Cet article analyse l'impact des financements intermédiés des institutions financières internationales sur le niveau d'informalité des économies africaines. En s'appuyant sur un panel de 39 pays africains couvrant la période 2000-2018, l'étude évalue dans quelle mesure ces financements, canalisés via des intermédiaires financiers locaux, constituent un levier de formalisation des activités économiques, en particulier des petites et moyennes entreprises. L'analyse mobilise une approche quasi-expérimentale combinant l'équilibrage entropique comme méthode principale et l'appariement par score de propension pour les tests de robustesse. Les résultats empiriques montrent que les financements intermédiés exercent un effet négatif et statistiquement significatif sur l'informalité, avec une réduction comprise entre 8 % et 13 % selon les spécifications. Ces résultats suggèrent que l'accès à des ressources longues et formalisées renforce l'inclusion financière, améliore la transparence et incite les entreprises à se conformer aux exigences institutionnelles. L'étude comble ainsi un vide dans la littérature en mettant en évidence le rôle spécifique des financements intermédiés comme instrument de soutien à la formalisation et au développement économique en Afrique.

Financial markets frequently exhibit dramatic episodes where asset prices undergo rapid growth followed by abrupt collapses, that are incompatible with standard linear time series models. While anticipative heavytailed linear processes offer a promising alternative for modeling such phenomena, they impose uniform bubble patterns across different episodes, contradicting empirical evidence. This paper introduces a new model, based on α-stable moving average aggregates, that accommodates heterogeneous bubble dynamics.

We establish the theoretical properties of this model, demonstrating that it admits a semi-norm representation on a unit cylinder, thereby enabling the prediction of extreme trajectories with varying growth dynamics. We develop a minimum distance estimation procedure based on the joint characteristic function and establish its asymptotic properties. Monte Carlo simulations confirm the estimator's good finite-sample performance across various specifications, and we implement a subsampling methodology to empirically verify the convergence to asymptotic normality. Our empirical application to the CBOE Crude Oil ETF Volatility Index successfully decomposes observed volatility dynamics into distinct components with different persistence properties, revealing that what appears as a single bubble episode actually consists of multiple superimposed processes with heterogeneous growth rates and crash probabilities.

This paper investigates the factors promoting clean energy adoption by firms in the Middle East and North African (MENA) region as well as the internal and external factors moderating these effects. We propose a conceptual approach based on firms' knowledge and perception of clean technological possibilities organized into awareness, feasibility, and perceived efficiency. The main intuition is that implementation is the outcome of a careful cost-benefit evaluation in which firms gather information (awareness), assess technical viability (feasibility), and form expectations about profitability and efficiency gains (perceived efficiency). We empirically investigate if and to what extent these factors contribute to clean energy adoption and examine whether and how firms' participation in global value chains, the presence of female managers, and the existence of supportive government policies moderate these effects. Our results show that awareness is the key driver of implementing clean energy measures. Its effect is amplified for firms that are managed by females and for those that are part of global value chains. Yet, the awareness of government policies seems to be ineffective. Our results are robust to changes of independent variables, sample and estimation method.