I am an Associate Professor of Economics 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.
My research interests are international macroeconomics and inequality, with an emphasis on financial cycles. I explore the circular relationship between income inequality, household credit and financial crises. I also investigate the consequences and the policy implications of these cycles.
My Curriculum Vitae is here in english and in french.
Publications
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
3. 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
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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.
2. Le silence des communes: le fond de sortie des emprunts toxiques (with Maxime Fajeau and Alexandre Mayol)
Work in Progress
- The Anatomy of Financial Cycles (with Clément Mathonnat)
- The Consequences of the Dexia Crisis (with Maxime Fajeau and Alexandre Mayol)
- Emperor’s New Clothes: Who benefits from ECB’s pro-credit policy? (with Salima Ouerk)
- Do Credit Distribution and Demography Matter for Regional Inequality? (with Florian Bonnet)
- A Social Mobility Dividend (with Laila Ait Bihi Ouali and Mehdi El Herradi)
- Phillips Curves in European Countries (with Francesco de Palma, Jamel Saadaoui and Yann Thommen)
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Common Agricultural Policy and Climate Shocks (with Rémi Généroso and Clément Nédoncelle)
Contact: ligonniere@unistra.fr
