Samuel LigonniereI am an Associate Professor of Economics (maître de conférences) at the University of Strasbourg. I hold a Ph.D. in Economics from LEM-CNRS University of Lille and from Ecole Normale Supérieure Paris-Saclay.

I investigate the causes and consequences of the credit distribution, with a emphasis on income inequality and on international macroconomics. 

Head of the Master International Project Management, I am also an elected board member of the french Economic Association (AFSE) and scientific advisor to the chaire RENEL.

My Curriculum Vitae is here in english and in french


1. Structure of Income Inequality and Household Leverage: Cross-Country Causal Evidence, European Economic Review, 2021, 132 (with Rémi Bazillier and Jérôme Héricourt). See also Lettre du CEPII N°379. In the media: Le Monde, The Conversation

2. Trilemma, Dilemma and Global Players, Journal of International Money and Finance, 2018, 85(6), 20-39. Supplementary Material

In french:

1.  Le fonds de sortie des emprunts toxiques: une alternative au contentieux? Revue d’Economie Politique, 132(2), 313-340 (with Maxime Fajeau and Alexandre Mayol)

2. 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).

Working Papers

  1. The Role of Wage Bargaining Institutions in the Phillips Curve Flattening (with Francesco de PalmaJamel Saadaoui and Yann Thommen) BETA Working Paper (2022)

Abstract: We investigate the role of collective wage bargaining institutions on the relationship between wage growth and unemployment, that is, the wage Phillips curve. Based on a labour market model with frictions and collective bargaining, we hypothesize that when the economy deteriorates, wages fall less in parts of the economy covered by collective wage agreements negotiated by trade unions at a centralized level than in economies with bargaining fully decentralized within companies. We move from theory to empirical analysis using regional NUTS-2 data from European countries, which show evidence that the wage Phillips curve flattens when unemployment is high—and gets steeper when the labor market is overheated —, in economies where the sectoral or cross-sectoral levels play a role in the collective wage bargaining. We also find that from a level of centralization intermediate between the company and the sector levels, the wage Phillips curve is twice as flat.

     2. Fire Sales and Debt Maturity (Available upon request)

Abstract: How does debt maturity structure affect fire sales? I show how debt maturity can trigger financial crises by introducing debt maturity in a Fisherian deflation model. In particular, using a stock/flow analysis, I find (i) that an excessive reliance on short-term debt exacerbates the risk of financial crises due to fire sales and (ii) that this risk is driven by a rise in the term premium. I confirm these two testable predictions with an empirical study of data from 69 emerging and developing countries from 1970 to 2017. This shows that debt maturity structure is a good early warning indicator of financial crises, which adds information compared with the level of external debt alone.

    3. The unequal distribution of credit (Available upon request – with Salima Ouerk

Work in Progress

  1. Assessing the distributional consequences of banking crises (with Clément Mathonnat and Jean-Marc Bédhat Atsebi)
  2. The Consequences of the Dexia Crisis (with Maxime Fajeau and Alexandre Mayol)
  3. Do Credit Distribution and Demography Matter for Regional Inequality? (with Florian Bonnet)
  4. A Social Mobility Dividend (with Laila Ait Bihi Ouali and Mehdi El Herradi)
  5. Common Agricultural Policy and Climate Shocks (with Rémi Généroso and Clément Nédoncelle)

Contact: ligonniere@unistra.fr