1, n. 3, 2005, p. 225-243.

  (with Stéphane Villeneuve)

• "The Lender of Last Resort: A Twenty-First Century Approach", Journal of the European Economic Association, vol. 2, n. 6, December 2004, p. 1085-1115.

  (with Xavier Freixas and Bruno M. Parigi)
• "Coordination Failure and the Last Lender of Resort: Was Bagehot Right After All ?", Journal of the European Economic Association, vol. 2, n. 6, December 2004, p. 1116-1147.

  (with Xavier Vives)

  [ Full text (PDF file) ]

• "Macroeconomic Shocks and Banking Supervision", Journal of Financial Stability, vol. 1, n. 1, September 2004, p. 93-110.
• "Rebalancing the Three Pillars of Basel II", Economic Policy Review, vol. 10, n. 2, September 2004, p. 7-25.

• "The Three Pillars of Basel II: Optimizing the Mix", Journal of Financial Intermediation, vol. 13, n. 2, April 2004, p. 132-155.

  (with Jean-Paul Décamps and Benoît Roger)

• "Health and Wealth: How Do they Affect Individual Preferences?", Geneva Papers on Risk and Insurance, vol. 29, n. 1, 2004, p. 43-54.

  (with B. Rey)
• "Réglementation prudentielle et discipline de marché", Revue d'économie financière, vol. 73, 2004, p. 201-212.

• "Capital Income Taxation when Inherited wealth is not Observable", Journal of Public Economics, vol. 87, n. 11, October 2003, p. 2475-2490.

  (with Helmuth Cremer and Pierre Pestieau)

  [ Full text (PDF file, 247 Kb) ]

• "The Theory of Interchange Fees: A Synthesis of Recent Contributions", The Review of Network Economics, vol. 2, n. 2, June 2003, p. 97-124.
• "Platform Competition in Two-Sided Markets", Journal of the European Economic Association, vol. 1, n. 4, June 2003, p. 990-1029.

  (with Jean Tirole)

  [ Full text (PDF file, 405 Kb) | Abstract (PDF file, 86 Kb) ]

• "An Economic Analysis of the Determination of Interchange Fees in Payment Card Systems", The Review of Network Economics, vol. 2, n. 2, 2003, p. 69-79.

  (with Jean Tirole)
• "Why are there so many Banking Crises?", CESifo Economic Studies, vol. 49, n. 2, Ifo Institute for Economic Research, Munich, 2003, p. 141-156.

• "An Optimal IPO Mechanism", Review of Economic Studies, vol. 69, 2002, p. 117-146.

  (with Bruno Biais and Peter Bossaerts)
• "Nonlinear Pricing with Random Participation", Review of Economic Studies, vol. 69, n. 1, 2002, p. 277-311.

  (with Lars Stole)
• "Cooperation among Competitors: Some Economics of Payment Card Associations", The RAND Journal of Economics, vol. 33, n. 4, 2002, p. 1-22.

  (with Jean Tirole)

  [ Jstor© ]

• "Direct versus Indirect Taxation : The Design of the Tax Structure Revisited", International Economic Review, vol. 42, n. 3, August 2001, p. 781-799. doi:10.1111/1468-2354.00133.

  (with Helmuth Cremer and Pierre Pestieau)

  [ Final Version_Working Paper (PDF file, 314 Kb) ]

• "Competing Mechanisms in a Commun Value Environment", Econometrica, vol. 68, n. 4, July 2000, p. 799-837.

  (with Bruno Biais and David Martimort)

  [ Jstor© ]

• "Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank", Journal of Money, Credit and Banking, vol. 32, n. 3(2), 2000, p. 611-638.

  (with Xavier Freixas and Bruno M. Parigi)

• "Regulation of a Risk Averse Firm", Games and Economic Behavior, vol. 25, n. 2, November 1998, p. 149-173.

  (with Jean-Jacques Laffont)

  [ ScienceDirect© ]

• "Ironing, Sweeping and Multidimensional Screening", Econometrica, vol. 66, n. 4, 1998, p. 783-826.

  (with P. Chone)
• "Contracts and Productive Information Gathering", Games and Economic Behavior, vol. 25, 1998, p. 174-193.

  (with Jacques Crémer and Fahad Khalil)
• "Strategic Information Gathering Before a Contract Is Offered", Journal of Economic Theory, vol. 81, 1998, p. 163-200.

  (with Jacques Crémer and Fahad Khalil)

• "Concurrence spatiale entre banques de dépôts : une approche théorique", Cahiers Économiques et Monétaires de la Banque de France, series Collection "Etudes", n. 44, Banque de France, Paris, 1995.

  (with André Grimaud)
• "Is It Legitimate to Encourage Work Sharing ?", The Scandinavian Journal of Economics, vol. 97, n. 4, 1995, p. 621-633.

  (with Nina Maderner)

• "L'apport du modèle de concurrence monopolistique à  l'économie bancaire", Revue Économique, vol. 45, n. 3, May 1994.

  (with André Grimaud)

• "(De) Stabilizing Properties of Futures Markets: an Alternative View Point", European Economic Review, vol. 37, n. 5, 1993, p. 1043-1064.

  (with Roger Guesnerie)

Books

• Why are there so many banking crises?, Princeton University Press, December 2007.

• When Insurers Go Bust, Princeton University Press, September 2006.

  (with Guillaume Plantin)

Contributions to books

• "Interchanges Fees in Payment Card Systems: Price Remedies in a Two-Sided Market", in Cases in European Competition Policy : The Economic Analysis, Bruce Lyons (eds.), Cambridge University Press, 2009.

• "Competition Policy in Two-Sided Markets", in Handbook of Antitrust Economics, Paolo Buccirossi (eds.), The MIT Press, April 2008, p. 543-582.

  (with Jean Tirole)

• "Regulation of Banks' Liquidity: Why and How?", in The Future of Payment Systems, A. Haldane, S. Millard, V. Saporta (eds.), Bank of England Routledge, London, 2007.

• "Jean-Jacques Laffont", in Universalia 2005, Encyclopaedia Universalis, 2005, p. 453.

  [ Full text (PDF file, 847 Kb) ]
• "Prudential Policy", in Incentive Mechanisms for Economic Policy Makers, Bank of Japan, 2005.

• "Bank Runs and Financial Crises", in Credit, Intermediation, and the Macroeconomy: Readings and Perspectives in Modern Financial Theory, S. Bhattacharya, A. Boot and A. Thakor (eds.): "Part III", 2004.

• "The Economics of Multidimensional Screening", in Advances in Economics and Econometrics: Theory and Applications - Eight World Congress, M. Dewatripont, L. P. Hansen and S. J. Turnovsky (eds.), series Econometric Society Monographs, n. 36, Cambridge University Press, April 2003.

  (with Lars Stole)

• "Risk Sharing, Adverse Selection and Market Structure", in Financial Mathematics, W.J. Runggaldier (eds.), series Lectures Notes on Mathematics, Springer Verlag, 1997.

  (with Bruno Biais)

IDEI Reports

• The Allocation of Contracts for Infrastructure Operation under Uncertainty, n. 11, IDEI, Toulouse, September 2005.

  (with Paul Seabright)

  [ Full text (PDF file, 372 Kb) ]

Articles in the Press

• "La crise est l'occasion de créer des institutions de contrôle des banques plus efficaces", La Gazette du Midi, March 23-29, 2009.

• "Un superviseur indépendant pour réguler les banques", L'Agefi Hebdo, January 29 - February 4, 2009.

• "En finance, pile je gagne, face tu perds", La Tribune, April 29, 2008.

• "Fermez les banques ruinées!", L' Expansion, n. 728, March 2008.

  [ Full text (PDF file, 721 Kb) ]

• "Réguler les « hedge funds »", Les Echos, August 28, 2007.

  [ Full text ]

• "Il y a plusieurs "justes prix"", L' Expansion, n. 682, January 2004.

  [ Full text (PDF file, 49 Kb) ]

• "Le prix du chèque gratuit", L' Expansion, n. 660, February 2002.

  [ Full text (PDF file, 43 Kb) ]

Recent Presentations

Presentations in refereed conferences

• "Rating the Raters", Finnish Economic Society Meeting, Turkku, Finlande, February 5, 2009.

• "Quelle politique européenne face à la crise?", Conférence, Faisons L'Europe, La Mairie de Toulouse et la Région Midi-Pyrénées, Toulouse, January 22, 2009.

• The Future of Banking Regulation, Banque des Pays-Bas, Amsterdam, January 14, 2009.

• "Credit Card Interchange Fees", American Economic Association Meeting, San Francisco, January 2-6, 2009.

Presentations in non-refereed conferences

• "La crise financière : qui est responsable ? Que faire pour l’avenir ?", Conférence CCIT, Toulouse, April 21, 2009.

• "La crise financière : qui est responsable ? Que faire pour l’avenir ?", Conférence CIRT, Toulouse, April 2, 2009.

Presentations in seminars

• "The Future of the Banking Regulation", Banque de Finlande, Helsinki, Finlande, February 6, 2009.

Participations

Refereed conferences

• Preventing the Next Financial Crisis : Lessons for a New Framework of Financial Market Stabilization, Columbia Business School, New York City, December 10-11, 2008.

  Participants: Jean-Charles Rochet.

  [ Abstract | Program ]