I hold a Ph.D. in Economics from LEM-CNRS (UMR 9221) University of Lille and from Ecole Normale Supérieure Paris-Saclay. My research interests are international macroeconomics and inequalities, with an emphasis on national and international financial cycles.
I am on the Job Market this year.
- La relation circulaire entre inégalités de revenu et finance: tour d’horizon de la littérature et résultats récents, Revue d’Economie Financière, 2018, 128(1), 127-152 (with Rémi Bazillier and Jérôme Héricourt).
Abstract: How does debt maturity structure affect fire sales? I show how debt maturity could trigger financial crises by introducing debt maturity in a Fisherian deflation model. In particular, using a stock/flows analysis, I find that (i) an excessive reliance on short-term debt exacerbates the risk of financial crises through fire sales and (ii) this risk is driven by a rise in the term premium. I confirm these two testable predictions with an empirical study based on 118 developing countries form 1970 to 2017. I highlight that debt maturity structure is a good early-warning indicator of financial crises, which provides information that adds up to the level of external debt. Overall, this paper shows that the optimal policies against fire sales mechanism are determined by the share of consumption in income, as well as term and risk premia.
Abstract: How do income inequality and its structure affect the volume of credit? We extend the theoretical framework by Kumhof et al. (2015) to distinguish between upper, middle and low-income classes, and show that most of the positive impact of inequality on credit predicted by Kumhof et al. (2015) should be driven by the share of total output owned by the middle classes. Consistently, this impact should weaken in countries where financial markets are insufficiently developed. These theoretical predictions are empirically confirmed by a study based on a 41-country dataset over the period 1970-2014, where exogenous variations of inequality are identified with a new instrument variable, the total number of International Labor Organization conventions signed at the country-level.
Work in Progress
- Financial Protection for Sale. (with Clément Nedoncelle)
- Do Credit Distribution and Demography Matter for Regional Inequality? (with Florian Bonnet)