Gender Regimes and Welfare States in France: A historical perspective
This paper has a twofold aim. First, we will analyze the system of family benefits in relation with the income tax system in France through the adoption of a historical and gender perspective. While typologies of welfare states frequently neglect taxation, in our view, one must take family taxation into account because it provides incentives and disincentives for paid income. Moreover, in the case of France, a close relationship exists between family benefits and taxation on income, one that stems from certain discussions—discussions led to the birth of the French system.Second, we will demonstrate how and to what extent France has moved away from the male-breadwinner model. However, any decline of the malebreadwinner model does not, in turn, indicate a corresponding shift toward a dual caregiver model. Indeed, the current French model has ambiguous effects on gender relations.
Réflexions sur la prise en compte du nombre des enfants dans la législation familiale et fiscale
[eng] The method that is followed is inspired from demographic analysis : it consists of the computation of the total available ressources of the couple over its lifetime, according both to its potential primary ressources and its choice in terms of completed family size. These total available ressources are then compared to two bench-mark situations : the first one corresponds to the case where the level of living is independent of family size, the second one to the case where parents have to support themselves the complete charge of their children, tvithout any public help. The main conclusion of the article is the following : the development in female activity rates leads to an increase in the overall cost of children. Thus, to prevenf the proportion of the cost of children compensated by legislation from decreasing, it makes an intensification of family policy necessary. The differences in the treatment of families according to the number of their children are larger if one considers active and non active women and the amount of her wages than if one considers the level of salary of the husband. [fre] La discussion sur la legislation fiscale et notamment sur le systeme du quotient familial est bien souvent entravee en France par la charge affective et ideologique qu'elle suscite. Le present article s'efforce essentiellement de mettre de l'ordre dans la reflexion concernant la prise en compte du nombre d'enfants dans la legislation de l'impot direct ou indirect et car les deux domaines sont inseparables — dans la legislation familiale. A cette fin, apres une premiere partie qui traite plus specialement de la fiscalite, il propose un cadre methodologique precisant les points de passage obliges ou des conventions doivent inevitablement etre admises, ce qui permet d'apprecier l'effet differentiel du nombre d'enfants sur le niveau de vie, en fonction du revenu, et par consequent cle porter un diagnostic sur la legislation dans son ensemble. La methode, inspiree de l'analyse demographique, consiste a dresser un bilan sur la duree de vie des ressources disponibles moyennes, selon a la fois les ressources primaires potentielles du couple et le choix qui est le sien quant a la dimension de la famille. Ce bilan est ensuite compare a deux situations de repere : celle ou le niveau de vie est independant du nombre d'enfants (situation denommee parite familiale) et celle ou les parents assument l'integralite des charges entrainees par leurs entants. La principale conclusion de l'article est la suivante : le developpement de l'activite professionnelle feminine entraine une augmentation du cout global de l'enfant et necessite, pour que soit maintenue egale la part des charges familiales compensee par la legislation, une intensification de la politique familiale prise au sens large. Les disparites dans la facon dont la legislation traite differentiellement les couples selon le nombre d'enfants sont beaucoup plus marquees suivant le choix professionnel de l'epouse et le niveau de son salaire que suivant le salaire du mari.
When to Cross the Spread? Trading in Two-Sided Limit Order Books
In this paper the problem of optimal trading in illiquid markets is addressed when the deviations from a given stochastic target function describing, for instance, external aggregate client flow are penalized. Using techniques of singular stochastic control, we extend the results of [F. Naujokat and N. Westray, Math. Financ. Econ., 4 (2011), pp. 299--335] to a two-sided limit order market with temporary market impact and resilience, where the bid ask spread is now also controlled. In addition to using market orders, the trader can also submit orders to a dark pool. We first show existence and uniqueness of an optimal control. In a second step, a suitable version of the stochastic maximum principle is derived which yields a characterization of the optimal trading strategy in terms of a nonstandard coupled forward-backward stochastic differential equation (FBSDE). We show that the optimal control can be characterized via buy, sell, and no-trade regions. The new feature is that we now get a nondegenerate no-...