Pierre-Cyrille Hautcoeur

Professeur à PSE

CV EN FRANÇAIS CV EN ANGLAIS
Page RePEc
  • Directeur d’études
  • EHESS
Groupes de recherche
  • Chercheur associé à la Chaire Mesures de l’économie – Nowcasting – Au-delà du PIB.
THÈMES DE RECHERCHE
  • Monnaie, crédit, finances – approche historique
Contact

Adresse :48, boulevard Jourdan,
75014 Paris, France

Campus : Campus Jourdan
Étage : 5
Bureau : 63
Déclaration d’intérêt

Publications HAL

  • Les trois âges de l’histoire quantitative Chapitre d'ouvrage

    Nous voudrions ici souligner un point important de la transformation des sources en données qui, à chaque époque, affecte les économistes mais aussi les historiens : le cadre théorique qu’ils partagent. A large échelle, trois grands moments peuvent être distingués au cours du XXe siècle en ce qui concerne le cadre conceptuel général en matière de données économiques, moments que nous appellerons l’ère des prix, l’ère des quantités et l’ère des individus. Dans la première, l’activité économique est observée principalement à travers les prix, ce qui est justifié par la prépondérance de la théorie des prix. Dans la seconde, la mesure organisée des quantités est produite par les comptabilités nationales dans le cadre de la théorie macroéconomique dite keynésienne, puis de la théorie de la croissance. La critique de ces cadres antérieurs conduit aujourd’hui à l’expérimentation d’un très grand nombre de mesures se caractérisant par les masses d’information analysées, un flou plus grand entre sources et données, et une multiplicité de cadres conceptuels. Ces trois étapes, si elles veulent rompre chacun avec les précédentes, n’en conservent pas moins une grande partie de leurs acquis.
    Éditeur : Odile Jacob

    Publié en

  • L’antisémitisme et la réforme de la Bourse de Paris (1893-1898) Article dans une revue

    Les réformes de la Bourse de Paris entre 1893 et 1898 sont l’occasion de manifestations d’antisémitisme qui peuvent ne guère surprendre dans le contexte de l’époque. Les partisans du monopole des agents de change traitent de juifs les membres du marché libre (les coulissiers) qui le remettent en cause. Au-delà de la défense conservatrice d’une corporation privilégiée et de sa contestation libérale, cet épisode permet de mieux comprendre que ce sont deux conceptions du marché financier toujours actuelles qui sont en cause. Les coulissiers privilégient la liquidité, la rapidité d’exécution, les financiers professionnels et les échanges internationaux, au prix éventuellement d’une moindre sécurité et d’une moindre égalité dans l’échange, au détriment sans doute des petits boursicoteurs et de la stabilité du marché. Les agents de change avaient des priorités inverses. Le débat s’enrichit de l’émergence d’une tierce position socialiste qui renvoie dos à dos libéraux et conservateurs pour proposer une Bourse service public privilégiant transparence et sécurité sans que ce soit au profit d’un groupe privilégié, position qui, sans prévaloir, annonce de nouvelles conceptions de l’économie de marché.
    Revue : Les Annales. Histoire, sciences sociales

    Publié en

  • Competition between securities markets: stock exchange industry regulation in the Paris financial center at the turn of the twentieth century Article dans une revue

    We study two regulatory changes that affected competition between the transparent Parquet and the OTC-like Coulisse markets in Paris at the turn of the twentieth century. The two reforms determined three regimes of competition—illegal competition, free competition, and enforced monopoly. After documenting institutional changes and their political economy, we show that the Paris market touch (i.e., the average spread of securities traded in the two markets) widened under the free competition regime but narrowed under the enforced monopoly regime to a size much smaller than during the first. These results accord with recent literature that questions the effects of competition between transparent and opaque markets; a transparent monopoly might be more effective than competition if the latter involves opaque markets.
    Revue : Cliometrica

    Publié en

  • The financial consequences of the revaluation of balance sheets in France during the Great Depression Communication dans un congrès

    The practices of abusive revaluation of balance sheets were pointed out in the United States during the interwar period. These practices were seen as potentially exacerbating fraudulent practices by distorting shareholder information (Zeff, 2007). Based on the data of Fabricant (1936), a consensus emerged between the 1930s and 1970s to forbid revaluations, as they were suspected of having precipitated the financial crisis of 1929 (Walker, 1992). Benston’s (1973) reinterpretation challenges this view by relativising the importance of revaluations and their consequences on the stability of the American financial system. A consensus then emerged on the lack of links between revaluation practices and the 1929 crisis (Dillon, 1979, Zeff, 2007). Less well known and less documented, re-evaluation practices have existed in countries other than the United States, such as Belgium (De Beelde, 2000) and France (Camfferman and Detzen, 2018) in the wake of post-World War One inflation. Camfferman and Detzen (2018) recalled the relative neglect of these practices in the literature. While in the United States the revaluation of balance sheets went from a free regime to a prohibitive one, in European countries it was subject to rules that left companies the choice of whether or not to implement it. This paper examines the financial effects of balance sheet revaluation practices in France following the tax administration’s circular of 25 January 1930. We cross two different sources: on the one hand, the detailed balance sheets and discussions published in “Les Assemblées Générales”, a collection of the minutes of the meetings of the main French public companies, over the period 1930-1938 (the date of validity of the circular); on the other hand, stock market data collected in the “Data for FInancial History Database”. Our work on balance sheets highlights a double result. On the one hand, French companies make little use of the opportunity to revalue their balance sheets that is granted by the government (2 to 3% each year), despite the fact that this measure had been requested by the business community. On the other hand, for those companies having implemented it, the impact of revaluations on the balance sheet was substantial and significantly increased the total assets. Our work makes it possible to quantify the extent of revaluations by comparing them to the American case and to measure their effects (or lack thereof) on shares’ total returns. We can therefore discuss the specific impact of revaluations on the returns on shares of companies listed on the Paris stock exchange, in a regulatory framework that is very different from that of the United States. The significant changes in the balance sheets of the companies revealed ‘hidden treasures’.

    Publié en

  • The financial consequences of the revaluation of balance sheets in France during the Great Depression Communication dans un congrès

    The practices of abusive revaluation of balance sheets were pointed out in the United States during the interwar period. These practices were seen as potentially exacerbating fraudulent practices by distorting shareholder information (Zeff, 2007). Based on the data of Fabricant (1936), a consensus emerged between the 1930s and 1970s to forbid revaluations, as they were suspected of having precipitated the financial crisis of 1929 (Walker, 1992). Benston’s (1973) reinterpretation challenges this view by relativising the importance of revaluations and their consequences on the stability of the American financial system. A consensus then emerged on the lack of links between revaluation practices and the 1929 crisis (Dillon, 1979, Zeff, 2007). Less well known and less documented, re-evaluation practices have existed in countries other than the United States, such as Belgium (De Beelde, 2000) and France (Camfferman and Detzen, 2018) in the wake of post-World War One inflation. Camfferman and Detzen (2018) recalled the relative neglect of these practices in the literature. While in the United States the revaluation of balance sheets went from a free regime to a prohibitive one, in European countries it was subject to rules that left companies the choice of whether or not to implement it. This paper examines the financial effects of balance sheet revaluation practices in France following the tax administration’s circular of 25 January 1930. We cross two different sources: on the one hand, the detailed balance sheets and discussions published in “Les Assemblées Générales”, a collection of the minutes of the meetings of the main French public companies, over the period 1930-1938 (the date of validity of the circular); on the other hand, stock market data collected in the “Data for FInancial History Database”. Our work on balance sheets highlights a double result. On the one hand, French companies make little use of the opportunity to revalue their balance sheets that is granted by the government (2 to 3% each year), despite the fact that this measure had been requested by the business community. On the other hand, for those companies having implemented it, the impact of revaluations on the balance sheet was substantial and significantly increased the total assets. Our work makes it possible to quantify the extent of revaluations by comparing them to the American case and to measure their effects (or lack thereof) on shares’ total returns. We can therefore discuss the specific impact of revaluations on the returns on shares of companies listed on the Paris stock exchange, in a regulatory framework that is very different from that of the United States. The significant changes in the balance sheets of the companies revealed ‘hidden treasures’.

    Publié en

Toutes les publications

Onglets

 

Upcoming events

 

  • “Finance and inequality” workshop, Bonn, 28-29 novembre 2024
  • Conférence “Apprivoiser la spéculation financière : la Bourse de Paris”, 4 décembre 2024
  • Séminaire Paris 8, 27 janvier 2025

 

New papers :

  • “La réforme de la Bourse de Paris et l’antisémitisme”, à paraître, Annales, histoire, sciences sociales
  • “Les trois âges de l’histoire quantitative”, in A. Trannoy et A. Virmani (dir.) Economistes et historiens : un dialogue de sourds, (O. Jacob, à paraître).
  • “Ce que l’histoire nous apprend”, condérence présidentielle, AFSE, 

 

New book : Pour une histoire économique et sociale de la France (editor, with C. Virlouvet), forthcoming Septemner 2025

 

Recent events

 

  • Joint LSE-PSE workshop, 29-30 April, 2025
  • Euretes “History capitalism” workshop, PSE, 13 novembre 2024
  • Policy lecture, AMSE-IEP Aix, 7 novembre 2024
  • PHEDRA workshop, History of bankruptcy and insolvency, 29-31 October 2024, Venice
  • Presidential address, AFSE, Bordeaux, 18 juin 2024
  • Conference “Nouvelle histoire économique et sociale de la France”, Aix en Provence, MMSH, 24-25 juin 2024
  • “La dette publique : quelques remarques historiques”, Cour des comptes, 16 mai 2024
  • Conclusions des journées AFSE-Trésor, 7 décembre 2023
  • Débat autour du livre de Francesca Trivellato “Juifs et capitalisme”, avec P. Boucheron, L. Brunori, F. Gauvard, M. Kriegel; ENS, 23 novembre 2023
  • Journées de l’économie (Lyon, 14-16 novembre): table ronde “Questionner trois siècles de croissance” avec Joel Mokyr, Mary O’Sullivan et P. Singaravelou ; et “l’économie à ses frontières“, avec Sophie Harnay, Pierre-Michel Menger et Gael Plumecoq
  • Rencontres ANR Arts-recherche, Avignon, 20-12 juillet 2023
  • Congrès d’histoire des entreprises, Paris-Dauphine, 14-16 juin 2023
  • Congrès de l’AFSE, Sciences Po, Paris, 14-16 juin 2023
  • Atelier doctoral “Les débats de l’histoire économique”, Casa de Velazquez, 29 mai- 2 kio, 2023   
  • Congrès de l’AFHE, Lyon, 29-31 mars 2023
  • Table ronde, Société française de management, 20 mars 2023
  • Conférence “Nouvelle histoire économique et sociale de la France”, PSE, 24-25 novembre 2022 (organisateur)
  • Journées de l’économie, Lyon, 15-17 novembre 2022, organisation de la session “Bifurcations” et participation à la session : “L’Etat, jusqu’où ?”
  • Invitation economic history seminar, University of Geneva, september 2022
  • August 2022 : World economic history congress / Congrès mondial d’histoire économique (at EHESS, Condorcet campus) (member of the organizing committee and participant to various sessions). 
  • July 10-12, 2022 : Rencontres Recherche et Création, Festival d’Avignon – ANR
  • September 22-24, 2021 “From Reichsbank to Bundesbank” conference, ECB, Frankfurt/Main
  • July 8-10 : Rencontres Recherche et Création, Festival d’Avignon – ANR
  • June 25 : CoMOR research program meeting, Lyon
  • June 17 : Presentation to social sciences seminar, University of Lausanne
  • June 1-4 : Economics and History : conference at Fondation des Treilles
  • March 18, 2021presentation to G. Cifoletti & G. Chambon seminar at EHESS
  • January 26th Launch of the M2 seminar on monetary and financial history (with E. Monnet)
  • December 18th, 2020 Soutenance thèse Adriano do Vale (Paris nord)
  • November 5th Launch of new seminar on the economics of opera (with P. Lagneau and K. Le Bail)
  • November 4th Launch of the seminar on business and financial history (with A. Riva)
  • October 15 Printemps de l’économie, PSE session on war and development (chair)
  • October 16 Eufhisfirm general meeting (member)
  • August 24 Thomas Pastore dissertation presentation (supervisor)
  • September 9  Nicole Fleske dissertation presentation (supervisor, with A. Riva)
  • June 24  Alexia van Rij dissertation presentation (supervisor, with D. Cogneau)
  • 8th-9th June, 2020 : “History of infrastructures” workshop (Yale-Zoom) (co-organizer)
  • June 8th, 2020 : Emilie Bonhoure PhD Defense (Toulouse-Zoom)
  • May 26th 2020 : Congreso de la Associacion Mexicana de historia economica (Keynote) CANCELLED
  • 3d December, 2019 : Monetary and financial history workshop (PSE)
  • 16th September : New paradigm economics workshop (OFCE)
  • 11-13 September 2019 : Congrès international d’histoire des entreprises de France (ESCP-Paris Dauphine)
  • 29-31 August 2019 : Congress of the European historical economics society (organizer), at the PSE
  • 20-24 May 2019 : IOEA summer school, Cargèse, Corsica
  • 28 March : conference at LECE (European commission in Paris) on high public debt resolution in history
  • 21 March : presentation to G. Cifoletti & G. Chambon seminar at EHESS
  • 15-16 March : Eurhisfirm’s meeting in Wroclaw
  • 13-14 December 2018 Conference EurHiStock (European history of stock exchanges) and official launch of Equipex DFIH (both at the PSE) (organizer)
  • 9 November : Conference “The long term impact of World War One” (at Ministry of Finance) (organizer)
  • 20 septembre  : Conférence “financial regulation”, French Ministry of Finance (keynote speaker)
  • July 30th to August 3 : World economic history congress (Boston)
  • July 6th : Pamfili Antipa’s PhD Defense, PSE. Jury : Edouard Challe (CNRS, rapporteur), Albrecht Ritschl (LSE, rapporteur), Vincent Bignon (Banque de France), Larry Neal (Illinois), Xavier Ragot (Sciences Po, co-directeur).
  • June 20th : Institut Louis Bachelier “Financial Centers Camp” (keynote speaker)
  • May 30th : Stefano Ungaro’s PhD Defense, 14h, à PSE, salle R1-09 . Jury : Sybille Lehman-Hasemeyer (Hohenheim, rapporteur), Xavier Ragot (Sciences Po, rapporteur), Valérie Mignon (Nanterre), Benoit Mojon (Banque de France), Eugene White (Rutgers).
  • June 13th : Jérémy Ducros’ PhD Defense, PSE. Jury : Thierry Foucault (HEC, rapporteur), Mary O’Sullivan (Genève, rapporteur), Gunther Capelle-Blancart (Paris 1), Hervé Joly (Lyon 2), Kim Oosterlink (UL Bruxelles)
  • 28-30 septembre 2017 : colloque en l’honneur d’A. Dewerpe, Ecole française de Rome
  • 31 août-3 septembre 2017 : conference of the European historical economics society, Tübingen
  • 11 juillet 2017 : EHESS summer school
  • 8-10 juin 2017 : conférence Histoire de l’économie sans travail, Villa Finaly, Florence
  • 29 mars 2017 : Rencontres internationales de la gestion publique, Bercy
  • 12 janvier 2017 : conférence à l’Inspection générale des finances
  • 18-19 juillet 2016 Eurhistock conference
  • 6-7 avril 2016 : colloque données financières, PSE
  • 30 mars 2016 : European Social science history conference
  • 8-9 octobre 2015 : Conférence l’histoire quantitative, Ecole française de Rome
  • 3-5 septembre 2015 : Conference European historical economics society, Pisa
  • 23-24 février 2012: Conference “Financial crises and financial regulations”, Madrid
  • 2-3 Septembre 2011: Conference of the European Historical Economics Society, Dublin
  • 20 décembre 2011: International Paris finance meeting, Paris

2023 – Membre du conseil d’administration, Ecole française de Rome

2021 – Vice-president puis président, Association française de science économique

2021 – Co-chair, economic history group, Paris school of economics (with Denis Cogneau)

2020-  President, Institut national d’études démographiques

2015-19 President elect and (from 2017) president of the European historical economics society

2017- President, EHESS alumni

2012-17 President, Ecole des hautes études en sciences sociales

2014-18 President, Fondation Mattei Dogan

2014-18 Member, Research council, European university institute, Florence

2014-16 Member, Haut conseil des Très grandes infrastructures de recherché, Ministère de la recherche

2011-12 Vice-president for research, EHESS

2011-17 Member, scientific committee, Cité de l’économie et de la monnaie

2011- Member, Comité pour l’histoire économique et financière de la France, Ministère des finances

2010-12 Vice-president, Association française d’histoire économique

2010- Member, scientific committee, AMAFI

2007-08 Advisor to Fr. Bourguignon, director of the Paris school of economics

2017-10 Member, Scientific council (CCRESSTI), Ile de France Region

2004-07 Director, Fondation de l’Ecole normale supérieure

2004-12 Member, scientific committee, Fondation HEC

1996-2001 Trustee of the European historical economics society

1995-2001 Member of the board of the Association française d’histoire économique.

 

Ouvrages – Books

Papers in academic journals

Autres – Others