In order to face the population ageing problem, most countries with PAYG systems introduced pension reforms during the last twenty years. However, in many cases these reforms are considered as insufficient to guarantee the pension sustainability; in other cases, the pension sustainability is achieved through the introduction of drastic reforms and, thus, at the expense of a dramatic reduction in the well-being of current and future generations. The objective of this article is to show that the non-sustainability …[Lire la suite]

Cela fait longtemps que la nature est entrée dans le processus capitaliste dans ses dimensions matérielles, terre, ressources agricoles et minières, sous la forme de biens tangibles donc. Depuis quelques décennies, un phénomène nouveau apparaît. Des dimensions de la nature sont requalifiées en information, en services et en actifs financiers pour pouvoir à leur tour faire l’objet d’échanges marchands. Autrement dit une nouvelle classe de marchandises fictives apparaît (Karl Polanyi (1944)). Plutôt que de les nommer « immatérielles …[Lire la suite]

In Minsky’s Financial Instability Hypothesis (FIH), financial fragility of non-financial firms tends to increase endogenously over the cycle along with the macroeconomic leverage ratio. This analysis has been criticized for two main complementary reasons: firstly, it does not duly consider the aggregate pro-cyclicallity of profits; secondly, due to an overly aggregate analysis, some inferences about the relation between aggregate leverage and systemic fragility are potentially misleading. In this paper, we take these criticisms into account by building an …[Lire la suite]