06.04.

2017

CURRICULUM VITAE

Jean-Charles ROCHET

Professor of Banking, Department of Banking and Finance,

Swiss Finance Institute Senior Chair
Research Associate at IDEI, Toulouse

University of Zurich Tel.: +41 44 634 40 55

Plattenstrasse 32 Fax: +41 44 634 49 97
CH-8032 Zürich Email: jeancharles.rochet@gmail.com

Assistant: Bettina Lamparsky

Email: bettina.lamparsky@bf.uzh.ch
Tel.: +41 44 634 36 06

EDUCATION
• Ph.D. in Mathematical Economics, University Paris 9, June 1986.
• Ecole Normale Supérieure (Ulm), Paris, 1976-1980.

MAIN INVITED LECTURES AND DISTINCTION

• IEPR Distinguished Lecture, University of South. California, Los Angeles, Nov. 2016.
• Keynote speaker, 23rd Conference DGF German Finance Association 2016, University
of Bonn, September 2016.
• Vilfredo Pareto Lecture, Collegio Carlo Alberto, Torino, June 2015.
• François-Albert Angers Lecture, SCSE conference, Montreal, May 2015.
• JEEA Lecture, ASSA meetings, San Francisco, January 2014.
• Raymond Barre Visiting Professor, University of Frankfurt, 2013-2014.
• David Cass Lecture, SAET meeting, Paris, July 2013.
• Jean-Jacques Laffont Lecture, AMSE, June 2013.
• President of the Econometric Society, 2012.
• NCCR-FINRISK Grant (Banking and Regulation), 2010 - 2013.
• Advanced ERC Grant RMAC (Risk Management after the crisis), 2010 - 2015.
• Senior Member of "Institut Universitaire de France" 2005-2012.
• Fellow of the European Economic Association since 2004.
• B.P. Visiting Professor, London School of Economics, 2001-2002.
• Gaston-Eyskens Lectures, Leuven University, November 2000.
• Invited lecture, World Congress of the Econometric Society, Seattle, August 2000.
• Keynote speaker, European Congress of the Econometric Society, Berlin, Sept. 1998.
• Fellow of the Econometric Society since 1995.

-1-
 06.04.2017

• Junior Member of "Institut Universitaire de France" 1993-1998.

• Research Fellow at CEPR since 1992.
• ARCONATI-VISCONTI Prize (1988): Best Ph.D. dissertation at Paris University.

TEACHING AND RESEARCH EXPERIENCE

• Professor of Banking and Senior SFI chair at University of Zurich, 2010-present.
• Research Director, IDEI, (Toulouse School of Economics), 1992-present.
• Full Professor of Mathematics and Economics at Toulouse University, 1988 – 2012.
• Full Professor at Ecole Nationale de la Statistique ed de l’Economie, 1986-1988.
• Associate Professor at University Paris 9, 1984-1986.
• Research Fellow at Laboratoire d'Econométrie, Ecole Polytechnique, Paris, 1983 - 1984.
• Research Fellow at CORE, Louvain la Neuve, Belgium in 1982 – 1983.
• Assistant Professor at University Paris 9, 1980 - 1982.

EDITORIAL RESPONSIBILITIES

Co-Editor:
Annals of Finance (2005-2009).

Associate Editor:
Mathematical Finance (since 2017), Journal of Finance (2012-2017), Econometrica (1990-2002), Journal
of Mathematical Economics (1985-1993), Geneva Papers on Risk and Insurance (since 1990), Annales
d'Economie et de Statistiques (since 1992), Research in Economics (since 1997), Economie Publique
(since 2003).

Advisory Board:
Journal of Financial Stability (since 2004), Mathematics and Financial Economics (since 2006).

PUBLIC SERVICE
• Head of Research at the Swiss Finance Institute, February 2015-present.
• Program Director, Georgia State University’s Center for the Economic Analysis of Risk, 2012.
• Executive Committee Member of the Econometric Society, 2010-2013.
• Scientific Chair, IDEI-CEPR Conferences on "Two-Sided Markets",Toulouse, 2002 and 2004.
• Scientific Council, FAME Doctoral Program, Lausanne, Switzerland, 2001-2006
• Scientific Council, European Chair "Finance and Consumption", EUI, Fiesole, 1999-2002.
• Council member, European Economic Association, 1994-1998.
• Scientific Council, Commission des Opérations de Bourse, Paris, 1993-1998.
• Scientific Chair, European Meeking of the Econometric Society, Munich, September 1998.
• Scientific Chair, Summer School "Financial markets" CEPR-ESF, July 94.
• Scientific Chair, weekly Economic Theory Seminar at Ecole des Ponts, Paris, 1985-87.
• Scientific Chair, IDEI-CEPR Conference, "Firms and Stock Markets", Toulouse, May 1996.
• Scientific Chair Summer School "Contracts and Organizations" , Vancouver, July 1998.

-2-
 06.04.2017

PUBLICATIONS

BOOKS

7. Risk Management in Turbulent Times (with G. BENEPLANC), Oxford University Press,

(2011), 212 pages. This book was awarded the Prize “Risque - la Tribune 2011”.

6. Balancing the Banks (with M. DEWATRIPONT and J.TIROLE) Princeton University

Press, (2010), 138 pages.

5. Why Are There So Many Banking Crises?, Gaston Eyskens Lectures 2000,
Princeton University Press, (2008), 308 pages.

4. When Insurers Go Bust (with G. PLANTIN), Princeton University Press, (2007), 101
pages.

3. Microeconomics of Banking (with X. FREIXAS) MIT Press, (1997), 312 pages

Second edition (2008), 363 pages.

2. Méthodes Mathématiques de la Finance (with G. DEMANGE)

Economica (1992), 305 pages (in French).

1. Microéconomie de l'Assurance (with D. HENRIET)

Economica (1990), 215 pages (in French).

ARTICLES IN REFEREED JOURNALS

87. “Capital Regulation and Credit Fluctuations” (with H. GERSBACH), to appear,

Journal of Monetary Economics (2017).
86. “Shareholder Risk Measures” (with D. COCULESCU), to appear, Mathematical
Finance (2017).
85. “The Dynamics of Insurance Prices” (with D. HENRIET and N. KLIMENKO),
Geneva Risks and Insurance Review (2016), 41 (1), 2-18.
84. “Risky Utilities” (with G. ROGER), Economic Theory (2016), 62 (1), 361-382.
83. “A Theory of the Stakeholder Corporation” (with M. QUINZII and M. MAGILL),
Econometrica (2015), 83 (5), 1685-1725.
82. “Sovereign Debt Sustainability in Advanced Economies” (with F. COLLARD and
M. HABIB), Journal of the European Economic Association (2015), 13 (3), 1542 -
4766.
81. “Dynamics of Innovation and Risk” (with B. BIAIS and P. WOOLLEY), Review of
Financial Studies (2015), 28 (5), 1353-1380.
80. “Market Frictions and Corporate Finance” (with S. MORENO-BROMBERG) ,
Mathematics and Financial Economics (2014), 8 (4), 333-381.
79. “On the Strategic Value of Risk Management” (with T.-O. LEAUTIER), International
Journal of Industrial Organization (2014), 153-169.
78. “Optimal Dividend Policy with Random Interest Rates” (with E. AKYILDIRIM,
E. GUENEY and M. SONER), Journal of Mathematical Economics (2014), 51,
93-101.
77. “Rethinking the Regulatory Treatment of Securitization” (with V. CERASI), Journal of
Financial Stability (2014), 10 (1), 20-31.
76. “Competing Mechanisms in a Common Value Environment: A Corrigendum” (with
B. BIAIS and D. MARTIMORT), Econometrica (2013), 81 (1), 393-406.
75. “Taming SIFIS" (with X. FREIXAS), Journal of Money, Credit and Banking (2013),
45 (s1), 37-58.
74. "Aggregate Investment Externalities and Macroprudential Regulation" (with
H. GERSBACH), Journal of Money, Credit and Banking (2012), 44 (S2), 73-109.
73. “Must-Take Cards: Merchant Discounts and Avoided Costs” (with J. TIROLE), Journal
of the European Economic Association (2011), 9 (3), 462-495.

-3-
 06.04.2017

72. “Liquidity Management and Corporate Demand for Hedging and Insurance” (with
S. VILLENEUVE), Journal of Financial Intermediation (2011), 20 (3), 303-323.
71. “Free Cash Flow, Issuance Costs, and Stock Prices Volatility” (with T. MARIOTTI,
J.P. DECAMPS and S.VILLENEUVE), Journal of Finance (2011), 66 (5), 1501-1544.
70. “An Industrial Organisation Approach to the Too-Big-to-Fail Problem”, Financial
Stability Review (2010), 14, 93-100.
69. “Systemic Risk: Changing the Regulatory Perspective” International Journal of Central
Banking (2010), 6, 259-276.
68. “Credit Card Interchange Fees", (with J. WRIGHT), Journal of Banking and Finance
(2010), 34 (8), 1788-1797.
67. "Large Risks, Limited Liability and Dynamic Moral Hazard" (with B. BIAIS,
T. MARIOTTI and S.VILLENEUVE), Econometrica (2010), 78, (1), 73-118.
66. "The Pricing of Academic Journals: a Two-Sided Market Perspective" (with
D.S. JEON), American Economic Journal: Microeconomics (2010), 2 (2), 222-255.
65. "Competition Among Health Plans: A Two-Sided Market Approach" (with
D. BARDEY) Journal of Economics and Management Strategy (2010), 19 (2), 435-
451.
64. “Rating the Raters: are Reputation Concerns Powerful Enough to Discipline Rating
Agencies?” (with J. MATHIS and J. McANDREWS) Journal of Monetary Economics
(2009), 56 (5), 657-674.
63. "Monopoly Regulation without the Spence-Mirrlees Assumption", Journal of
Mathematical Economics (2009), 45, 693-700.
62. "Tying in Two-Sided Markets and the Honor All Cards Rule", (with J. TIROLE),
International Journal of Industrial Organization (2008), 26 (6), 1333-1347.
61. "Dynamic Security Design: Convergence to Continuous Time and Asset Pricing
Implications", (with B. BIAIS, T. MARIOTTI and G. PLANTIN), the Review of
Economics Studies (2007) 74(2), 345-390.
60. "Is Public Health Insurance an Appropriate Instrument for Redistribution?" (with
D. HENRIET), Annales d'Economie et de Statistique (2006), 83-84, 61-82
59. "Two Sided Markets: A Progress Report" (with J. TIROLE), Rand Journal of
Economics (2006), 37(3), 645-667.
58. "Efficient Pricing of Large Value Interbank Payment Systems" (with
C. HOLTHAUSEN), Journal of Money, Credit and Banking (2006), 38(7), 1797-1818.
57. "Risk Aversion and Planning Horizons" (with A. BOMMIER), Journal of the European
Economic Association (2006), 4(4), 708-734.
56. "Externalities and Regulation in Card Payment Systems" (with J. TIROLE), Review of
Network Economics (2006), 5(1), 1-14.
55. "Corporate Portfolio Management" (with S. VILLENEUVE), Annals of Finance (2005),
1(3), 225-243.
54. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right after all?"
(with X. VIVES), Journal of the European Economic Association (2004), 6(2): 1116-
1147.
53. "The Lender of Last Resort: A 21st Century Approach" (with X. FREIXAS and
B. PARIGI) Journal of the European Economic Association (2004), 6(2): 1085-1115.
52. "Macroeconomic Shocks and Banking Supervision", Journal of Financial Stability
(2004), 1(1), 93-110.
51. "Health and Wealth: How Do They Affect Individual Preferences?" (with B. REY),
Geneva Papers on Risk and Insurance Theory (2004), 29(1), 43-54.
50. "Rebalancing the 3 Pillars of Basel 2", Economic Policy Review, Federal Reserve Bank
of New York (2004), September, 7-25.
49. "The Three Pillars of Basel II: Optimizing the Mix" (avec J.P. DECAMPS et
B. ROGER), The Journal of Financial Intermediation (2004), 13, 132-155.
48. "Why Are There So Many Banking Crises?" CES Ifo Economic Studies, (2003), 49(2),
141-156.
47. "An Economic Analysis of the Determination of Interchange Fees in Payment Card
Systems" (with J. TIROLE), Review of Network Economics (2003), 2(2), 69-79.
46. "The Theory of Interchange Fees: A Synthesis of Recent Contributions", Review of
Network Economics (2003), 2(2), 97-124.
45. "Capital Income Taxation when Inherited wealth is not Observable" (with H. CREMER
and P. PESTIEAU), Journal of Public Economics, (2003), 87, 11, 2475-2490.

-4-
 06.04.2017

44. "Platform Competition in Two-Sided Markets" (with J. TIROLE), The Journal of the
European Economic Association (2003), 1(4), 990-1029.
43. "Cooperation among Competitors: The Economics of Payment Card Associations",
(with J. TIROLE), Rand Journal of Economics, (2002), 33(4), 549-570.
42. "Nonlinear Pricing with Random Participation" (with L. STOLE), Review of Economic
Studies, (2002), 69, 1, 277-311.
41. "An Optimal IPO Mechanism" (with B. BIAIS and P. BOSSAERT), Review of
Economic Studies, (2002), 69, 1, 117-146.
40. "Direct VS Indirect Taxation : The Design of the Tax Structure Revisited" (with
H. CREMER and P. PESTIEAU), International Economic Review (2001), 42, 3, 780-
800.
39. "Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank" (with
X. FREIXAS and B. PARIGI), Journal of Money, Credit and Banking, (2000), 32, 3(2),
611-638.
38. "Competing Mechanisms in a Common Value Environment" (with B. BIAIS and
D. MARTIMORT) (2000), Econometrica, 68, 4, 799-837.
37. "Multidimensional Screening: A User's Guide" (with M. ARMSTRONG) European
Economic Review, (1999), 43, 959-979.
36. "Solvency Regulations and the Management of Banking Risks", European Economic
Review, (1999), 43, 981-990.
35. "Fair Pricing of Deposit Insurance: Is It Possible ? Yes, Is It Desirable ? No", (with X.
FREIXAS), Research in Economics 52 (1998) 3, 217-232.
34. "Contracts and Productive Information Gathering" (with J. CREMER and F. KHALIL),
Games and Economic Behavior, (1998), 25, 174-193.
33. "Ironing, Sweeping and Multidimensional Screening" (with P. CHONE) Econometrica
(1998), 66(4), 783-826.
32. "Regulation of a Risk Averse Firm" (with J.J. LAFFONT), Games and Economic
Behavior, (1998), 25, 149-173.
31. "Strategic Information Gathering Before a Contract is Offered" (with J.CREMER and F.
KHALIL), Journal of Economic Theory, (1998), 81, 163-200.
30. "Collusion in Organizations" (with J.J. LAFFONT), Scandinavian Journal of
Economics, 99(4), (1997), 485-495.
29. "Pooling and Separating Equilibria in Insurance Markets with Adverse Selection and
Distribution Costs" (with M. ALLARD and J.P. CRESTA), Geneva Papers on Risk and
Insurance Theory, 22 (1997), 103-120.
28. "Risk-Taking Behavior with Limited Liability and Risk Aversion" (with C. GOLLIER
and P.F. KOEHL), Journal of Risk and Insurance, (1997), 64(2), 347-370.
27. "A Variational Approach for Pricing Options and Corporate Bonds" (with
J.P. DECAMPS), Economic Theory, vol. 9, 3 (1997), 557-569.
26. "Controlling Risk in Payments Systems" (with J. TIROLE), the Journal of Money,
Credit and Banking (1996), 28(4), 832-862.
25. "Interbank Lending and Systemic Risk" (with J. TIROLE), the Journal of Money, Credit
and Banking (1996), 28(4), 733-762.
24. "Dynamic Spanning : Are Options an Appropriate Instrument ?" (with I. BAJEUX)
Mathematical Finance, Vol. 6, 1 (1996), 1-16.
23. "Changes of Numeraire, Changes of Probability Measure and Option Pricing", (with
H. GEMAN and N. EL KAROUI, Journal of Applied Probability, (1995), 32, 443-458,
reprinted in "VASICEK and Beyond" (1997), HUGHSTON, L. (ed.) RISK Publications
(London), and "Continuous Time Finance" (1999), SCHAEFER, S. (ed.) E. Elgar,
London.
22. "Is It Legitimate to Encourage Work Sharing ?" (with N. MADERNER), Scandinavian
Journal of Economics, 97(4) (1995), 621-633, reprinted in the Future of the Welfare
State, edited by T. Andersen, K. Moene and A. Sandmo, Blackwell publishers Oxford,
1995.
21. "Equilibrium in a Reinsurance Market: Introducing Taxes" (with P.F. KOEHL), Geneva
Papers on Risk and Insurance Theory (1995), 19, 101-117.
20. "Insider Trading without Normality" (with J.L. VILA), Review of Economic Studies
(1994), 61, 131-152.
19. "Actuarial Pricing of Deposit Insurance" (with C. KERFRIDEN) Geneva Papers on
Risk and Insurance Theory (1993), 18:2, 111-130.

-5-
 06.04.2017

18. "Destabilizing Properties of Futures Markets : an Alternative View Point" (with

R. GUESNERIE) European Economic Review 37, 5(1993), 1043-1064.
17. "Capital Requirements and the Behaviour of Commercial Banks" European Economic
Review 36 (1992), 1137-1178.
16. "Incentives, Redistribution, and Social Insurance" Geneva Papers on Risk and
Insurance Theory 16, 2 (1991) 143-165.
15. "Multiproduct Duopolists" (with P.CHAMPSAUR) Econometrica 57, 3 (1989) 533-
557, reprinted in THISSE, J.F. and W. NORMAN (1994) Economics of Product
Differentiation, 283-307, ELGAR Pub. Co.
14. "Stock Market Portfolios and the Segmentation of the Insurance Market" (with
J.J. LAFFONT) Scandinavian Journal of Economics 90, 3 (1988) 435-447.
13. "Price Regulation in Insurance Markets with Asymmetric Information" (with
D. HENRIET) Economics Letters 24 (1987) 327-329.
12. "Bargaining Theory : a Survey of Recent Results" European Economic Review 31
(1987) 326-335.
11. "Some Reflections on Insurance Pricing" (avec D. HENRIET) European Economic
Review 31 (1987) 863-885.
10. "A Necessary and Sufficient Condition for Rationalizability in a Quasi-Linear Context"
Journal of Mathematical Economics 16, 2 (1987), 191-200.
9. "Revealed Preferences and Differentiable Demand" (with P.A. CHIAPPORI),
Econometrica vol. 55, n°3 (1987), 687-692.
8. "Hopf Formula and Multi-Time Hamilton-Jacobi Equations (with P.L. LIONS),
Proceedings of the American Mathematical Society vol. 91, n°1 (1986), 79-84.
7. "Multi-Dimensional Signalling" (with M. QUINZII), Journal of Mathematical
Economics 14 (1985), 261-284.
6. "The Taxation Principle and Multitime Hamilton-Jacobi Equations", Journal of
Mathematical Economics 14 (1985), 113-128.
5. "Price Quantity Duality in Planning Procedures" (with J.J. LAFFONT), Social Choice
and Welfare vol. 2, n°4 (1985), 311-322.
4. "Bilateral Monopoly with Imperfect Information", Journal of Economic Theory vol. 36,
n°2 (1985), 214-236.
3. "Bunching and Second Order Conditions : a Note on Optimal Tax Theory" (with
S. LOLLIVIER), Journal of Economic Theory, vol. 31, n°2 (1983), 392-400.
2. "On Planning Procedures which are Locally Strategy-Proof" (with P. CHAMPSAUR)
Journal of Economic Theory, vol. 30, n°2 (1983), 353-369.
1. "Myopic vs Intertemporal Manipulation in Decentralized Planning Procedures" (with
G. LAROQUE) Review of Economic Studies L (1983), 187-195.

OTHER PUBLICATIONS IN ENGLISH

22. “An Industrial Organisation Approach to the Too-Big-to-Fail Problem”, Financial

Stability Review, Vol. 14, 2010.
21. Commentary on "Rethinking Capital Regulation" in Maintaining Stability in A
Changing Financial System, Federal Reserve Bank of Kansas City, Jackson Hole
Symposium, 21-23 August 2008.
20. "Interchanges Fees in Payment Card Systems: Price Remedies in a Two-Sided Market",
Cases in European Competition Policy : The Economic Analysis, edited by Bruce
Lyons, Cambridge University Press, 2009.
19. "Competition Policy in Two-Sided Markets" (with Jean TIROLE), Handbook of
Antitrust Economics, edited by Paolo Buccirossi, The MIT Press, avril 2008, p. 543-
582.
18. "Procyclicality of Financial Systems: Is There a Need to Modify Current Accounting
and Regulatory Rules?", Banque de France, Financial Stability Review, n° 12, Valuation
and Financial Stability, October 2008.
17. "Competing Payment Systems: Key Insights from the Academic Literature"; Reserve
Bank of Australia, Payment System Review Confrence, November 2007.
16. "Introduction to the Symposium", Competition Policy International, (2007), 3(1).
15. "Regulation of Banks' Liquidity: Why and How?", in The Future of Payment Systems,
edited by A. Haldane, S. Millard and V. Saporta, Bank of England Routledge, London
UK (2007).

-6-
 06.04.2017

14. (De)stabilizing Speculation on Futures Markets: An Alternative View Point" (with R.

GUESNERIE), Assessing Rational Expectations 2: "Eductive" Stability in Economics,
The MIT Press, Cambridge, Massachusetts (2005), 185-208.
13. "Prudential Policy". "Incentive Mechanisms for Economic Policy Makers", Monetary
and Economic Studies, (2005) vol. 23, 5-1, 93-119, Bank of Japan, Tokyo, Japan.
12. "Market Discipline in Banking: Where Do We Stand?", in Market Discipline Across
Countries and Industries, edited by C. Borio, W. C. Hunter, G. Kaufman and K.
Tsatsaronis, MIT Press, Cambridge, (2004), 55-67.
11. "Bank Runs and Financial Crises: A Discussion", Credit, Intermediation and the
Macroeconomy, edited by S. Bhattacharya and A. Thakor, (2003), 324-338.
10. "The Economics of Multidimensional Screening" (with L. STOLE), Advances in
Economic Theory, edited by M. Dewatripont, L. Hansen and S. Turnovsky, Cambridge
University Press (2003), 150-197.
9. "Banks' Fragility and the Lender of Last Resort" in Global Financial Crises: Lessons
from Recent Events edited by J. Bisignano, W. Hunter and G. Kaufman, Dordrecht,
Kluwer Academic Publishers (2000).
8. Review of "Microeconomic Theory" by A. MasColell, M.D. Whinston and J.R. Green,
Economica, (1997), 64, 703-6.
7. "Risk Sharing, Adverse Selection and Market Structure", (with B. BIAIS) in Financial
Mathematics, RUNGGALDIER W. (ed.), SPRINGER, Bonn (1997), 1-52.
6. "Co-Insurance", entry in the New Palgrave Dictionary on Money and Finance (1992).
5. "Towards a Theory of Optimal Banking Regulation" (1992) in La Banque Centrale et
les Mutations de l'Economie Monétaire et Bancaire, Proceedings du Colloque de la
Banque de France, Paris Novembre 1991.
4. "A Pricing Formula for Options on Coupon-Bonds" (with N. El KAROUI) (1990) 443-
476, in Modèles Mathématiques de la Finance, proceedings du colloque INRIA,
Rocquencourt Mars 90
3. "Efficiency of Market Equilibria with Adverse Selection" (with D. HENRIET) in Essays
in Honor of E. MALINVAUD, MIT Press, Cambridge (1990) 215-232.
2. "Price Competition and Multiproduct Firms" (with P. CHAMPSAUR) in Essays in
Honor of E. MALINVAUD, MIT Press, Cambridge (1990) 162-187.
1. "Optimal Non Linear Pricing with Two Dimensional Characteristics" (with
J.J. LAFFONT et E. MASKIN) in Essays in Honor of Leonid Hurwicz, 256-266 (1987),
University of Minnesota Press (T. GROVES, R. RADNER, S. REITER Eds).

MISCELLANEOUS

2011 „Gibt es einen “dritten Weg” in die Zukunft des Banking“, article in NZZ, January 19,
2011.

2011 Report "Evaluation of the Riksbank's monetary policy and work with financial stability
2005-2010" (with CH. GOODHART) for the Swedish Riksdag, Stockholm, August 30,
2011.

ARTICLES IN FRENCH

39. "Analyse Economique de la Concurrence dans les Réseaux de Cartes de Paiement",

Revue Lamy de la Concurrence, n° 7, April-June 2006.
38. "Jean-Jacques Laffont", Universalia 2005, Encyclopaedia Universalis (2005), p. 453.
37. "Risque Opérationnel et Régulation du Capital dans l'Industrie de la Gestion de Fonds
d'Investissement en Europe", (with B. BIAIS and C. CASAMATTA), Revue
d'Economie Financière, (2005), 79, 197-211.
36. "La Régulation en Pratique", (with B. JULLIEN), Revue d'Economie Politique, numéro
spécial en l'honneur de J.J. Laffont, (2005), 115(3), 273-283.
35. "Réglementation Prudentielle et Discipline de Marché", Revue d'Economie Financière
(2004), 73, 201-212.
34. "La Gouvernance d'Entreprise des Intermédiaires Financiers", Risques (2003)
33. "Quand les Assureurs font Faillite" Risques (2003), 53, 53-55.

-7-
 06.04.2017

32. "Impact de l'Assurance Maladie Publique sur l'Accès aux Soins et la Participation au
Marché du Travail " (with A. COUFFINHAL and D. HENRIET), Economie Publique,
(2001), 9, 55-86.
31. "Le Financement des Services Bancaires de Base", Revue d'Economie Financière,
(2000), 58, 241-250.
30. "Le Partage Public-Privé dans le Financement de l'Economie" (with D. MARTIMORT)
Revue Française d'Economie, (1999), XIV, 33-77.
29. "Les Justifications de l'Intervention Publique dans les Systèmes de Santé" (with
D. HENRIET), Economie Publique, (1998), 2, 15-33.
28. "Gestion des Risques Bancaires et Réglementation Prudentielle" (1998) Banque et
Marchés, 6-11.
27. "Assurabilité et Financement des Risques", (1998), Encyclopédie de l'Assurance, éd. par
F. Ewald et J.H. Lorenzi, 1577-1584, Economica, Paris.
26. "Les Techniques Quantitatives de la Gestion de Portefeuille" (with E. RENAULT),
(1997), Actualité Economique, 73, (1-2-3), 265-310.
25. "Réglementation et Assurance : les Justifications Théoriques", Risques, (1997) Avril-
Juin, 81-88.
24. "Arbitrage et Equilibre dans les Modèles Discrets", Encyclopédie de la Finance, éd. par
Y. Simon (1997), 64-85, Economica, Paris.
23. "Les Atouts et les Limites des Systèmes Publics d'Assurance Maladie", Revue Française
d'Economie (1996) Volume XI, 1, 183-189.
22. "L'Aspect Redistributif des Systèmes de Retraite", in Retraite et Longévité, Forum
organisé par la Caisse des Dépôts et Consignations, 13-16, Février 1996.
21. "Analyse Economique de l'Interbancarité", Revue d'Economie Financière 35, Hiver
1995, 99-117.
20. "La Tarification des Services Bancaires: le Point de Vue Théorique", Revue d'Economie
Financière 35, Hiver 1995, 33-44.
19. "Concurrence Spatiale et Hétérogénéité des Réseaux Bancaires" (with A. GRIMAUD)
Cahiers Economiques et Monétaires de la Banque de France (1995), 44, 41-54.
18. "L'Apport du Modèle de Concurrence Monopolistique à l'Economie Bancaire" (with
A. GRIMAUD) Revue Economique (1994), 45 (3), 715-726.
17. "Réglementation et Structure du Capital des Sociétés d’Assurance-Vie", Risques (1994).
16. "Marchés à Capacité et Cycles", (with G. BENEPLANC), Risques (1994) p. 93-95.
15. " Réglementation de la Solvabilité", Risques (1994) p. 129-131.
14. "Les Economistes Face à l’Assurance Obligatoire : Un Débat Contradictoire", (with
C. GOLLIER), Risques (1992).
13. "Les Effets de Réseau dans la Banque" (avec C.CRAMPES) (1992) in "Le Management
des Entreprises de Réseau" proceedings du colloque ENSPTT, Paris 1992.
12. "Concurrence Imparfaite et Stratégie Bancaire" La Revue Economique (1992) 43 (2)
261-76.
11. "Déréglementation et Risque du Secteur Bancaire" (1991) Revue d'Economie
Financière (Hiver) 56-68.
10. "Opérations d'Initiés : une Analyse de Surplus" (with I. BAJEUX) Finance (1989).
9. "Compétition par les Prix et Choix de Gammes de Qualité" (with P. CHAMPSAUR) in
Mélanges Economiques en l'honneur d'E. MALINVAUD, 207-236, Economica-EHESS
(1988).
8. "Equilibres et Optima sur les Marchés d'Assurance" (with D. HENRIET) in Mélanges
Economiques en l'honneur d'E. MALINVAUD, 267-287, Economica-EHESS (1988).
7. "Sur quelques équations aux dérivées partielles de l'économie mathématique", in
Nonlinear partial differential equations and their applications. Collège de France,
Seminar, Vol. IX (Paris, 1985-1986), 352-361, Longman Sci. Tech. Harlow (1988).
6. "Intérêt Public, Intérêt Privé et Discrimination" (with D. HENRIET, C. HENRY and
P. REY) l'Actualité Economique 63 (1988) 98-117.
5. "Théorie de la Négociation : une Sélection de quelques Résultats Récents" Annales
d'Economie et de Statistique 12 (1988) 1-25.
4. "Concurrence entre Réseaux de Télécommunications : les conséquences des Externalités
Négatives" (with M.H. AMIEL) Annales des Télécommunications 42, 11-12 (1987)
642-648.
3. "La logique des Systèmes de Bonus-Malus en Assurance Automobile" (with
D. HENRIET), Annales d'Economie et de Statistique n°1 (1986), 133-152.

-8-
 06.04.2017

2. "Concurrence par les Prix et Variétés des Produits" (with P. CHAMPSAUR), Annales
d'Economie et de Statistique n°1 (1986), 153-174.
1. "Vers une Tarification Equitable de l'Assurance ?", l'Actualité Economique, vol. 61, n°4
(déc. 1985), 453-471.

WORKING PAPERS

5. "Why Do Countries Borrow so much?" (with U.PANIZZA), August 2006, revised

November 2009.
4. "Incorporating a Public Good Factor into the Pricing of Large-Value Payment System"
(with C. HOLTHAUSEN), European Central Bank Working Paper 507, (July 2005).
3. "A Theoretical Analysis of Bank Reforms in Transition Economics" (2000) (with
A. FAURE-GRIMAUD).
2. "The Political Economy of Public Health Insurance Systems" (with D. HENRIET)
(1997).
1. "Efficient Regulation of Banks' Solvency" (with B. BENSAID and H. PAGES) (1993).

MAIN CONFERENCES AND SHORT VISITING POSITIONS

40. Presidential Address, Econometric Society, European Meeting, Malaga, August 2012.
39. Presidential Address, Econometric Society, Australasian Meeting, Melbourne, July 2012.
38. International Monetary Fund Institute, Washington, D.C., lectures on “Macroprudential
Policies”, February 2012 and July 2013.
37. 2011 CEMFI Summer School, Madrid, lectures on “Macroprudential Regulation of
Banks”, September 2011.
36. Central Bank of Uruguay, Montevideo, research workshop and seminar presentations,
February 2011.
35. “Modelling Credit Cycles” Innocenzo Gasparini Institute for Economic Research: 20th
anniversary conference, Università Bocconi, Milano, conference presentation, June 8-9,
2011.
34. Bank of Japan, Tokio, 4 lectures on “Systemic Risk”, April 5-9, 2010.
33. "Why Do Countries Borrow so Much? " Keynote speaker, Conference organized by the
Banco de la Republica, Bogota, October 28-29, 2009.
32. "An Industrial Organization Solution to the Too-Big-To-Fail Problem" Federal Reserve
Bank of Boston 54th Economic Conference October 21-23, 2009.
31. "Policies to Stabilize Financial Markets" panel discussion, Annual Economic
Symposium, Federal Reserve Bank of Kansas City, Jackson Hole, August 21-22, 2009.
30. "Large Risks, Limited Liability and Dynamic Moral Hazard", keynote speaker,
Australasian Meeting of the Econometric Society, Canberra, 7-10 July 2009.
29. "Rating the Raters", Finnish Economic Society Meeting, Turkku, Finlande, February 5
2009.
28. "The Future of Banking Regulation", Banque des Pays-Bas, Amsterdam, January 14
2009.
27. "Credit Card Interchange Fees", American Economic Association Meeting, San
Francisco, January 2-6 2009.
26. "The Regulation of Systemic Risk", invited presentation, Preventing the Next Financial
Crisis, Conference organized by Columbia Business School, New York, 10-11
December 2008.
25. Commentary on "Rethinking Capital Regulation" in Maintaining Stability in A
Changing Financial System, Federal Reserve Bank of Kansas City, Jackson Hole
Symposium, 21-23 August 2008.
24. "Accident risk, liability and dynamic moral hazard", European Finance Association
Annual Meeting, August 23-25, 2007.
23. "Why do Countries Default? ", LSE Conference on Financial Crises, June 28, 2007.
22. "Environmental Risk Insurance under Dynamic Moral Hazard", CEPR Conference on
Corporate Finance and Risk Management, Bergen, Norvège, 25 mai 2007.

-9-
 06.04.2017

21. "Issuance Costs and Stock Volatility", Workshop of Mathematical Finance, Toulouse,
France, 14-15 septembre 2006.
20. "Must-Take Cards and the Tourist Test", Conference on Competition Policy in Two-
Sided Markets, Toulouse, France, June 29, July 1-2, 2006.
19. "La contribution du CORE à la recherche économique", Anniversary Conference
"CORE 40th Anniversary: Past, Present, Future", Louvain la Neuve, Belgium, juin 1-3,
2006.
18. "Two-Sided Markets: a Progress Report", Summer Workshop in Industrial
Organization, Auckland, New-Zeland, March 9-11, 2006, UBC Vancouver, August
2006.
17. "The Pricing of Academic Journals", IESE, Barcelona, March 2, 2006.
16. "The Consequences of Reducing Interchange Fees", FUNCAS, Madrid, Spain, February
2, 2006.
15. "A Conceptual Framework for Macro Prudential Regulation", presented at the Board of
Governors, Federal Reserve Bank, New York, September 28, 2005, and at the
Interamerican Development Bank Conference, invited paper, Washington, September
30, 2005.
14. "The Welfare Consequences of Regulating Interchange Fees", Federal Reserve Bank
Conference, New York, Septembre 15-16, 2005.
13. "Competition Policy in Two-Sided Markets" (with J. TIROLE) invited paper in the
conference "Competition Policy", LEAR, Rome, June 2005.
12. "Prudential Policy", Bank of Japan, Tokyo, May 2005.
11. "How Should We Regulate Banks' Liquidity?", invited paper in the conference "The
Future of Payments", Bank of England, May 2005.
10. "Lender of Last Resort Policies", invited paper in the conference "Banking Crisis
Resolution –Theory and Policy", Norges Bank, Oslo, June 2005.
9. "Macroeconomic Shocks and Banking Supervision", invited conference, Bank of
Uruguay, August 2004.
8. "The Future of Banking Regulation", Keynote lecture, SET International Conference,
Milano, November 2003.
7. "Solvency Issues in the Insurance Sector", invited lecture, International Conference on
Risk and Insurance Economics, Paris, December 2000.
6. "Why are there so many banking crises?", invited conference, London School of
Economics, June 2001, and Venice, July 2002.
5. Visiting Professor, Stanford University (IMSSS), July 1987.
4. “Bargaining theory: a survey of recents results”, invited symposium, first Meeting of the
European Economic Society, Vienna, August 1986.
3. Invited Professor at the University of Montréal, September 1985.
2. Postdoctoral Fellowship, CORE, Louvain la Neuve, January to July 1983.
1. Visiting Scholar, Berkeley University (Department of Economics), 01/31 July 1980.

THESIS SUPERVISION

26. Ethem GÜNEY «Essays in Banking and Finance” (University of Zurich, defended in
September 2014). Ethem GÜNEY is presently Analyst in the Central Bank of Turkey,
Ankara.

25. Claire CELERIER « Three Essays about Inefficiencies in the Financial Industry ». (Toulouse
I, defended in May 2012). Claire Célérier is presently post doctoral researcher at the
University of Zurich.

24. Jorge Luis PONCE MORENO: "Essays on the Design of Bank Supervision Institutions"
(Toulouse I, defended in September 2009). Jorge Ponce is presently researcher at the
National Bank of Uruguay, Montevideo.

23. Thi Quynh Anh VO: "Essays on Banking Regulation and Corporate Finance" (Toulouse I,
defended in September 2009). Thi Vo is presently post-doctoral researcher at the University
of Zurich.

- 10 -
 06.04.2017

22. Natalya TSYBOULEVA: "Essays on two-sided markets and intermediation" (Toulouse I,

defended in December 2008).

21. Mohamed BELHAJ: "Essays on Corporate Cash Management : Dividend Policy and Risk
Choice" (Toulouse I, defended in December 2005). Mohamed Belhaj is presently assistant
professor at Ecole Centrale, Marseille, France.

20. Nathalie LEPINE : "Information sur le risque en assurance et étude empirique sur sa
perception individuelle" (Toulouse I, defended in November 2003).

19. Levent YILDIRAN : "Remedies for Twin (currency-banking) crises" (Toulouse I, defended
in June 2003). Levent Yildiran is presently associate professor at Bogazici University,
Istanbul, Turkey.

18. Guillaume PLANTIN: "Essais sur la réassurance et la titrisation", (Toulouse I, defended in

October 2002). Guillaume Plantin is presently professor at Toulouse University, France.

17. Jacques TOURNUT: "Prix Non Linéaires et Enchères Multiproduits", (Toulouse I, defended
in December 2001). Jacques Tournut is presently director of MBA Aeropace at Toulouse
Business School.

16. Naoki KOJIMA: "Essays on Economic Theory in Asymmetric Information", (Toulouse I,

defended in December 2001). Naoki Kojima is presently associate professor at Kotaru
University of Commerce, Tokyo, Japan.

15. Khaled BENNOUR: "Impact de l'Introduction de l'Option : Stabilité et Bien-Etre", (Toulouse

I, defended in December 2001). Khaled Bennour is presently assistant professor at Université
de Sousse, Tunisie.

14. Gwenaël PIASER: "Taxation, Redistribution et Soins Médicaux", (Toulouse I, defended in

December 2001). Gwenaël Piaser is presently professor at Luxembourg University,
Luxembourg.

13. Denis RAYNAUD: "Santé et Inégalités des Revenus", (Toulouse I, defended in December
2001). Denis Raynaud is presently "chargé de mission" at "Ministère de la Santé", Paris.

12. Giacomo CALZOLARI: "Three Essays in Information Economics", (Toulouse I, defended in

December 2000). Giacomo CALZOLARI is presently professor at University of Bologna,
Italy.

11. Moez BENNOURI: "Mécanismes d'Echange Optimaux dans les Marchés Financiers",
(Toulouse I, defended in December 1999). Moez BENNOURI is presently associate
professor HEC Montréal, Canada.

10. Philippe CHONE: "Etude de Quelques Problèmes Variationnels et de leurs Applications en

Géométrie et en Economie Mathématique" (Toulouse I, defended in February 1999) Philippe
CHONE is presently chief economist, Conseil de la Concurrence, Paris.

9. Gilles BENEPLANC: "Solvabilité des Entreprises d'Assurances et Financement des Grands

Risques" (Toulouse I, defended in January 1995), Gilles BENEPLANC is presently CEO of
Mercer Europe, Paris.

8. Emmanuelle GABILLON: "Essais sur les Structures et l'Intermédiation Financières"

(Toulouse I, defended in November 1994), Emmanuelle GABILLON is presently professor at
University of Bordeaux.

7. Pierre-François KOEHL: "Optimisation de Portefeuille et Prix d'Equilibre en Présence de

Frictions" (Toulouse I, defended in January 1994). Pierre François KOEHL is presently
senior vice president, Caisse des Dépôts et Consignations, Paris.

- 11 -
 06.04.2017

6. Jean-Paul DECAMPS: "Contributions à la Modélisation du Prix des Obligations" (Toulouse

I, defended in January 1993). Jean-Paul DECAMPS is presently professor at Université
Toulouse 1.

5. Patrick SCARMURE: "Essais sur la Demande d'Assurance en Présence de Risques

Multiples" (Toulouse 1, defended in December 1992). Patrick SCARMURE is presently
professor at Université de Mons (Belgique).

4. François SALANIE: "Contrats de Dette et Comportement d'Investissement des Banques"

(Toulouse I, defended in June 1992). François SALANIE is presently researcher at
theToulouse School of Economics and director of LERNA (Toulouse).

3. Hamid HAMOUDI: "Existence d'Equilibres en Prix dans les Modèles de Différenciation des
Produits" (Toulouse I, defended in January 1990). Hamid HAMOUDI is presently professor
at Rey Juan Carlos University, Madrid.

2. Eric GIRAUD-HERAUD: "Modèles de Différenciation des Produits, Extensions et

Applications" (Toulouse I, defended in January 1990). Eric GIRAUD HERAUD is presently
research director at Ecole Polytechnique (Palaiseau, France).

1. Isabelle BAJEUX: "Modèles Discrets de Gestion de Portefeuille et de Valorisation d'Actifs

Financiers" (Paris 9, defended in June 1989). Isabelle BAJEUX is presently Professor at
George Washington University, Washingon D.C.

CURRENT RESEARCH INTERESTS:

• Systemic Risk and Macro-Prudential Regulation of Banks

• Sustainable Finance

• Industrial Organization of the Banking Sector

• Dynamic Contract Theory and Applications

- 12 -