What explains stock markets'vulnerability to the 2007-2008 crisis ?

This paper examines the determinants of stock markets'vulnerability to the 2007-2008 crisis. Given that the United States (US) was the crisis epicenter, the authors analyze the factors driving the co-movement between US returns and stock returns in 83 countries. The analysis distinguishes between the period before and after the collapse of Lehman Brothers. The findings indicate that the main channel of transmission was financial. There is also evidence of a"wake-up call"or"demonstration effect"in the first stage of the crisis, because countries with vulnerable banking and corporate sectors exhibited higher co-movement with the US market. However, despite a collapse in trade across countries, the analysis does not find support for this channel of transmission.Debt Markets,Mutual Funds,Markets and Market Access,Economic Theory&Research,Emerging Markets

Adaptive Robust Vehicle Motion Control for Future Over-Actuated Vehicles

International audienceMany challenges still need to be overcome in the context of autonomous vehicles. These vehicles would be over-actuated and are expected to perform coupled maneuvers. In this paper, we first discuss the development of a global coupled vehicle model, and then we outline the control strategy that we believe should be applied in the context of over-actuated vehicles. A gain-scheduled H ∞ controller and an optimization-based Control Allocation algorithms are proposed. High-fidelity co-simulation results show the efficiency of the proposed control logic and the new possibilities that could offer. We expect that both car manufacturers and equipment suppliers would join forces to develop and standardize the proposed control architecture for future passenger cars