Pub Date : 2018-02-07DOI: 10.24187/ECOSTAT.2017.497D.1936
H. Martin
[eng] The rise of geographical mobility is an important component of the changing patterns in lifestyles over the past few decades. The History of Life survey (Histoire de vie, Insee-Ined, 2003), which picks up on all the geographical pathways of the individuals sampled, makes it possible to gain a precise overview of such population movements. Of the individuals born in France and residing in mainland France in 2003, 38% have never left their department and 58% have never left their region of residence. These data also make it possible to construct “ standard geographical pathways” using an optimal matching method. Six “ standard geographical pathways” emerge for generations born before 1938. A fine-grained analysis of this typology . shows that the geographical pathways involving the most mobility are more common in managers, graduates and individuals who have experienced more unstable professional and domestic life trajectories than the average. Lastly, younger generations experience geographical mobility more frequently than their elders.
地域流动性的增加是过去几十年生活方式变化的一个重要组成部分。《生命史调查》(Histoire de vie, insee - ine, 2003年)收集了采样个体的所有地理路径，使获得这种人口流动的精确概述成为可能。2003年在法国出生并居住在法国大陆的人中，38%的人从未离开过他们的部门，58%的人从未离开过他们居住的地区。这些数据也使得利用最优匹配方法构建“标准地理路径”成为可能。1938年之前出生的几代人出现了六条“标准地理路径”。对这种类型的细粒度分析。研究表明，与平均水平相比，涉及流动性最大的地理路径在管理人员、毕业生和经历过更不稳定的职业和家庭生活轨迹的个人中更为常见。最后，年轻一代比他们的长辈经历更频繁的地域流动。
{"title":"Geographical pathways of individuals born in France: Construction of a typology","authors":"H. Martin","doi":"10.24187/ECOSTAT.2017.497D.1936","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.497D.1936","url":null,"abstract":"[eng] The rise of geographical mobility is an important component of the changing patterns in lifestyles over the past few decades. The History of Life survey (Histoire de vie, Insee-Ined, 2003), which picks up on all the geographical pathways of the individuals sampled, makes it possible to gain a precise overview of such population movements. Of the individuals born in France and residing in mainland France in 2003, 38% have never left their department and 58% have never left their region of residence. These data also make it possible to construct “ standard geographical pathways” using an optimal matching method. Six “ standard geographical pathways” emerge for generations born before 1938. A fine-grained analysis of this typology . shows that the geographical pathways involving the most mobility are more common in managers, graduates and individuals who have experienced more unstable professional and domestic life trajectories than the average. Lastly, younger generations experience geographical mobility more frequently than their elders.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88345020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ECOSTAT.2017.497D.1929
Quentin Frère, L. Védrine
[eng] As a key component of territorial governance in Europe, intermunicipality offers municipalities the opportunity to exercise and collectively fund some local public goods or services. In accordance with the decentralisation theorem, the choice made by municipalities to transfer some competences to the intermunicipal level ought to be based on a trade-off between economies of size and the cost of spatial heterogeneity of citizens’ preferences. In order to empirically test this assertion, a probit model is estimated focusing on those French intermunicipalities with own fiscal powers, looking specifically at 10 various competences. Four main results are highlighted : (i) the heterogeneity of citizens’ preferences is holding back the transfer of competences from municipalities to the intermunicipal level ; (ii) economies of size and the need to coordinate local public choices predetermine certain competences to be exercised at intermunicipal level ; (iii) intermunicipalities made up of small municipalities are more likely to be entrusted with certain competences ; (iv) the decision to transfer competences to the intermunicipal level is influenced by the decisions made by neighbouring intermunicipalities.
{"title":"Does the decentralisation theorem apply to the French local governments? An empirical test on intermunicipal competences","authors":"Quentin Frère, L. Védrine","doi":"10.24187/ECOSTAT.2017.497D.1929","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.497D.1929","url":null,"abstract":"[eng] As a key component of territorial governance in Europe, intermunicipality offers municipalities the opportunity to exercise and collectively fund some local public goods or services. In accordance with the decentralisation theorem, the choice made by municipalities to transfer some competences to the intermunicipal level ought to be based on a trade-off between economies of size and the cost of spatial heterogeneity of citizens’ preferences. In order to empirically test this assertion, a probit model is estimated focusing on those French intermunicipalities with own fiscal powers, looking specifically at 10 various competences. Four main results are highlighted : (i) the heterogeneity of citizens’ preferences is holding back the transfer of competences from municipalities to the intermunicipal level ; (ii) economies of size and the need to coordinate local public choices predetermine certain competences to be exercised at intermunicipal level ; (iii) intermunicipalities made up of small municipalities are more likely to be entrusted with certain competences ; (iv) the decision to transfer competences to the intermunicipal level is influenced by the decisions made by neighbouring intermunicipalities.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81819361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ecostat.2017.497d.1931
Jean-Michel Floch
[eng] Urban public policies are required to reconcile targeted measures with more comprehensive measures promoting social diversity, and to arbitrate between conurbations, as well as neighbourhoods within conurbations. Localised data on tax and social income (Filosofi, Insee) are used to calculate segregation indicators to compare urban areas, their centre-cities, suburbs and outer suburbs ; by developing a fairly simple typology, it becomes possible to map out the neighbourhoods, rich or poor, that most contribute to social disparities. This article presents the resulting analyses for twelve metropolises. The level of segregation in them is higher in the centre-cities and suburban areas than on the periphery. It is more marked for high living standards. Segregation is the most pronounced in the urban areas of Lille, Paris and Aix-Marseille. Depending on the situations, segregation is more marked in the centre-city (Aix-Marseille, Strasbourg, Nantes) or in the suburbs (Paris, Lyon, Lille). These differences often stem from local urban history and housing policies.
{"title":"Standards of living and segregation in twelve French metropolises","authors":"Jean-Michel Floch","doi":"10.24187/ecostat.2017.497d.1931","DOIUrl":"https://doi.org/10.24187/ecostat.2017.497d.1931","url":null,"abstract":"[eng] Urban public policies are required to reconcile targeted measures with more comprehensive measures promoting social diversity, and to arbitrate between conurbations, as well as neighbourhoods within conurbations. Localised data on tax and social income (Filosofi, Insee) are used to calculate segregation indicators to compare urban areas, their centre-cities, suburbs and outer suburbs ; by developing a fairly simple typology, it becomes possible to map out the neighbourhoods, rich or poor, that most contribute to social disparities. This article presents the resulting analyses for twelve metropolises. The level of segregation in them is higher in the centre-cities and suburban areas than on the periphery. It is more marked for high living standards. Segregation is the most pronounced in the urban areas of Lille, Paris and Aix-Marseille. Depending on the situations, segregation is more marked in the centre-city (Aix-Marseille, Strasbourg, Nantes) or in the suburbs (Paris, Lyon, Lille). These differences often stem from local urban history and housing policies.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82821578","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ECOSTAT.2017.497D.1930
A. Torre
[eng] Do territorial reforms have a meaning, an economic and spatial rationale or are they the result of a legislative whim ? In this comment on the articles by Frere and Vedrine, and Antunez et al., we will go back over the slow process of France’s territorial organisation and the attempts at simplification introduced by the recent reforms, as well as the issues they raise, in particular in terms of transfer of powers between local authorities and disparities in the new organisation of the regions in mainland France. We emphasise that the territorial layer-cake was shaped patiently over the centuries, to the point of becoming very heavy indeed, and that the NOTRe and MAPTAM laws, enacted to modify the institutional architecture of the French territories by giving priority to large structures, raise questions regarding the transfer of powers and resources, as well as on spatial inequalities, yet without providing definitive solutions toward the aim of administrative simplification.
{"title":"Comment – The difficult equation of territorial reforms: from big is beautiful to the impossible simplification of the institutional layer-cake","authors":"A. Torre","doi":"10.24187/ECOSTAT.2017.497D.1930","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.497D.1930","url":null,"abstract":"[eng] Do territorial reforms have a meaning, an economic and spatial rationale or are they the result of a legislative whim ? In this comment on the articles by Frere and Vedrine, and Antunez et al., we will go back over the slow process of France’s territorial organisation and the attempts at simplification introduced by the recent reforms, as well as the issues they raise, in particular in terms of transfer of powers between local authorities and disparities in the new organisation of the regions in mainland France. We emphasise that the territorial layer-cake was shaped patiently over the centuries, to the point of becoming very heavy indeed, and that the NOTRe and MAPTAM laws, enacted to modify the institutional architecture of the French territories by giving priority to large structures, raise questions regarding the transfer of powers and resources, as well as on spatial inequalities, yet without providing definitive solutions toward the aim of administrative simplification.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77832703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ECOSTAT.2017.497D.1934
Hugues Jennequin, Luis Miotti, E. M. Mouhoud
[eng] While economic studies generally conclude that there is little impact from offshoring at the macroeconomic level, offshoring generates significant asymmetric shocks at the local level, which it is important to accurately anticipate. This is what this study is about, with the construction of an original indicator of territories’ vulnerability to the risks of offshoring manufacturing activity. Firstly, the factors of vulnerability are identified at a fine-grained level of activity. Using principal-component analysis at the sector level, four types of manufacturing industry sectors are brought out according to their potential for offshoring, which is a function of the characteristics of their jobs and their content in routine tasks, and product characteristics. . Then, following the approach Aubert and Sillard (2005) implemented on data by establishment, an index of actual offshoring at the sector level is estimated. This makes it possible both to characterise the risk of offshoring in the four main types of sectors and to measure the economic vulnerability of employment zones.
{"title":"Measurement and anticipation of territorial vulnerability to offshoring risks : An analysis on sectoral data for France","authors":"Hugues Jennequin, Luis Miotti, E. M. Mouhoud","doi":"10.24187/ECOSTAT.2017.497D.1934","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.497D.1934","url":null,"abstract":"[eng] While economic studies generally conclude that there is little impact from offshoring at the macroeconomic level, offshoring generates significant asymmetric shocks at the local level, which it is important to accurately anticipate. This is what this study is about, with the construction of an original indicator of territories’ vulnerability to the risks of offshoring manufacturing activity. Firstly, the factors of vulnerability are identified at a fine-grained level of activity. Using principal-component analysis at the sector level, four types of manufacturing industry sectors are brought out according to their potential for offshoring, which is a function of the characteristics of their jobs and their content in routine tasks, and product characteristics. . Then, following the approach Aubert and Sillard (2005) implemented on data by establishment, an index of actual offshoring at the sector level is estimated. This makes it possible both to characterise the risk of offshoring in the four main types of sectors and to measure the economic vulnerability of employment zones.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87376575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ECOSTAT.2017.497D.1935
F. Toubal
[eng] The rise of new technologies and globalization has recently generated major structural changes in developed economies. These changes alter significantly economic activities and affect spatial disparities. The articles by Charnoz and Orand and by Jennequin, Miotti and Mouhoud offer two original analyses of changing patterns in local labour markets in France. They show that structural changes affect employment zones differently depending on their employment structure and their international exposure. Because of their specialisations in high value-added jobs, major cities emerge the winners from these changing patterns. The rural territories and cities traditionally specialised in routine jobs have, meanwhile, turned to computers . and robotisation and are thus experiencing a decline in these jobs. This phenomenon is magnified by offshoring. These papers have important implications for economic policies, as they identify the infranational territories that may have large effects on employment and wages trends at the national level.
{"title":"Comment – The impact of globalisation and technology on local labour markets","authors":"F. Toubal","doi":"10.24187/ECOSTAT.2017.497D.1935","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.497D.1935","url":null,"abstract":"[eng] The rise of new technologies and globalization has recently generated major structural changes in developed economies. These changes alter significantly economic activities and affect spatial disparities. The articles by Charnoz and Orand and by Jennequin, Miotti and Mouhoud offer two original analyses of changing patterns in local labour markets in France. They show that structural changes affect employment zones differently depending on their employment structure and their international exposure. Because of their specialisations in high value-added jobs, major cities emerge the winners from these changing patterns. The rural territories and cities traditionally specialised in routine jobs have, meanwhile, turned to computers . and robotisation and are thus experiencing a decline in these jobs. This phenomenon is magnified by offshoring. These papers have important implications for economic policies, as they identify the infranational territories that may have large effects on employment and wages trends at the national level.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89540560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ecostat.2017.497d.1932
A. Moreno-Monroy
[eng] In his study of twelve French metropolises, Jean-Michel Floch argues that the level of segregation, defined as the spatial separation of groups with different living standards within cities, is higher, in the city‑centres as well as the suburbs than in the outer-suburbs. It is also more marked in the higher living standards. This commentary argues that income segregation in French cities is low for international standards. Based on issues around the measurement . and comparability of income segregation indices, it elaborates on three issues. The first is that, contrary to popular belief, the segregation of poverty contributes little to overall city segregation, while the segregation of affluence as a large contributor remains under-debated. The second is that an empirical or normative benchmark for segregation is needed to frame the discussion around “ too much” segregation. The third is that the actual degree of physical disconnection between income groups, and between income groups and city amenities and services, is not truly measured by current income segregation measures, limiting the usefulness of such measures for policy designs.
{"title":"Comment – Income segregation in cities: A reflection on the gap between concept and measurement","authors":"A. Moreno-Monroy","doi":"10.24187/ecostat.2017.497d.1932","DOIUrl":"https://doi.org/10.24187/ecostat.2017.497d.1932","url":null,"abstract":"[eng] In his study of twelve French metropolises, Jean-Michel Floch argues that the level of segregation, defined as the spatial separation of groups with different living standards within cities, is higher, in the city‑centres as well as the suburbs than in the outer-suburbs. It is also more marked in the higher living standards. This commentary argues that income segregation in French cities is low for international standards. Based on issues around the measurement . and comparability of income segregation indices, it elaborates on three issues. The first is that, contrary to popular belief, the segregation of poverty contributes little to overall city segregation, while the segregation of affluence as a large contributor remains under-debated. The second is that an empirical or normative benchmark for segregation is needed to frame the discussion around “ too much” segregation. The third is that the actual degree of physical disconnection between income groups, and between income groups and city amenities and services, is not truly measured by current income segregation measures, limiting the usefulness of such measures for policy designs.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89035879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ECOSTAT.2017.497D.1927
Pierre Veltz
[eng] This special issue deals with three topics that dominate the current public debate on the regions and territories of France : the architecture of territorial institutions ; the supposed divergence between metropolitan and non-metropolitan areas ; . the impact of technological transformations and globalisation. On the first point, particular attention should be called to the weak theoretical foundations underpinning a very empirically run reform process. While the complexity of territorial organisational is not specific to France, the relatively limited powers granted to the local authorities is even more so. On the second point, the much publicized image of the “ two France”, contrasting that of metropolises and their globalised elites to that of the suburbs and the losers of globalisation, is disputed. If there is a social divide, it crosses through cities and territories. Lastly, with regard to the criss crossing effects of technological change and international trade, it is important to acknowledge the trends toward bi polarisation in qualifications, as well as to take into account the complexity of its spatial effects, in contrast to some popular misconceptions.
{"title":"Introduction – Regions and territories: Evolutions and changes","authors":"Pierre Veltz","doi":"10.24187/ECOSTAT.2017.497D.1927","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.497D.1927","url":null,"abstract":"[eng] This special issue deals with three topics that dominate the current public debate on the regions and territories of France : the architecture of territorial institutions ; the supposed divergence between metropolitan and non-metropolitan areas ; . the impact of technological transformations and globalisation. On the first point, particular attention should be called to the weak theoretical foundations underpinning a very empirically run reform process. While the complexity of territorial organisational is not specific to France, the relatively limited powers granted to the local authorities is even more so. On the second point, the much publicized image of the “ two France”, contrasting that of metropolises and their globalised elites to that of the suburbs and the losers of globalisation, is disputed. If there is a social divide, it crosses through cities and territories. Lastly, with regard to the criss crossing effects of technological change and international trade, it is important to acknowledge the trends toward bi polarisation in qualifications, as well as to take into account the complexity of its spatial effects, in contrast to some popular misconceptions.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84943462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-02-07DOI: 10.24187/ECOSTAT.2017.497D.1933
P. Charnoz, M. Orand
In France as well as in other developed economies, a skill-biased labour demand shift occurred in the past three decades. We test one of the main hypotheses put forward to explain this particular shift : a skill-biased technical change driven by the dissemination of Information and Communication Technologies and the automation of routine tasks, leading to their disappearance in favour of high-skilled and service jobs. Using a theoretical model developed by Autor and Dorn (2013) based on the employment structure of local labour markets to identify national effects of technical change, we find evidence of a link between technical change and the 1990-2011 evolution of the labour force in France. In particular, we find that low-skilled workers switch from routine jobs to service jobs or unemployment. We also find that the shift in labour demand interacts with a spatial functional specialisation. These results are robust when other hypotheses, such as globalisation and the growth of international trade, or demographic change, are taken into account.
{"title":"Technical change and automation of routine tasks: Evidence from local labour markets in France, 1999‑2011","authors":"P. Charnoz, M. Orand","doi":"10.24187/ECOSTAT.2017.497D.1933","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.497D.1933","url":null,"abstract":"In France as well as in other developed economies, a skill-biased labour demand shift occurred in the past three decades. We test one of the main hypotheses put forward to explain this particular shift : a skill-biased technical change driven by the dissemination of Information and Communication Technologies and the automation of routine tasks, leading to their disappearance in favour of high-skilled and service jobs. Using a theoretical model developed by Autor and Dorn (2013) based on the employment structure of local labour markets to identify national effects of technical change, we find evidence of a link between technical change and the 1990-2011 evolution of the labour force in France. In particular, we find that low-skilled workers switch from routine jobs to service jobs or unemployment. We also find that the shift in labour demand interacts with a spatial functional specialisation. These results are robust when other hypotheses, such as globalisation and the growth of international trade, or demographic change, are taken into account.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2018-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90696470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-10-11DOI: 10.24187/ECOSTAT.2017.494T/1924
Luc Arrondel, A. Masson
[eng] The economic crisis has impacted French savers, now less willing to take risks in their financial decisions. What is the explanation behind these changes? According to “standard” theory, savers’ investments rest on three fundamental determinants : present resources; expected risk and returns on assets, as well as expectations on earned income; and lastly, individual preferences, especially risk preferences. We use French data from the Pater panel, a survey collected in 2007 and again in 2009, 2011 and 2014. We show that it is the downward adjustment in the expected return from shares and negative impacts on current resources that help explain why the French are investing less and less in risky assets. Risk preferences, however, have remained stable. In contrast, the resurgence in optimism shown by savers in 2014 did not play out in reality, as the number of shareholders has continued to decrease. A new puzzle to be solved?
{"title":"Why does household demand for shares decline during the crisis? The French case","authors":"Luc Arrondel, A. Masson","doi":"10.24187/ECOSTAT.2017.494T/1924","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.494T/1924","url":null,"abstract":"[eng] The economic crisis has impacted French savers, now less willing to take risks in their financial decisions. What is the explanation behind these changes? According to “standard” theory, savers’ investments rest on three fundamental determinants : present resources; expected risk and returns on assets, as well as expectations on earned income; and lastly, individual preferences, especially risk preferences. We use French data from the Pater panel, a survey collected in 2007 and again in 2009, 2011 and 2014. We show that it is the downward adjustment in the expected return from shares and negative impacts on current resources that help explain why the French are investing less and less in risky assets. Risk preferences, however, have remained stable. In contrast, the resurgence in optimism shown by savers in 2014 did not play out in reality, as the number of shareholders has continued to decrease. A new puzzle to be solved?","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75306413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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