Essec\Faculty\Model\Profile {#2216
#_id: "B00812210"
#_source: array:40 [
"bid" => "B00812210"
"academId" => "33202"
"slug" => "naef-alain"
"fullName" => "Alain NAEF"
"lastName" => "NAEF"
"firstName" => "Alain"
"title" => array:2 [
"fr" => "Professeur assistant"
"en" => "Assistant Professor"
]
"email" => "alain.naef@essec.edu"
"status" => "ACTIF"
"campus" => "Campus de Cergy"
"departments" => []
"phone" => ""
"sites" => []
"facNumber" => "33202"
"externalCvUrl" => "https://www.dropbox.com/scl/fi/m7pn4xgf7beqv2l9rxxpg/CV-Alain-Naef-June-2024.pdf?rlkey=6joz3apiwacxmvt4nljwekwa9&st=neau1gsk&dl=0"
"googleScholarUrl" => "https://scholar.google.com/citations?user=lBbtYPYAAAAJ&hl=en"
"facOrcId" => "https://orcid.org/0000-0001-7457-3539"
"career" => array:2 [
0 => Essec\Faculty\Model\CareerItem {#2227
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2023-09-01"
"endDate" => null
"isInternalPosition" => true
"type" => array:2 [
"fr" => "Positions académiques principales"
"en" => "Full-time academic appointments"
]
"label" => array:2 [
"fr" => "Professeur assistant"
"en" => "Assistant Professor"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2216}
}
1 => Essec\Faculty\Model\CareerItem {#2228
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2020-09-01"
"endDate" => "2023-05-30"
"isInternalPosition" => true
"type" => array:2 [
"en" => "Other appointments"
"fr" => "Autres positions"
]
"label" => array:2 [
"fr" => "Senior Economist"
"en" => "Senior Economist"
]
"institution" => array:2 [
"fr" => "Banque de France"
"en" => "Banque de France"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2216}
}
]
"diplomes" => array:3 [
0 => Essec\Faculty\Model\Diplome {#2218
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2019"
"label" => array:2 [
"en" => "Doctor of Philosophy, Economy, Economics"
"fr" => "Doctor of Philosophy, Economie, Economie"
]
"institution" => array:2 [
"fr" => "Cambridge University"
"en" => "Cambridge University"
]
"country" => array:2 [
"fr" => "Royaume-Uni"
"en" => "United Kingdom"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2216}
}
1 => Essec\Faculty\Model\Diplome {#2220
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2014"
"label" => array:2 [
"en" => "Master of Science, Economic History"
"fr" => "Master of Science, Histoire Economique"
]
"institution" => array:2 [
"fr" => "London School of Economics"
"en" => "London School of Economics"
]
"country" => array:2 [
"fr" => "Royaume-Uni"
"en" => "United Kingdom"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2216}
}
2 => Essec\Faculty\Model\Diplome {#2217
#_index: null
#_id: null
#_source: array:6 [
"diplome" => "DIPLOMA"
"type" => array:2 [
"fr" => "Diplômes"
"en" => "Diplomas"
]
"year" => "2010"
"label" => array:2 [
"en" => "Master of Business Administration, Finance"
"fr" => "Master of Business Administration, Finance"
]
"institution" => array:2 [
"fr" => "Université de Genève"
"en" => "Université de Genève"
]
"country" => array:2 [
"fr" => "Suisse"
"en" => "Switzerland"
]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2216}
}
]
"bio" => array:2 [
"fr" => """
<p>J'ai obtenu mon doctorat à l'université de Cambridge, suivi d'un postdoc à l'université de Berkeley. J'ai enseigné à Sciences Po, LSE, Warwick, Berkeley et Cambridge.</p>\n
\n
<p>Avant de rejoindre l'ESSEC, j'étais économiste principal à la Banque de France et membre du groupe de travail du G20 sur la finance durable. Je suis cofondateur de <a href="https://www.sustainablemacro.org/">sustainable macro</a>.</p>\n
"""
"en" => """
<p>I obtained my PhD from the University of Cambridge followed by a postdoc at UC Berkeley. I taught at Sciences Po, LSE, Warwick, Berkeley and Cambridge.</p>\n
\n
<p>Before joining ESSEC, I was a Senior Economist at the Banque de France and a member of the <a href="https://g20sfwg.org/">G20 sustainable finance working group</a>. I am the cofounder of <a href="https://www.sustainablemacro.org/">sustainable macro</a>.</p>\n
"""
]
"department" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"site" => array:2 [
"fr" => "https://sites.google.com/view/alainnaef/"
"en" => "https://sites.google.com/view/alainnaef/"
]
"industrrySectors" => array:2 [
"fr" => null
"en" => null
]
"researchFields" => array:2 [
"fr" => "Économie internationale - Finance climatique - Économie monétaire - Histoire financière"
"en" => "International Economics - Climate Finance - Monetary Economics - Financial History"
]
"teachingFields" => array:2 [
"fr" => "Macroéconomie - Economie environnementale"
"en" => "Macroeconomics - Environmental Economics"
]
"distinctions" => []
"teaching" => array:7 [
0 => Essec\Faculty\Model\TeachingItem {#2226
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2023"
"endDate" => "2024"
"program" => null
"label" => array:2 [
"fr" => "Macroeconomics"
"en" => "Macroeconomics"
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"type" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
}
1 => Essec\Faculty\Model\TeachingItem {#2225
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2023"
"endDate" => "2024"
"program" => null
"label" => array:2 [
"fr" => "Environmental economics"
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"type" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"institution" => array:2 [
"fr" => "ESSEC Business School"
"en" => "ESSEC Business School"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
}
2 => Essec\Faculty\Model\TeachingItem {#2215
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2022"
"endDate" => "2023"
"program" => null
"label" => array:2 [
"fr" => "International Macroeconomics"
"en" => "International Macroeconomics"
]
"type" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"institution" => array:2 [
"fr" => "Sciences Po Paris"
"en" => "Sciences Po Paris"
]
"country" => array:2 [
"fr" => "France"
"en" => "France"
]
]
+lang: "en"
}
3 => Essec\Faculty\Model\TeachingItem {#2224
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2019"
"endDate" => "2020"
"program" => null
"label" => array:2 [
"fr" => "Topics in Economic Research"
"en" => "Topics in Economic Research"
]
"type" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"institution" => array:2 [
"fr" => "University of California, Berkeley"
"en" => "University of California, Berkeley"
]
"country" => array:2 [
"fr" => "États-Unis"
"en" => "United States of America"
]
]
+lang: "en"
}
4 => Essec\Faculty\Model\TeachingItem {#2219
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2017"
"endDate" => "2018"
"program" => null
"label" => array:2 [
"fr" => "Capital Markets, MBA class"
"en" => "Capital Markets, MBA class"
]
"type" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"institution" => array:2 [
"fr" => "Cambridge Judge Business School"
"en" => "Cambridge Judge Business School"
]
"country" => array:2 [
"fr" => "Royaume-Uni"
"en" => "United Kingdom"
]
]
+lang: "en"
}
5 => Essec\Faculty\Model\TeachingItem {#2222
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2018"
"endDate" => "2016"
"program" => null
"label" => array:2 [
"fr" => "Economic History"
"en" => "Economic History"
]
"type" => array:2 [
"fr" => "Economie"
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]
"institution" => array:2 [
"fr" => "Cambridge University"
"en" => "Cambridge University"
]
"country" => array:2 [
"fr" => "Royaume-Uni"
"en" => "United Kingdom"
]
]
+lang: "en"
}
6 => Essec\Faculty\Model\TeachingItem {#2223
#_index: null
#_id: null
#_source: array:7 [
"startDate" => "2015"
"endDate" => "2014"
"program" => null
"label" => array:2 [
"fr" => "Economic History 101"
"en" => "Economic History 101"
]
"type" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"institution" => array:2 [
"fr" => "London School of Economics and Political Science (LSE)"
"en" => "London School of Economics and Political Science (LSE)"
]
"country" => array:2 [
"fr" => "Royaume-Uni"
"en" => "United Kingdom"
]
]
+lang: "en"
}
]
"otherActivities" => array:1 [
0 => Essec\Faculty\Model\ExtraActivity {#2221
#_index: null
#_id: null
#_source: array:9 [
"startDate" => "2021-12-01"
"endDate" => null
"year" => null
"uuid" => "202"
"type" => array:2 [
"fr" => "Activités de recherche"
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]
"subType" => array:2 [
"fr" => "Fonction dans une association académique"
"en" => "Function in an academic association"
]
"label" => array:2 [
"fr" => "Co-founder sustainable macro"
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]
"institution" => array:2 [
"fr" => null
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]
"country" => array:2 [
"fr" => null
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]
]
+lang: "en"
+"parent": Essec\Faculty\Model\Profile {#2216}
}
]
"theses" => []
"indexedAt" => "2024-11-21T14:21:22.000Z"
"contributions" => array:6 [
0 => Essec\Faculty\Model\Contribution {#2230
#_index: "academ_contributions"
#_id: "14321"
#_source: array:18 [
"id" => "14321"
"slug" => "an-exchange-rate-history-of-the-united-kingdom"
"yearMonth" => "2022-09"
"year" => "2022"
"title" => "An Exchange Rate History of the United Kingdom"
"description" => "NAEF, A. (2022). <i>An Exchange Rate History of the United Kingdom</i>. 1 ed. Cambridge University Press."
"authors" => array:1 [
0 => array:3 [
"name" => "NAEF Alain"
"bid" => "B00812210"
"slug" => "naef-alain"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2023-12-01 09:38:54"
"publicationUrl" => "https://doi.org/10.1017/9781108878333"
"publicationInfo" => array:3 [
"pages" => ""
"volume" => ""
"number" => ""
]
"type" => array:2 [
"fr" => "Livres"
"en" => "Books"
]
"support_type" => array:2 [
"fr" => "Editeur"
"en" => "Publisher"
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"countries" => array:2 [
"fr" => null
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"abstract" => array:2 [
"fr" => "How did the Bank of England manage sterling crises? This book steps into the shoes of the Bank's foreign exchange dealers to show how foreign exchange intervention worked in practice. The author reviews the history of sterling over half a century, using new archives, data and unseen photographs. This book traces the sterling crises from the end of the War to Black Wednesday in 1992. The resulting analysis shows that a secondary reserve currency such as sterling plays an important role in the stability of the international system. The author goes on to explore the lessons the Bretton Woods system on managed exchange rates has for contemporary policy makers in the context of Brexit. This is a crucial reference for scholars in economics and history examining past and current prospects for the international financial system. This title is also available as Open Access on Cambridge Core. 'The open access publication of this book has been published with the support of the Swiss National Science Foundation' (here https://www.cambridge.org/core/books/an-exchange-rate-history-of-the-united-kingdom/68B7E57D9884394B815C76D48ACD3FB6)."
"en" => "How did the Bank of England manage sterling crises? This book steps into the shoes of the Bank's foreign exchange dealers to show how foreign exchange intervention worked in practice. The author reviews the history of sterling over half a century, using new archives, data and unseen photographs. This book traces the sterling crises from the end of the War to Black Wednesday in 1992. The resulting analysis shows that a secondary reserve currency such as sterling plays an important role in the stability of the international system. The author goes on to explore the lessons the Bretton Woods system on managed exchange rates has for contemporary policy makers in the context of Brexit. This is a crucial reference for scholars in economics and history examining past and current prospects for the international financial system. This title is also available as Open Access on Cambridge Core. 'The open access publication of this book has been published with the support of the Swiss National Science Foundation' (here https://www.cambridge.org/core/books/an-exchange-rate-history-of-the-united-kingdom/68B7E57D9884394B815C76D48ACD3FB6)."
]
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"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2024-11-21T14:21:49.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 7.3449297
+"parent": null
}
1 => Essec\Faculty\Model\Contribution {#2232
#_index: "academ_contributions"
#_id: "14474"
#_source: array:18 [
"id" => "14474"
"slug" => "imported-or-home-grown-the-1992-3-ems-crisis"
"yearMonth" => "2022-09"
"year" => "2022"
"title" => "Imported or home grown? The 1992–3 EMS crisis"
"description" => "EICHENGREEN, B. et NAEF, A. (2022). Imported or home grown? The 1992–3 EMS crisis. <i>Journal of International Economics</i>, 138(12), pp. 103654."
"authors" => array:2 [
0 => array:3 [
"name" => "NAEF Alain"
"bid" => "B00812210"
"slug" => "naef-alain"
]
1 => array:1 [
"name" => "EICHENGREEN Barry"
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2024-10-31 13:51:19"
"publicationUrl" => "https://doi.org/10.1016/j.jinteco.2022.103654"
"publicationInfo" => array:3 [
"pages" => "103654"
"volume" => "138"
"number" => "12"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992–3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies."
"en" => "Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992–3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2024-11-21T14:21:49.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 7.3449297
+"parent": null
}
2 => Essec\Faculty\Model\Contribution {#2234
#_index: "academ_contributions"
#_id: "14475"
#_source: array:18 [
"id" => "14475"
"slug" => "how-powerful-is-unannounced-sterilized-foreign-exchange-intervention"
"yearMonth" => "2023-08"
"year" => "2023"
"title" => "How Powerful Is Unannounced, Sterilized Foreign Exchange Intervention?"
"description" => "NAEF, A. et WEBER, J.P. (2023). How Powerful Is Unannounced, Sterilized Foreign Exchange Intervention? <i>Journal of Money, Credit and Banking</i>, 55(5), pp. 1307-1319."
"authors" => array:2 [
0 => array:3 [
"name" => "NAEF Alain"
"bid" => "B00812210"
"slug" => "naef-alain"
]
1 => array:1 [
"name" => "WEBER JACOB P."
]
]
"ouvrage" => ""
"keywords" => []
"updatedAt" => "2023-10-17 01:01:18"
"publicationUrl" => "https://doi.org/10.1111/jmcb.12985"
"publicationInfo" => array:3 [
"pages" => "1307-1319"
"volume" => "55"
"number" => "5"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
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"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "Though most central banks actively intervene on the foreign exchange market, the literature offers mixed evidence on their effectiveness: particularly for unannounced interventions. We use new, declassified data from the archives of the Bank of England and the institutional features of the Bretton Woods Era to estimate the effects of intervention on the exchange rate. We find that a purchase of pounds equivalent to 1% of the money supply causes a statistically significant, 4–5 basis point appreciation in the pound."
"en" => "Though most central banks actively intervene on the foreign exchange market, the literature offers mixed evidence on their effectiveness: particularly for unannounced interventions. We use new, declassified data from the archives of the Bank of England and the institutional features of the Bretton Woods Era to estimate the effects of intervention on the exchange rate. We find that a purchase of pounds equivalent to 1% of the money supply causes a statistically significant, 4–5 basis point appreciation in the pound."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2024-11-21T14:21:49.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 7.3449297
+"parent": null
}
3 => Essec\Faculty\Model\Contribution {#2231
#_index: "academ_contributions"
#_id: "14606"
#_source: array:18 [
"id" => "14606"
"slug" => "the-impossible-love-of-fossil-fuel-companies-for-carbon-taxes"
"yearMonth" => "2024-03"
"year" => "2024"
"title" => "The impossible love of fossil fuel companies for carbon taxes"
"description" => "NAEF, A. (2024). The impossible love of fossil fuel companies for carbon taxes. <i>Ecological Economics</i>, 217, pp. 108045."
"authors" => array:1 [
0 => array:3 [
"name" => "NAEF Alain"
"bid" => "B00812210"
"slug" => "naef-alain"
]
]
"ouvrage" => ""
"keywords" => array:3 [
0 => "Carbon tax"
1 => "Fossil fuel companies"
2 => "Emission mitigation"
]
"updatedAt" => "2024-10-31 13:51:19"
"publicationUrl" => "https://www.sciencedirect.com/science/article/pii/S0921800923003087"
"publicationInfo" => array:3 [
"pages" => "108045"
"volume" => "217"
"number" => null
]
"type" => array:2 [
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"en" => "Journal articles"
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"fr" => null
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"abstract" => array:2 [
"fr" => "Economists agree that carbon taxes are the most effective solution for climate change mitigation. But where do fossil fuel companies stand on carbon taxes? I analyse how the 100 largest oil and gas companies communicate on carbon taxes. Surprisingly, I find that 54% of companies that have a policy on carbon taxes support them (78% for the 50 largest). This is puzzling as an effective carbon tax should reduce the revenues and reserve value of fossil fuel companies. To understand this paradox, I offer non-mutually exclusive reasons why fossil fuel companies might support carbon taxes. Oil and gas companies could use a carbon tax to get rid of the competition from coal, create a level playing field and remove regulatory uncertainty. Or they think that these taxes will not affect them because demand for oil and gas is inelastic or that international coordination will fail and lead to leakages. Finally, it could be that this is simply a communication exercise. A carbon tax helps them shift the responsibility from fossil fuel companies to customers, voters and elected officials."
"en" => "Economists agree that carbon taxes are the most effective solution for climate change mitigation. But where do fossil fuel companies stand on carbon taxes? I analyse how the 100 largest oil and gas companies communicate on carbon taxes. Surprisingly, I find that 54% of companies that have a policy on carbon taxes support them (78% for the 50 largest). This is puzzling as an effective carbon tax should reduce the revenues and reserve value of fossil fuel companies. To understand this paradox, I offer non-mutually exclusive reasons why fossil fuel companies might support carbon taxes. Oil and gas companies could use a carbon tax to get rid of the competition from coal, create a level playing field and remove regulatory uncertainty. Or they think that these taxes will not affect them because demand for oil and gas is inelastic or that international coordination will fail and lead to leakages. Finally, it could be that this is simply a communication exercise. A carbon tax helps them shift the responsibility from fossil fuel companies to customers, voters and elected officials."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2024-11-21T14:21:49.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 7.3449297
+"parent": null
}
4 => Essec\Faculty\Model\Contribution {#2235
#_index: "academ_contributions"
#_id: "14632"
#_source: array:18 [
"id" => "14632"
"slug" => "ten-financial-actors-can-accelerate-a-transition-away-from-fossil-fuels"
"yearMonth" => "2022-09"
"year" => "2022"
"title" => "Ten financial actors can accelerate a transition away from fossil fuels"
"description" => "DORDI, T., GEHRICKE, S.A., NAEF, A. et WEBER, O. (2022). Ten financial actors can accelerate a transition away from fossil fuels. <i>Environmental Innovation and Societal Transitions</i>, 44, pp. 60-78."
"authors" => array:4 [
0 => array:3 [
"name" => "NAEF Alain"
"bid" => "B00812210"
"slug" => "naef-alain"
]
1 => array:1 [
"name" => "Dordi Truzaar"
]
2 => array:1 [
"name" => "Gehricke Sebastian A."
]
3 => array:1 [
"name" => "Weber Olaf"
]
]
"ouvrage" => ""
"keywords" => array:1 [
0 => "climate"
]
"updatedAt" => "2024-03-21 01:01:38"
"publicationUrl" => "https://www.sciencedirect.com/science/article/abs/pii/S2210422422000636"
"publicationInfo" => array:3 [
"pages" => "60-78"
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"number" => ""
]
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"fr" => "Pays-Bas"
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]
"abstract" => array:2 [
"fr" => "Investors have a central role to play in sustainability transitions, due to their inordinate influence on the governance of the fossil fuel extraction industry. Using network analysis, this paper links fossil fuel firms to equity owners, by distinguishing ownership characteristics of top shareholders and establishing a ranked list of the most prevalent shareholders based on emissions potential and network centrality. Our study reveals that among the most prevalent owners, are government signatories of the Paris accord and prominent American investment managers. We conclude that a concentrated number of investors have the potential to influence the strategic direction and governance of these firms and should consequently be held accountable for financing the economic activities that contribute to climate instability. This paper directly contributes to the fragmented body of academic research on financial systems and sustainability transitions."
"en" => "Investors have a central role to play in sustainability transitions, due to their inordinate influence on the governance of the fossil fuel extraction industry. Using network analysis, this paper links fossil fuel firms to equity owners, by distinguishing ownership characteristics of top shareholders and establishing a ranked list of the most prevalent shareholders based on emissions potential and network centrality. Our study reveals that among the most prevalent owners, are government signatories of the Paris accord and prominent American investment managers. We conclude that a concentrated number of investors have the potential to influence the strategic direction and governance of these firms and should consequently be held accountable for financing the economic activities that contribute to climate instability. This paper directly contributes to the fragmented body of academic research on financial systems and sustainability transitions."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2024-11-21T14:21:49.000Z"
]
+lang: "en"
+"_type": "_doc"
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}
5 => Essec\Faculty\Model\Contribution {#2229
#_index: "academ_contributions"
#_id: "14877"
#_source: array:18 [
"id" => "14877"
"slug" => "blowing-against-the-wind-a-narrative-approach-to-central-bank-foreign-exchange-intervention"
"yearMonth" => "2024-08"
"year" => "2024"
"title" => "Blowing against the Wind? a narrative approach to central Bank foreign exchange intervention"
"description" => "NAEF, A. (2024). Blowing against the Wind? a narrative approach to central Bank foreign exchange intervention. <i>Journal of International Money and Finance</i>, 146, pp. 103129."
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"slug" => "naef-alain"
]
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"ouvrage" => ""
"keywords" => array:5 [
0 => "Intervention"
1 => "Foreign exchange"
2 => "Natural language processing"
3 => "Central bank"
4 => "Bank of England"
]
"updatedAt" => "2024-10-31 13:51:19"
"publicationUrl" => "https://doi.org/10.1016/j.jimonfin.2024.103129"
"publicationInfo" => array:3 [
"pages" => "103129"
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"number" => null
]
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"fr" => null
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]
"abstract" => array:2 [
"fr" => "Most countries in the world use foreign exchange intervention, but measuring the success of the policy is difficult. By using a narrative approach, I identify interventions when the central bank manages to influence the exchange rate based on pure luck. I separate them from interventions when the central bank actually impacted the exchange rate. Because intervention records are daily aggregates, an intervention might appear to have changed the direction of the exchange rate, when it is more likely to have been caused by market news. This analysis allows to have a better understanding of how successful central bank operations really are. I use new daily data on Bank of England interventions in the 1980 s and 1990 s. Some studies find that interventions work in up to 80 % of cases. Yet, by accounting for intraday market moving news, I find in adverse conditions, the Bank of England managed to influence the exchange rate only in 8 % of cases. I use natural language processing to confirm the validity of the narrative approach. Using lasso and a VAR analysis, I investigate what makes the Bank of England intervene. I find that only movement on the Deutschmark and not US dollar exchange rate made the Bank intervene. Also, I find that interest rate hikes were mostly a tool for currency management and accompanied by large reserve sales."
"en" => "Most countries in the world use foreign exchange intervention, but measuring the success of the policy is difficult. By using a narrative approach, I identify interventions when the central bank manages to influence the exchange rate based on pure luck. I separate them from interventions when the central bank actually impacted the exchange rate. Because intervention records are daily aggregates, an intervention might appear to have changed the direction of the exchange rate, when it is more likely to have been caused by market news. This analysis allows to have a better understanding of how successful central bank operations really are. I use new daily data on Bank of England interventions in the 1980 s and 1990 s. Some studies find that interventions work in up to 80 % of cases. Yet, by accounting for intraday market moving news, I find in adverse conditions, the Bank of England managed to influence the exchange rate only in 8 % of cases. I use natural language processing to confirm the validity of the narrative approach. Using lasso and a VAR analysis, I investigate what makes the Bank of England intervene. I find that only movement on the Deutschmark and not US dollar exchange rate made the Bank intervene. Also, I find that interest rate hikes were mostly a tool for currency management and accompanied by large reserve sales."
]
"authors_fields" => array:2 [
"fr" => "Economie"
"en" => "Economics"
]
"indexedAt" => "2024-11-21T14:21:49.000Z"
]
+lang: "en"
+"_type": "_doc"
+"_score": 7.3449297
+"parent": null
}
]
"avatar" => "https://faculty.essec.edu/wp-content/uploads/avatars/B00812210.jpg"
"contributionCounts" => 6
"personalLinks" => array:2 [
0 => "<a href="https://orcid.org/0000-0001-7457-3539" target="_blank">ORCID</a>"
1 => "<a href="https://scholar.google.com/citations?user=lBbtYPYAAAAJ&hl=en" target="_blank">Google scholar</a>"
]
"docTitle" => "Alain NAEF"
"docSubtitle" => "Assistant Professor"
"docDescription" => "Department: Economics<br>Campus de Cergy"
"docType" => "cv"
"docPreview" => "<img src="https://faculty.essec.edu/wp-content/uploads/avatars/B00812210.jpg"><span><span>Alain NAEF</span><span>B00812210</span></span>"
"academ_cv_info" => ""
]
#_index: "academ_cv"
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+"_type": "_doc"
+"_score": 5.0369525
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}
