HAL Id: hal-00276219
https://hal.archives-ouvertes.fr/hal-00276219
Submitted on 28 Apr 2008
HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
Le New Deal for Young People: des évaluations contrastées
Lucie Davoine
To cite this version:
Lucie Davoine. Le New Deal for Young People: des évaluations contrastées. Travail et Emploi, DARES, 2005, 101, p. 7-19. �hal-00276219�
$GPLUp SRXU VRQ IDLEOH WDX[ GH FK{PDJH OH 5R\DXPH8QLGH7RQ\%ODLUFRQVWLWXHXQ©PRGqOHª GRQWEHDXFRXSIRQWO¶pORJHHQ(XURSH/(%28&+(5 3DUPLOHVH[SOLFDWLRQVDYDQFpHVGHFHVXFFqV
¿JXUHQW OHV SROLWLTXHV G¶HPSORL OHV1HZ 'HDOV
©1RXYHOOHV GRQQHVª HW HQ SDUWLFXOLHU OD SROLWLTXH G¶HPSORL SRXU OHV MHXQHV /DQFp HQ DYULO OH 1HZ'HDOIRU<RXQJ3HRSOH1'<3V¶DGUHVVHDX[
MHXQHV kJpV GH j DQV TXL VRQW DX FK{PDJH GHSXLV VL[ PRLV &H SURJUDPPH GRLW OHV DLGHU j VXUPRQWHU OHV EDUULqUHV TX¶LOV SHXYHQW UHQFRQWUHU VXU OH PDUFKp GX WUDYDLO ,O D FRQVWLWXp XQH GHV PHVXUHVSKDUHGHODSUHPLqUHOpJLVODWXUHWUDYDLOOLVWH HQ *UDQGH%UHWDJQH 'H QRPEUHX[ FHQWUHV GH UHFKHUFKHIXUHQWWUqVUDSLGHPHQWLPSOLTXpVGDQVVRQ pYDOXDWLRQ+$6/8&./HXUVSUHPLHUVUpVXO WDWV GLVSRQLEOHV SHX GH WHPSV DSUqV OH ODQFHPHQW QDWLRQDO GX 1'<3 UHVWDLHQW ELHQ VU SURYLVRLUHV LOVPpULWDLHQWG¶rWUHFRPSOpWpVSDUGHVDQDO\VHVVXU SOXV ORQJXH SpULRGH TXH OHV FKHUFKHXUV EULWDQQL TXHVRQWUpFHPPHQWSXEOLpHV6L[DQVDSUqVODPLVH HQ°XYUHGXSURJUDPPHO¶KHXUHHVWGpVRUPDLVDX ELODQRXWUH0DQFKH
(YDOXHU QpFHVVLWH GH FRQQDvWUH OHV REMHFWLIV GX SURJUDPPHSRXUVDYRLUVLOHVHIIHWVREVHUYpVFRUUHV SRQGHQWDX[HIIHWVDWWHQGXV/DSUHPLqUHSDUWLHGH FHW DUWLFOH GpYRLOH DLQVL OHV WKpRULHV FRQFHSWV HW FUR\DQFHVG¶RULJLQHVGLYHUVHVTXLRQWSXVRXWHQLU O¶DFWLRQ GX JRXYHUQHPHQW HQ PDWLqUH G¶HPSORL 4XRLTX¶RQHQSHQVHLOFRQYLHQWGHSUHQGUHDXPRW FHV UpIpUHQWLHOV GH O¶DFWLRQ SXEOLTXH SRXU pYDOXHU OH1'<3&¶HVWHQJDUGDQWjO¶HVSULWFHVREMHFWLIV LPSOLFLWHVRXH[SOLFLWHVTXHQRXVSDVVHURQVHQVXLWH
HQUHYXHOHVpWXGHVEULWDQQLTXHVTXLRQWWHQWpG¶HV WLPHU O¶LPSDFW GX SURJUDPPH VXU OHV WUDMHFWRLUHV GHV EpQp¿FLDLUHV HW VXU O¶HQVHPEOH GH O¶pFRQRPLH 'DQVFHFKDPSFRPPHGDQVG¶DXWUHVOHVUpVXOWDWV VRQWHQSDUWLHGpSHQGDQWVGHVPpWKRGHVG¶pYDOXD WLRQUHWHQXHV1RXVVHURQVGRQFDPHQpVjGLVFXWHU OD SHUWLQHQFH GHV FKRL[ PpWKRGRORJLTXHV GH FKHU FKHXUVEULWDQQLTXHV
iÊ iÜÊi>ÊvÀÊ9Õ}Ê*i«iÊ\Ê`iÃÊÀ}iÃÊ`ÛiÀÃiÃ
1Ê«À}À>iÊiLj>̵ÕiÊ`ÕÊ7iv>ÀiÊ ÌÊ7Ào
/H1'<3VHSUpVHQWHFRPPHXQHFRPELQDLVRQ G¶DLGHjODUHFKHUFKHG¶HPSORLSHUVRQQDOLVpHGH VDQFWLRQV HW GH PHVXUHV YLVDQW j IDYRULVHU O¶HP SOR\DELOLWp SDU OD IRUPDWLRQ RX GHV H[SpULHQFHV GHWUDYDLO$SUqVVL[PRLVGHFK{PDJHOHVMHXQHV GRLYHQWSDUWLFLSHUDX*DWHZD\HWGLVFXWHUDYHFOHXU 1HZ'HDO3HUVRQDO$GYLVRU1'3$YRLUHQFDGUp XQFRQVHLOOHUSHUVRQQHOTXLIRXUQLWHVVHQWLHOOH PHQWGHVLQIRUPDWLRQVVXUOHVRIIUHVG¶HPSORLGHV FRQVHLOVSUDWLTXHVVXUODUHFKHUFKHG¶HPSORLGHV ELODQV GH FRPSpWHQFHV HW GHV H[SOLFDWLRQV VXU OH IRQFWLRQQHPHQWGX1'<3/HVMHXQHVHQJUDQGH GLI¿FXOWpSHXYHQWHQRXWUHEpQp¿FLHUGHVVHUYLFHV G¶DLGH VRFLDOH SRXU IDLUH IDFH j GHV SUREOqPHV GDQV GH QRPEUHX[ GRPDLQHV ORJHPHQW VDQWp HQGHWWHPHQW
,E.EW$EALFOR9OUNG0EOPLE DESÏVALUATIONSCONTRASTÏES
,UCIE$AVOINE
,ES£VALUATIONSBRITANNIQUESDU.EW$EALFOR9OUNGPEOPLEENFONTUNBILANMITIG£,E.$90R£DUIT LECH¯MAGEDELONGTERMEMAISLASITUATIONDESB£N£lCIAIRESRESTEPR£CAIREÍLASORTIEDUPROGRAMME ,E.$90GARANTITRAREMENTUNEMPLOIDEQUALIT£ETILRENFORCESOUVENTLESIN£GALIT£SSURLEMARCH£
DUTRAVAIL%NEFFETLESSANCTIONSTOUCHENTAUSEINDUPROGRAMMELESJEUNESLESPLUSD£FAVORIS£S ,ESSERVICESDELEMPLOILEURPROPOSENTDESOPTIONSMOINSPOPULAIRESQUID£BOUCHENTRAREMENTSUR UNEMPLOIETQUINEPARAISSENTPASTOUJOURSADAPT£ESÍLEURSDIFlCULT£S0ARAILLEURSLASEGMENTATION DUMARCH£DUTRAVAILETLESCONTRASTESENTRELESR£GIONSDU3UDETDE.ORDDELA'RANDE"RETAGNE OÂLEMPLOIFAITCRUELLEMENTD£FAUTSONTPERSISTANTS,ARTICLED£VELOPPELESTH£ORIESETLESCONCEPTS Í LORIGINE DU PROGRAMME PUIS DISCUTE LES M£THODES D£VALUATION UTILIS£ES PAR LES CHERCHEURS BRITANNIQUES
0$7,66(8QLYHUVLWp3DULV±&156GDYRLQHOXFLH#ZDQDGRRIU&HWDUWLFOHV¶LQVFULWGDQVOHFDGUHG¶XQHWKqVHHQFRXUVHWGDQV OHSURORQJHPHQWG¶XQPpPRLUHGH'($'DYRLQH/¶DXWHXUHVRXKDLWHUHPHUFLHU&KULVWLQH(UKHO0$7,66(8QLYHUVLWp3DULV HW)ORUHQFH/HIUHVQH,5(6SRXUOHXUVFRQVHLOV
6LOHMHXQHFK{PHXUQ¶DSDVWURXYpG¶HPSORLQRQ VXEYHQWLRQQpDXWHUPHGHVTXDWUHPRLVGDQVOH
*DWHZD\LOVHYRLWSURSRVHUTXDWUHSRVVLELOLWpVRX
©RSWLRQVª
± XQ HPSORL VXEYHQWLRQQp GDQV XQH HQWUHSULVH GX VHFWHXUSULYpGLW6XEVLGLVHG(PSOR\PHQW6(
± XQ VWDJH GDQV XQH RUJDQLVDWLRQ EpQpYROH GLW 9ROXQWDU\6HFWRU96
± XQ VWDJH GDQV XQH pTXLSH FKDUJpH GH SURMHWV WRXFKDQW j O¶HQYLURQQHPHQW GLW(QYLURQPHQW 7DVN )RUFH(7)
± XQH IRUPDWLRQ j SOHLQ WHPSV GLWH )XOO7LPH (GXFDWLRQDQG7UDLQLQJ)7(7
/HV WURLV SUHPLqUHV RSWLRQV SHXYHQW GXUHU VL[
PRLVODGHUQLqUHXQDQ/RUVTX¶LOHQWUHGDQVOHVWURLV GHUQLqUHVRSWLRQVOHMHXQHFRQWLQXHjSHUFHYRLUO¶DO ORFDWLRQ GH UHFKHUFKH G¶HPSORL j ODTXHOOH V¶DMRXWH XQH UpPXQpUDWLRQ IRUIDLWDLUH GH /LYUHV SDU VHPDLQHSRXUXQWUDYDLOGDQVOH9ROXQWDU\6HFWRURX O¶(QYLURQPHQW 7DVN )RUFH /¶HQWUHSULVH GX VHFWHXU SULYp HVW FKDUJpH GH UpPXQpUHU OH MHXQH PDLV HOOH UHoRLWXQHVXEYHQWLRQGH/LYUHVSDUVHPDLQHHWGH /LYUHVSRXUODIRUPDWLRQSHQGDQWOHVVL[PRLV /HMHXQHSHXWHQHIIHWEpQp¿FLHUG¶XQHMRXUQpHGH IRUPDWLRQ SDU VHPDLQH7RXWHV OHV RSWLRQV GRLYHQW GpERXFKHU VXU XQH TXDOL¿FDWLRQ UHFRQQXH SDU OH V\VWqPH1DWLRQDO9RFDWLRQDO4XDOL¿FDWLRQ194 6L OH MHXQH Q¶D SDV WURXYp G¶HPSORL DX WHUPH GH O¶RSWLRQLOSHXWHQWUHUGDQVXQHSpULRGHGLWH)ROORZ 7KURXJKRLOUHoRLWGHQRXYHDXXQHDLGHLQWHQVLYH
GX1'3$HQYXHGHWURXYHUXQHPSORLRXGHSDUWL FLSHUjXQHRSWLRQ
/HV MHXQHV TXL UHIXVHQW GH SDUWLFLSHU DX SURJUDPPH TXL QH VH UHQGHQW SDV DX[ HQWUHWLHQV SHQGDQWOH*DWHZD\RXTXLQHYHXOHQWSDVSDUWLFLSHU jO¶RSWLRQSURSRVpHVHYRLHQWUHWLUHUOHXUDOORFDWLRQ FK{PDJHSHQGDQWXQHSpULRGHGHGHX[VHPDLQHVOD GHX[LqPHVDQFWLRQVHWUDGXLWSDUXQUHWUDLWGHTXDWUH VHPDLQHV HW OHV VXLYDQWHV SDU XQ UHWUDLW GH YLQJW VL[ VHPDLQHV 3RXU *RUGRQ %URZQ &KDQFHOLHU GH O¶pFKLTXLHU©LO Q¶\ D SDV GH FLQTXLqPH RSWLRQ TXL FRQVLVWHUDLWjUHVWHUFKH]VRLHQSHUFHYDQWOHVDOORFD WLRQVª$OD¿QGHVDQQpHVEHDXFRXSV¶LQ TXLpWDLHQW GH OD SURSRUWLRQ GH MHXQHV TXL Q¶pWDLHQW QLjO¶pFROHQLHQHPSORLLOVFRUUHVSRQGDLHQWj GHV MHXQHV DX 5R\DXPH8QL HQ PDLV j HQ(QFHWWHSURSRUWLRQpWDLWGHDX[
eWDWV8QLVGHHQ$OOHPDJQHGHHQ)UDQFH HWGHHQ,WDOLH%/$1&+)/2:(5)5((0$1 /¶LGpH TXH OHV MHXQHV EULWDQQLTXHV QH VHUDLHQW SDV LQFLWpVjWUDYDLOOHUDIDLWVRQFKHPLQHWOHJRXYHUQH PHQWWUDYDLOOLVWHDUHSULVjVRQFRPSWHODSHXUG¶XQH
©WUDSSH j LQDFWLYLWpª TXL UHVWH j GpPRQWUHU PDLV TXL MXVWL¿H O¶H[LVWHQFH GH VDQFWLRQV &HV GHUQLqUHV VHPEOHQW G¶DXWDQW SOXV DFFHSWDEOHV DX[ \HX[ GHV EULWDQQLTXHVTXHOH3UHPLHUPLQLVWUHLQVFULWOH1'<3 GDQVXQHORJLTXH©GRQQDQWGRQQDQWªR©O¶eWDWVH GRLWG¶RIIULUGHVRSSRUWXQLWpVDX[MHXQHVPDLVFHX[
FLRQWHQUHWRXUO¶REOLJDWLRQGHOHVVDLVLUª(Q G¶DXWUHVWHUPHVLOPDQLHODFDURWWHHWOHEkWRQ/H
%NCADRÏ
ÃÃ>ÀiÊ`ÕÊ 9*
3IGLE 3IGNIlCATIONETTRADUCTION
%4& %NVIRONMENTAL4ASK&ORCE%QUIPECHARGÏEDEPROJETSTOUCHANTËLENVIRONNEMENT
&4%4 &ULL4IME%DUCATIONAND4RAINING%TUDESOUFORMATIONËTEMPSPLEIN )&3 )NSITUTEFOR&ISCAL3TUDIES)NSTITUTDÏTUDESlSCALES
*3! *OBSEEKERS!LLOWANCE!LLOCATIONDERECHERCHEDEMPLOI
,%# ,OCAL%NTERPRISE#OUNCIL#ONSEILCHARGÏDELAFORMATIONPROFESSIONNELLEEN%COSSE .$0! .EW$EAL0ERSONAL!DVISOR#ONSEILLERPERSONNELDANSLECADREDU.EW$EAL .$90 .EW$EALFOR9OUNG0EOPLE.OUVELLE$ONNEPOURLESJEUNES
.)%32 .ATIONAL)NSTITUTEOF%CONOMICSAND3OCIAL2ESEARCH)NSTITUTNATIONALDERECHERCHESÏCONOMIQUESETSOCIALES .61 .ATIONAL6OCATIONAL1UALIlCATION#ERTIlCATIONNATIONALEDESQUALIlCATIONSPROFESSIONNELLES
03) 0OLICY3TUDIES)NSTITUTE)NSTITUTDÏTUDESDESPOLITIQUES 3% 3UBSIDISED%MPLOYMENT%MPLOISUBVENTIONNÏ
4%# 4RAINING%NTREPRISE#OUNCIL#ONSEILCHARGÏDELAFORMATIONPROFESSIONNELLE 45# 4RADE5NION#ONGRESS#ONFÏDÏRATIONSYNDICALE
63 6OLUNTARY3ECTOR"ÏNÏVOLAT
%XGJHWVSHHFKFLWpSDU3(&.
'LVFRXUVGH7RQ\%ODLUDX$\OHVEXU\(VWDWH6RXWKZDUNMXLQFLWpSDU3(&.
1'<3 IXW OH VHXO SURJUDPPH WUDYDLOOLVWH FRQWUDL JQDQWGqVVRQRULJLQHPDLVLORIIUHSOXVG¶RSWLRQV TXH OHV DXWUHV GLVSRVLWLIV OHV1HZ 'HDOV SRXU OHV SDUHQWVLVROpVOHVSOXVGHDQVRXOHVFK{PHXUVGH ORQJXH GXUpH$LQVL SOXV TXH G¶DXWUHV PHVXUHV OH 1'<3FRQFUpWLVHODORJLTXHGX:HOIDUHWR:RUNGX PRLQVFHOOHTXLWUDQVSDUDvWjWUDYHUVOHVGLVFRXUVGH 7RQ\%ODLU/¶eWDW3URYLGHQFHZHOIDUHGRLWLQFLWHU j JDUGHU RX UHSUHQGUH XQ HPSORL WR ZRUN &H SURJUDPPHV¶LQVFULWGDQVOHFDGUHGHVUpIRUPHVTXL YLVHQWj©DFWLYHUªOHV\VWqPHG¶LQGHPQLVDWLRQHWj
©UHQGUHOHWUDYDLOSD\DQWªHWVXLWDLQVLOHVUHFRP PDQGDWLRQVGHO¶2&'(/DSURJUHVVLRQG¶XQ LPS{WQpJDWLISRXUOHVIDPLOOHVGRQWXQGHVPHPEUHV WUDYDLOOH:RUNLQJ)DPLOLHV7D[&UHGLWFRQVWLWXHXQ YROHWWRXWDXVVLLPSRUWDQWGX:HOIDUHWR:RUN oʵÕÊÛÃiÊDÊÌiÀiÊ>Ê`ÕÌÊ
`ÕÊÌ>ÕÝÊ`iÊV >}iÊ`½jµÕLÀi
/HVSURJUDPPHVWUDYDLOOLVWHVV¶LQVSLUHQWGHVLGpHV GpYHORSSpHV SDU OH VRFLRORJXH $QWKRQ\ *,''(16 GpIHQVHXUG¶XQH©7URLVLqPHYRLHªHQWUHODVRFLDOH GpPRFUDWLHWUDGLWLRQQHOOHHWOHOLEpUDOLVPH*,''(16HW
%/$,58QHUpIOH[LRQSURSUHPHQWpFRQRPLTXH DDXVVLSXVHUYLUGHFDXWLRQDXSURJUDPPH5LFKDUG /$<$5'XQGHVSqUHVGXPRGqOH:DJH6HWWLQJ3ULFH 6HWWLQJ :636 IXW HQ HIIHW QRPPp FRQVHLOOHU pFRQRPLTXHDX0LQLVWqUHGHO¶(PSORLHWGHO¶(GXFD WLRQPRLQVGHGHX[PRLVDSUqVODYLFWRLUHpOHFWRUDOH GHVWUDYDLOOLVWHV%$5%,(5/HPRGqOH:636 /$<$5'HW1,&.(//YLVHjGpWHUPLQHUOHWDX[
GHFK{PDJHG¶pTXLOLEUHGDQVXQFDGUHGHFRQFXUUHQFH LPSDUIDLWH HQ LQWURGXLVDQW OH U{OH GHV LQVWLWXWLRQV GX PDUFKp GX WUDYDLO HQ SDUWLFXOLHU OHV DOORFDWLRQV FK{PDJH HW OHV V\QGLFDWV WHQXV SRXU UHVSRQVDEOHV GHVDODLUHVpOHYpVTXLGLVVXDGHUDLHQWOHVHPSOR\HXUV G¶HPEDXFKHU GHV FK{PHXUV 'DQV VHV DUWLFOHV SXEOLpVHQHW5/$<$5'VRXWLHQWTXHOHV MHXQHV FK{PHXUV HW OHV FK{PHXUV GH ORQJXH GXUpH VDQV FRPSpWHQFH QL PRWLYDWLRQ QH VRQW SDV DVVH]
©FRPSpWLWLIVªVXUOHPDUFKpGXWUDYDLO(QG¶DXWUHV WHUPHVLOVQHVRQWSDVGHVRXWVLGHUVWUqVLQTXLpWDQWV SRXUOHVLQVLGHUVOHVVDODULpVHQSODFHGpIHQGXVSDU OHV V\QGLFDWV 'DQV FH VFKpPD OH 1'<3 YLVHUDLW j UHQGUH OHV FK{PHXUV SOXV ©HPSOR\DEOHVª DX[
\HX[GHVHPSOR\HXUVHWSOXV©GDQJHUHX[ªSRXUOHV LQVLGHUVTXLVHUDLHQWLQFLWpVjGLPLQXHUOHXUVSUpWHQ WLRQV VDODULDOHV /H 1'<3 SRXUUDLW DLQVL SHUPHWWUH XQHH[SDQVLRQGHO¶pFRQRPLHVDQVSUHVVLRQLQÀDWLRQ QLVWH/$<$5'VRXWLHQWHQRXWUHTXHOHVHIIHWV GH VXEVWLWXWLRQ HW G¶DXEDLQH TXH SHXYHQW HQJHQGUHU OHV SROLWLTXHV GH O¶HPSORL QH VRQW SDV XQ SUREOqPH PDMHXU HOOHV WRXFKHQW GHV VDODULpV TXL SHXYHQW UHWURXYHU IDFLOHPHQW XQ HPSORL DORUV TXH OHV SROL WLTXHVEpQp¿FLHQWjGHVFK{PHXUVGHORQJXHGXUpH /H 1'<3 VHUDLW GRQF XQH PHVXUH FRQWUH VpOHFWLYH
TXL YLVH j UpDUUDQJHU OD ¿OH G¶DWWHQWH HW j IDYRULVHU OH ©WXUQRYHUª PDLV FHWWH PHVXUH SHXW DYRLU XQH LQÀXHQFHLQGLUHFWHVXUOHYROXPHGHO¶HPSORLYLDXQH SUHVVLRQjODEDLVVHVXUOHVVDODLUHV
/HV PHPEUHV GX JRXYHUQHPHQW WUDYDLOOLVWH pYRTXHQW UDUHPHQW FHV HQFKDvQHPHQWV PDFURpFR QRPLTXHVSRXUSURPRXYRLUOHXUSURJUDPPHQLOHV DUJXPHQWVSOXVFODVVLTXHVGHO¶LQWpUrWSUpVXPpG¶XQ PDUFKpGXWUDYDLOÀH[LEOH,OVLQVFULYHQWQpDQPRLQV OH1'<3GDQVXQKRUL]RQRO¶HPSORLHVWLQVWDEOH (Q IpYULHU ORUV G¶XQH FRQIpUHQFH GX * VXU O¶HPSORL 0 %OXQNHW 0LQLVWUH GH O¶HPSORL HW GH O¶pGXFDWLRQG¶DORUVDH[SOLTXpjVHVFROOqJXHVTXH OH1'<3DYDLWSRXUEXWGH©SUpSDUHUOHVLQGLYLGXV jV¶DGDSWHUDX[QRXYHOOHVFLUFRQVWDQFHVjDFFHSWHU OH Gp¿ WHFKQRORJLTXH j VH IRUPHU WRXW DX ORQJ GH OHXUYLHFDUOHVJHQVSHXYHQWFKDQJHUGHWUDYDLOVL[
VHSW KXLW IRLV DX FRXUV GH OHXU FDUULqUHª /D
©7URLVLqPH9RLHªQ¶HQWHQGSDVSHVHUVXUODQDWXUH GHV HPSORLV RIIHUWV HW OHV SHUVSHFWLYHV G¶DYHQLU TX¶RIIUHOHPDUFKp*$=,(5
1iÊÕÛiiÊÃÌÀ>Ìj}iÊÊ
«ÕÀÊiÊ,Þ>Õi1ʶ
/D ©7URLVLqPH 9RLHª VH SUpVHQWH FRPPH XQ
©UHQRXYHDXGHODVRFLDOGpPRFUDWLHªXQHUpSRQVH QRYDWULFHDX[SUREOqPHVFRQWHPSRUDLQV/HVSROLWL TXHVG¶HPSORLEULWDQQLTXHVDI¿FKHQWG¶DLOOHXUVOHXU QRXYHDXWpMXVTXHGDQVOHXUQRP©1HZª'HDO,OHVW YUDLTXHFHUWDLQVpOpPHQWVGX1'<3Q¶H[LVWDLHQWSDV GDQV OHV SUpFpGHQWV SURJUDPPHV j QRWUH FRQQDLV VDQFHGXPRLQVOH1'3$FRQVHLOOHUSHUVRQQHOOD SRVVLELOLWp G¶XQH IRUPDWLRQ j WHPSV SOHLQ SHQGDQW XQDQHWODSpULRGHGH)ROORZ7KURXJK
/H1'<3UHVVHPEOHQpDQPRLQVjXQDVVHPEODJH GH PHVXUHV DQFLHQQHV /¶RSWLRQ ©(PSORL VXEYHQ WLRQQpª6(V¶LQVFULWGDQVODOLJQpHGHVVWDJHVGDQV OHVHFWHXUPDUFKDQGTXLVHVRQWGpYHORSSpVDXFRXUV GHV DQQpHV DX GpWULPHQW GH O¶DSSUHQWLVVDJH 5<$1GDQVOHFDGUHG¶XQ©GpPDQWqOHPHQW GHV PDUFKpV SURIHVVLRQQHOV DX 5R\DXPH8QLª HW GDQV©XQHORJLTXHGHÀH[LELOLVDWLRQGXVDODLUHGLUHFW GHV MHXQHVª /()5(61( &HV VWDJHV pWDLHQW GpMjDVVRUWLVGHSpULRGHVGHIRUPDWLRQHWGHVXEYHQ WLRQ SRXU O¶HPSOR\HXU /¶RSWLRQ 6( UHVVHPEOH HQ SDUWLFXOLHUDX<RXWK7UDLQLQJ6FKHPHFUppHQ HWGHVWLQpDX[MHXQHVGHjDQVPDLVDXVVLDX SURJUDPPH(PSOR\PHQW7UDLQLQJPLVHQSODFHHQ HW RXYHUW DX[ MHXQHV GH j DQV TXL RQW FRQQXVL[PRLVjXQDQGHFK{PDJHHWDX[DGXOWHV TXL RQW FRQQX GHX[ DQV GH FK{PDJH 4XDQW DX[
RSWLRQVGDQVOHVHFWHXUQRQPDUFKDQGHOOHVQHVRQW SDVFRPSOqWHPHQWQRXYHOOHVGDQVOHPRGqOHEULWDQ QLTXH GHV SROLWLTXHV G¶HPSORL OHV JRXYHUQHPHQWV FRQVHUYDWHXUV HXUHQW DXVVL UHFRXUV DX VHFWHXU QRQ
3RXUXQHSUpVHQWDWLRQFULWLTXHYRLU(5+(/=$-'(/$
&LWpSDU'(%((5
PDUFKDQGHVVHQWLHOOHPHQWjWUDYHUVOH&RPPXQLW\
3URJUDPPH
/¶DVSHFWFRQWUDLJQDQWGX1HZ'HDOV¶LQVFULWGDQV ODOLJQpHGHVUpIRUPHVGHHWGHTXLRQW LQVWDXUpXQFRQWU{OHUHQIRUFpGHVFK{PHXUVHWXQH SDUWLFLSDWLRQREOLJDWRLUHjFHUWDLQVSURJUDPPHV/H :HOIDUHWRZRUNV¶LQVSLUHGX:RUNIDUHDSSDUXGDQV OHVDQQpHVPrPHVLFHWHUPHHVWUHMHWpSDUOHV FRQVHUYDWHXUVSRXUTXLO¶eWDWQHSHXWMRXHUOHU{OH GHO¶HPSOR\HXUHQGHUQLHUUHVVRUW/()5(61(
/HSURJUDPPH1'<3DDLQVLUHWHQXGHQRPEUHX[
pOpPHQWV GH SURJUDPPHV SOXV DQFLHQV HW V¶DSSXLH VXUOHVUpIRUPHVOLEpUDOHVGHVSUpFpGHQWVJRXYHUQH PHQWV-RE6HHNHU¶V$OORZDQFHPDLVDXVVL7UDLQLQJ (QWHUSULVH &RXQFLO 7(& HW /RFDO (QWHUSULVH
&RXQFLO /(& HQ eFRVVH GHV VRFLpWpV FKDUJpHV G¶DQLPHUXQPDUFKpORFDOGHODIRUPDWLRQSURIHVVLRQ QHOOH&HWWHPLVHHQSHUVSHFWLYHKLVWRULTXHGX1'<3 FRQIRUWHOHVWKqVHVGH0$/,Ê5(HWGH',;21 SRXUTXL7RQ\%ODLUHVWXQ©GLJQHKpULWLHUª GH 0PH 7KDWFKHU 4XHOTXHV LQÀH[LRQV PpULWHQW WRXWHIRLVG¶rWUHVRXOLJQpHV/HV7(&VHW/(&VRQW pWpUHPSODFpVHQSDUOHV/RFDO/HDUQLQJDQG 6NLOOV &RXQFLOV FKDUJpV GH PHWWUH HQ °XYUH OHV LQVWUXFWLRQVGXFRQVHLOFHQWUDOUHVSRQVDEOHGX¿QDQ FHPHQWHWGHVRULHQWDWLRQVHQPDWLqUHGHIRUPDWLRQ /HJRXYHUQHPHQWWUDYDLOOLVWHYHXWDLQVLURPSUHDYHF ODORJLTXH©PDUFKDQGHªHW©GpFHQWUDOLVDWULFHªGHV JRXYHUQHPHQWVFRQVHUYDWHXUV,ODSDUDLOOHXUVWHQX jLPSOLTXHUOHVV\QGLFDWVFKDUJpVGHYpUL¿HUTXHOHV HPSOR\HXUVUHVSHFWHQWOHXUVHQJDJHPHQWV,OV¶DJLW G¶XQH ©VROOLFLWDWLRQ QRXYHOOHª /()5(61(
GDQVODPHVXUHROH7UDGHV8QLRQ&RQJUHVV78&
DYDLWpWppFDUWpGHODPLVHHQRXYUHGHVSROLWLTXHV G¶HPSORLVRXVODSpULRGHFRQVHUYDWULFH
(Q Gp¿QLWLYH OD ORJLTXH GX 1'<3 UHVWH FHOOH G¶XQHLQVHUWLRQUDSLGHHWFRQWUDLQWHVXUXQPDUFKp GXWUDYDLOÀH[LEOH,OV¶DJLWG¶XQHSROLWLTXHD[pHVXU O¶RIIUHGHWUDYDLOGDQVODWUDGLWLRQGXPRGqOHEULWDQ QLTXH GHV SROLWLTXHV G¶HPSORL /()5(61(
0DLVVDOpJLWLPLWpSURYLHQWDXVVLGHODFRQYHUJHQFH GH GLIIpUHQWV UpIpUHQWLHOV GH O¶DFWLRQ SXEOLTXH DSSDUXVGDQVOHVDQQpHVHWSDUPLOHVTXHOVVH WURXYHQW OHV DUWLFOHV HW RXYUDJHV GH 5 /$<$5' HW
$*,''(16 /D SHUWLQHQFH GH WHOOHV WKpRULHV SHXW GpVRUPDLV VH PHVXUHU j WUDYHUV OHV VXFFqV HW OHV pFKHFVGX1'<3
½«>VÌÊ`ÕÊ 9*ÊÃÕÀÊÊiÃÊÌÀ>iVÌÀiÃÊ`iÃÊLjjwV>Àià /HJRXYHUQHPHQWV¶pWDLWHQJDJpjDLGHU MHXQHVjWURXYHUXQHPSORLJUkFHDX1'<3SHQGDQW ODSUHPLqUHOpJLVODWXUH/HQRPEUHGHMHXQHVD\DQW WURXYp XQ HPSORL DSUqV OH 1'<3 D SHUPLV G¶DI
¿UPHUTXHO¶REMHFWLI¿[pSDUOHJRXYHUQHPHQWpWDLW DWWHLQW$OD¿QGHPDUVMHXQHVVRQW HQWUpVGDQVOH1'<3HWO¶RQWTXLWWp3DUPL
FHX[ FL RQW WURXYp XQ HPSORL QRQVXEYHQ WLRQQp 78& 3RXU GHV EpQp¿FLDLUHV OHV VHUYLFHV VRFLDX[ HW VWDWLVWLTXHV QH FRQQDLV VHQW SDV O¶LVVXH GX 1'<3 8Q UDSSRUW FRPPDQGp SDU OH 6HUYLFH GH O¶HPSORL TXL V¶LQTXLpWDLW GH FH GHUQLHU FKLIIUH VRXOLJQH QpDQPRLQV TX¶XQH SDUWLH GHV MHXQHV GRQW RQ SHUG OD WUDFH VRQW HQ HPSORL
&2//,16HWDO/HWDX[GHUHWRXUHQHPSORL GRQQp SDU FHV VWDWLVWLTXHV ©EUXWHVª QH SHXW WRXWH IRLVrWUHHQWLqUHPHQWDWWULEXpDX1'<3'HVEpQp
¿FLDLUHVDXUDLHQWSXUHWURXYHUXQHPSORLVDQVO¶DLGH GX 1'<3 /¶2&'( FUDLJQDLW G¶DLOOHXUV GHV HIIHWV G¶DXEDLQH DX PRPHQW GX ODQFHPHQW GX SURJUDPPHjOD¿QGHVDQQpHVDX5R\DXPH 8QLHQYLURQGHVMHXQHVD\DQWFRQQXVL[PRLV GHFK{PDJHWURXYHQWXQWUDYDLOGDQVOHVGRX]HPRLV TXL VXLYHQW ,O FRQYLHQW GRQF GH GpWHUPLQHU O¶HIIHW QHW GH OD PHVXUH VXU OHV WUDMHFWRLUHV GHV EpQp¿
FLDLUHV,OV¶DJLWHQG¶DXWUHVWHUPHVGHFRPSDUHUOD WUDMHFWRLUHHIIHFWLYHGHVSDUWLFLSDQWVjOHXUVLWXDWLRQ V¶LOVQ¶DYDLHQWSDVSDUWLFLSpDX1'<3&H©FRQWUH IDFWXHOª FH TXL HVW FRQWUDLUH DX[ IDLWV Q¶HVW SDV REVHUYDEOHPDLVGLYHUVHVPpWKRGHVWHQWHQWGHSDOLHU FH SUREOqPH 'H OD PrPH PDQLqUH O¶pYDOXDWLRQ PDFURpFRQRPLTXHQpFHVVLWHGHGpPrOHUO¶HQVHPEOH GHVIDFWHXUVTXLRQWSXFRQFRXULUjODGLPLQXWLRQGX FK{PDJHOHWDX[GHFK{PDJHGHVMHXQHVHVWSDVVp GHHQjHQ2&'(
&HWWHGLPLQXWLRQGHGHX[SRLQWVQ¶HVWSHXWrWUHSDV OH VHXO IDLW GX 1'<3 PDLV SHXW DXVVL V¶H[SOLTXHU SDUO¶DPpOLRUDWLRQGHODFRQMRQFWXUHRXODKDXVVH GHO¶LQDFWLYLWp,OIDXWVDYRLUTXHOHWDX[G¶DFWLYLWpD OXLDXVVLGLPLQXpSHQGDQWFHWWHSpULRGHHQ HWHQ2&'()DFHjFHV GRQQpHVO¶pYDOXDWLRQWHQWHGHQHSDVDWWULEXHUjWRUW XQHIIHWDX1'<31RWUHDSSURFKHFRQVLVWHUDSRXU FHOD j WLUHU SDUWL GH OD GLYHUVLWp GHV LQGLFDWHXUV HW GHVPpWKRGHVG¶pYDOXDWLRQYRLUHQFDGUp
iÃÊÌÀ>iVÌÀiÃÊ«ÀjV>ÀiÃÊ DÊ>ÊÃÀÌiÊ`iÃÊ`ëÃÌvÃ
'HQRPEUHX[WUDYDX[RQWWHQWpG¶pYDOXHUOHVSROL WLTXHVDFWLYHVGHO¶HPSORLHQHVWLPDQWXQHIRQFWLRQ GHPDWFKLQJTXLUHQGFRPSWHGHODTXDOLWpGHO¶DS SDULHPHQW HQWUH O¶RIIUH HW OD GHPDQGH GH WUDYDLO 'DQV XQH WHOOH PRGpOLVDWLRQ OH ÀX[ GH VRUWLH GX FK{PDJHGpSHQGGXWDX[G¶HPSORLYDFDQWGXWDX[
GHFK{PDJHHWGHO¶LQWHQVLWpGHVSROLWLTXHVDFWLYHV DXQLYHDXQDWLRQDORXORFDO/HVHVWLPDWLRQVGH5,/(<
HW <281* D GHX[ pFRQRPLVWHV GX1DWLRQDO ,QVWLWXWHRI(FRQRPLFDQG6RFLDO5HVHDUFK1,(65 VHSODFHQWGDQVFHFDGUHG¶DQDO\VH3DUPLOHVYDULD EOHVH[SOLFDWLYHVGHODIRQFWLRQGHPDWFKLQJLOVLQWUR GXLVHQWRXWUHODVLWXDWLRQGXPDUFKpGXWUDYDLOORFDO HWQDWLRQDOXQHYDULDEOHTXLUHQGFRPSWHGHO¶LQWHQ VLWp GX 1'<3 DX QLYHDX ORFDO (OOH HVW FDOFXOpH j SDUWLUGHODSDUWGHEpQp¿FLDLUHVGX1'<3SDUPLOHV FK{PHXUVGHODUpJLRQFHWWHSDUWpWDQWPXOWLSOLpHSDU
©O¶LQWHQVLWpGHVHQWUHWLHQVªpJDOHDXQRPEUHPR\HQ GHMRXUVROHVLQGLYLGXVVHVRQWHQWUHWHQXVDYHFOHXU
1'3$GLYLVpSDUOHQRPEUHPR\HQGHMRXUVSDVVpV GDQV OH SURJUDPPH /HV pTXDWLRQV VRQW HVWLPpHV SRXU GLIIpUHQWHV WUDQFKHV G¶kJH HW GLIIpUHQWHV GXUpHV GX FK{PDJH /¶HVWLPDWLRQ G¶XQH IRQFWLRQ GHPDWFKLQJ RX GH ÀX[ GH VRUWLH GH FK{PDJH HVW VRXYHQWXWLOLVpHGDQVOHFDGUHGHFRPSDUDLVRQVLQWHU QDWLRQDOHVjSDUWLUGHGRQQpHVQDWLRQDOHVDJUpJpHV HW DQQXHOOHV /H QRPEUH G¶REVHUYDWLRQV HVW DORUV
SOXVOLPLWpFHTXLPHWHQGRXWHOD¿DELOLWppFRQR PpWULTXHGHVUpVXOWDWV/¶XWLOLVDWLRQGHGRQQpHV UpJLRQDOHVHWPHQVXHOOHVSHUPHWj5,/(<HW<281*
D G¶pFKDSSHU j FHWWH FULWLTXH OHXU HVWLPD WLRQHVWEDVpHVXUREVHUYDWLRQVUpJLRQDOHVSRXU XQH SpULRGH GH PRLV V¶pWDODQW G¶DYULO j IpYULHUVRLWDXWRWDOREVHUYDWLRQV
%NCADRÏ
,jV>«ÌÕ>ÌvÊ`iÃÊjÌ `iÃÊ`½jÛ>Õ>ÌÊ`ÕÊ 9*
,EPRINCIPE 4YPEDEDONNÏES 2ÏFÏRENCES
%STIMATION DUNEFONCTION DEMATCHING LE mUX DE SORTIE DU CHÙMAGEDÏPENDDUTAUXDEMPLOIVACANTDUTAUXDECHÙMAGEET DELINTENSITÏDU.$90
$ONNÏESRÏGIONALESET MENSUELLESSOITAUTOTAL OBSERVATIONS
2),%9ET9/5.'A
)MPACT DANS LE CADRE DUNEMODÏLISATION MACROÏCONOMIQUE NOTAMMENTDETYPE7303
$ONNÏESAGRÏGÏESDE ËPOURLESTIMATION DE73
2),%9ET9/5.'B
-ÏTHODEDEDIFFÏRENCEDEDIFFÏRENCESILSUFlTDECALCULERLADIFFÏ RENCEENTRELETAUXDESORTIEAVANTETAPRÒSLINTRODUCTIONDU.$90 POUR LE GROUPE ÏLIGIBLE ET POUR LE GROUPE DE CONTRÙLE ,IMPACT DU .$90CORRESPONDËLADIFFÏRENCEENTRECESDEUXDIFFÏRENCES
5NPANELDECHÙMEURS APPELÏ*UVOS#OHORT
$ONNÏESJUSQUEN
7),+).3/.
,AMÏTHODE DE LESTIMATION PAR APPARIEMENT SUR LE SCORE DE PROPENSION)LSAGITDAPPARIERLESINDIVIDUSDUGROUPEDETRAITEMENT ET DU GROUPE DE CONTRÙLE SUR LE iSCORE DE PROPENSIONw CESTË DIRESURLABASEDELAPROBABILITÏESTIMÏEDEPARTICIPATIONSUIVANTLES CARACTÏRISTIQUESOBSERVÏES)LSUFlTENSUITEDECOMPARERLESGAINS
$ONNÏESADMINISTRATIVES INDIVIDUELLESQUIPEUVENT ÐTRECOMPLÏTÏESPARUN QUESTIONNAIRE
$/23%44
"/.*/52ETAL
5NECOMBINAISONDELADOUBLEDIFFÏRENCEETDELAPPARIEMENT LESTIMATEURDEiDIFFÏRENCEDEDIFFÏRENCESwPEUTÐTRECOMBINÏAVEC UNEMÏTHODEDAPPARIEMENTLINÏAIREDESMÏTHODESDAPPARIEMENT NONLINÏAIRES ET UNE MÏTHODE DAPPARIEMENT SUR PROPENSION DE SCORE
*UVOS#OHORTJUSQUEN ET.EW$EAL%VALUATION DATABASE
",5.$%,,ETAL
5NECOMBINAISON DE LA DOUBLE DIFFÏRENCE ET DE LESTIMATION DUNMODÒLEDEDURÏEËRISQUESCONCURRENTSPOURLEGROUPEDE CONTRÙLE ET POUR LE GROUPE ÏLIGIBLE ESTIMATION DE LA DURÏE PASSÏE AUCHÙMAGECONDITIONNELLEMENTAUTEMPSDÏJËPASSÏAUCHÙMAGE POURDEMULTIPLESDESTINATIONS
*UVOS#OHORTJUSQUEN -C6)#!2ET0/$)6).3+9
!UPRINTEMPSPARTICIPANTSFURENTINTERROGÏSENiFACEËFACEwPRÒSDEMOISAPRÒSLEUR ENTRÏEDANSLEDISPOSITIFËPARTIRDUNQUESTIONNAIREPRÏDÏlNIETCONSTITUÏENMAJORITÏDEQUESTIONS FERMÏES #ES MÐMES PARTICIPANTS FURENT SOLLICITÏS POUR UN DEUXIÒME ENTRETIEN UN AN PLUS TARD MAISSEULSENTRETIENSCONSTITUENTLADEUXIÒMEVAGUE#ESDEUXENQUÐTESSEPRÐTENTËDES ANALYSESSTATISTIQUESOáLAREPRÏSENTATIVITÏDELÏCHANTILLONESTASSURÏEETELLESONTDONNÏLIEUË DEUXRAPPORTSUNPOURCHAQUEVAGUE#EPANELFUTCOMPLÏTÏPARDEUXENQUÐTESSIMILAIRESAUPRÒS DEJEUNESÏCOSSAIS
"293/.ETAL
"/.*/52ETAL
"/.*/52ETAL
,ESENTRETIENSAPPROFONDISONTNOTAMMENTIMPLIQUÏDESCHERCHEURSDU.ATIONAL#ENTERFOR3OCIAL 2ESEARCH ,EURS ANALYSES ONT DONNÏ LIEU Ë DE NOMBREUX RAPPORTS %N MARS DATE DE LEUR DERNIERRAPPORTJEUNESAVAIENTÏTÏINTERROGÏSDANSLECADREDENTRETIENSINDIVIDUELS OUDE GROUPESDEDISCUSSIONS ETLEFURENTËTROISOUQUATREOCCASIONSPOURINTRODUIREUNEDIMEN SION LONGITUDINALE ,ES CHERCHEURS SOULIGNENT TOUTEFOIS QUE CET ÏCHANTILLON NA PAS ÏTÏ CONSTITUÏ POURASSURERUNECERTAINEREPRÏSENTATIVITÏENTREAUTRES,%'!2$ETAL/#/../2ETAL 0OURÏVALUERLIMPACTDESSANCTIONSUNERECHERCHECOMPLÏMENTAIREANÏCESSITÏENTRETIENS ENTRETIENSAVECDESCHÙMEURSSANCTIONNÏSAVECLEUR.$0!UNAVAITSANCTIONNÏDEUXJEUNES ETAVECDES/PTION0ROVIDERS#!.$9ETAL !CELASAJOUTENTDESÏTUDESDECASAUNIVEAU LOCALPOURÏTUDIERLAMISEENUVREDUPROGRAMME4(%4!6)34/#+).34)454%
#!.$9ETAL ,%'!2$ETAL
/#/../2ETAL
4(%4!6)34/#+).34)454%
9RLU(5+(/
'¶DSUqV FHV HVWLPDWLRQV OH 1'<3 D FHUWHV XQ LPSDFW VXU OH WDX[ GH VRUWLH GX FK{PDJH YHUV WRXW W\SHGH©GHVWLQDWLRQVªPDLVVRQLPSDFWVXUOHWDX[
GH VRUWLH GX FK{PDJH YHUV O¶HPSORL VXEYHQWLRQQp RXQRQQ¶HVWSDVDXVVLLPSRUWDQWHWVLJQL¿FDWLI6RQ LPSDFWVXUOHWDX[GHVRUWLHYHUVO¶HPSORL©QRUPDOª HVW HQFRUH SOXV IDLEOH 8QH SDUWLH GHV EpQp¿FLDLUHV VH GLULJHQW DLQVL YHUV GHV HPSORLV VXEYHQWLRQQpV RX YHUVO¶LQDFWLYLWp5,/(<HW<281*DXWLOLVHQWSDU DLOOHXUV OD PrPH PpWKRGH SRXU HVWLPHU O¶LPSDFW GX 1'<3VXUOHÀX[G¶HQWUpHDXFK{PDJHFHÀX[DXUDLW DXJPHQWpVRXVO¶HIIHWGX1'<3HQSDUWLHSDUOHUHWRXU DXFK{PDJHGHVMHXQHVTXLRQWSDUWLFLSpjXQHRSWLRQ /H1'<3GLPLQXHUDLWGRQFOHFK{PDJHGHORQJWHUPH PDLVDXJPHQWHUDLWOHFK{PDJHGHFRXUWWHUPH
/¶pYDOXDWLRQGX1'<3DDXVVLLPSOLTXpO¶,QVWLWXWH IRU )LVFDO 6WXGLHV ,)6 /D PpWKRGH G¶HVWLPDWLRQ GH 9$1 5((1(1 HW %/81'(//HW DO FKHUFKHXUV j O¶,)6 HVW DSSHOpH©HVWLPDWHXU SDU GLIIpUHQFHGHGLIIpUHQFHVª(OOHFRQVLVWHjFDOFXOHU OD GLIIpUHQFH HQWUH OH WDX[ GH VRUWLH DYDQW HW DSUqV O¶LQWURGXFWLRQ GX 1'<3 SRXU OH JURXSH pOLJLEOH HW SRXU OH JURXSH GH FRQWU{OH /¶LPSDFW GX 1'<3 FRUUHVSRQG j OD GLIIpUHQFH HQWUH FHV GHX[ GLIIp UHQFHV GLIIHUHQFHLQGLIIHUHQFHV HVWLPDWRU &HWWH PpWKRGH FRQWRXUQH OHV SUREOqPHV TXH SRXYDLHQW FRQVWLWXHUXQELDLVGHVpOHFWLRQFRQWUDLUHPHQWjXQH VLPSOH FRPSDUDLVRQ HQWUH OHV SDUWLFLSDQWV HW FHX[
TXL Q¶\ SDUWLFLSHQW SDV RX XQ FKDQJHPHQW KLVWR ULTXHFRQWUDLUHPHQWjXQHVLPSOHFRPSDUDLVRQGH ODVLWXDWLRQGXJURXSHpOLJLEOHDYDQWHWDSUqVO¶LQWUR GXFWLRQGXSURJUDPPH(OOHVXSSRVHHQUHYDQFKH TXHOH©JURXSHGHWUDLWHPHQWªOHJURXSHpOLJLEOHDX 1'<3HWOH©JURXSHGHFRQWU{OHªFRQVWLWXpG¶LQGL YLGXVTXLQ¶RQWSDVVXLYLOH1'<3VRQWDIIHFWpVGH ODPrPHPDQLqUHSDUOHVFKDQJHPHQWVKLVWRULTXHV /HELDLVGHVpOHFWLRQGRLWUHVWHULQYDULDQWSHQGDQWOD SpULRGHROHSURJUDPPHHVWpYDOXp
/HV FKHUFKHXUV RQW WHQWp G¶HVWLPHU O¶HIIHW QHW GH OD PHVXUH j SDUWLU GH GRQQpHV LQGLYLGXHOOHV XQ SDQHO GH FK{PHXUV LQWLWXOp-8926 &RKRUW &H SDQHO H[WUDLW G¶XQH EDVH GH GRQQpHV H[KDXVWLYHV OH-RLQW 8QHPSOR\PHQW DQG 9DFDQFLHV 2SHUDWLQJ 6\VWHP-8926FRUUHVSRQGjGHODSRSXODWLRQ TXL GHPDQGH OHV DOORFDWLRQV FK{PDJH VRLW MHXQHVHQWUHHWHWPRLQVGHHQWUH HW OH JURXSH GH FRPSDUDLVRQ pWDQW VRXYHQWPRLQVLPSRUWDQW%/81'(//HWDORQW FRQVWLWXpGHX[JURXSHVGHFRQWU{OHOHVMHXQHVTXL QHVRQWSDVGDQVOHVSDWK¿QGHUDUHDVDXPRPHQWGH O¶H[SpULPHQWDWLRQHWjSDUWLUGXODQFHPHQWQDWLRQDO GX SURJUDPPH OHV JURXSHV G¶kJH TXL QH VRQW SDV WRXFKpV SDU OD PHVXUH /HV HIIHWV GH VXEVWLWXWLRQ GRQW SRXUUDLHQW rWUH YLFWLPHV FHV JURXSHV G¶kJH ULVTXHQWWRXWHIRLVGHVXUHVWLPHUO¶LPSDFWGX1'<3 /DSUHPLqUHPpWKRGHHVWDXVVLVXMHWWHjFULWLTXHLO
HVWGLI¿FLOHG¶H[WUDSROHUOHVUpVXOWDWVGDQVOHVSDWK
¿QGHUV DUHDV j O¶HQVHPEOH GX WHUULWRLUH 'H IDLW O¶LPSDFWGX1'<3HVWGHX[IRLVSOXVpOHYpDYHFOD SUHPLqUHPpWKRGH%/81'(//HWDO
'¶DSUqVOHVHVWLPDWLRQVGH%/81'(//HWDO O¶LPSDFWGX1'<3VXUOHÀX[GHVRUWLHGXFK{PDJH YHUVO¶HPSORLDXERXWGHPRLVGHSDUWLFLSDWLRQDX
*DWHZD\VHUDLWGHSRLQWVVXUXQÀX[GHDYDQW O¶LQWURGXFWLRQGXSURJUDPPH(QG¶DXWUHVWHUPHVOHV MHXQHVRQWGHFKDQFHVVXSSOpPHQWDLUHVGH WURXYHUXQHPSORLGHSXLVO¶LQWURGXFWLRQGX1'<3 6XU FHV FLQT SRLQWV TXDWUH VHUDLHQW GXV j O¶RSWLRQ 6(/HVDXWHXUVQHVHFRQWHQWHQWSDVGHFHUpVXOWDWHW VRXOqYHQWjMXVWHWLWUHODTXHVWLRQGHODTXDOLWpGHV HPSORLVWURXYpV3RXUFHODLOVHVWLPHQWOHVVRUWLHV YHUVOHVHPSORLVTXLGXUHQWSOXVGHVHPDLQHVHW UHWLHQQHQW DLQVL OD Gp¿QLWLRQ RI¿FLHOOH GH O¶HPSORL
©GXUDEOHªVXVWDLQHGMRE/H1'<3DXJPHQWHUDLW GHSRLQWVFHÀX[GHVRUWLH
/¶pYDOXDWLRQ GH :,/.,1621 FKHUFKHXU DX3ROLF\ 6WXGLHV ,QVWLWXWH 36, DMRXWH WRXWHIRLV XQ EpPRO HQ FRQVHUYDQW OD PrPH PpWKRGH O¶HV WLPDWHXU GH ©GLIIpUHQFH GH GLIIpUHQFHVª PDLV HQ O¶DSSOLTXDQWjGHVGRQQpHVVXUSOXVORQJXHSpULRGH ,O XWLOLVH HQ HIIHW OHV GRQQpHV GH OD-8926 &RKRUW MXVTX¶HQ IpYULHU VRLW PRLV DSUqV OH ODQFH PHQWQDWLRQDOGXSURJUDPPHFHTXLSHUPHWGHVXLYUH OHVMHXQHVPRLVDSUqVOHXUVRUWLHGX*DWHZD\(Q G¶DXWUHV WHUPHV LO QH VH FRQWHQWH SDV GH OD Gp¿QL WLRQ RI¿FLHOOH GH O¶HPSORL ©GXUDEOHª ,O PHW DLQVL HQpYLGHQFHXQHIIHW©WRXUQLTXHWªO¶LPSDFWGX1HZ 'HDOVXUODSUREDELOLWpG¶rWUHDXFK{PDJHV¶HVWRPSH DXERXWG¶XQDQ6HVHVWLPDWLRQVVRQWpORTXHQWHV6L[
PRLVDSUqVO¶HQWUpHGDQVOH1'<3OHFK{PDJHGHV KRPPHVDXUDLWpWpUpGXLWGHSUqVGHHWFHOXL GHVIHPPHVGHSUqVGH&HWLPSDFWFRUUHVSRQG HQSDUWLHDXPRXYHPHQWGX*DWHZD\YHUVOHVRSWLRQV 'RX]HPRLVDSUqVO¶HQWUpHGDQVOH1'<3OHFK{PDJH GLPLQXHGHSRXUOHVKRPPHVHWGHSRXU OHV IHPPHV$ FHWWH GDWH OHV MHXQHV RQW SX TXLWWHU OHV RSWLRQV HW GHPDQGHU OD -6$ SHQGDQW OD SpULRGH GH)ROORZ7KURXJK 'L[KXLW PRLV DSUqV OD UpGXF WLRQHVWGHSRXUOHVKRPPHVHWGHSRXU OHVIHPPHV8QHSDUWLHGHVMHXQHVTXLSDUWLFLSHQWDX 1'<3FRQVHUYHQWGHVWUDMHFWRLUHVSUpFDLUHVDYHFGHV SpULRGHVGHFK{PDJHUpFXUUHQWHV
0&9,&$5 HW 32',9,16.< D DGRSWHQW DXVVL XQH SHUVSHFWLYH ORQJLWXGLQDOH HQ XWLOLVDQW OHV GRQQpHV GH OD-XYRV &RKRUW MXVTX¶HQ ,OV FRPELQHQWODGLIIpUHQFHGHGLIIpUHQFHVjXQPRGqOH GHGXUpHjULVTXHVFRQFXUUHQWVLOVVXSSRVHQWTXHOH WHPSVSDVVpDXFK{PDJHLQÀXHQFHODSUREDELOLWpGH TXLWWHUOHFK{PDJHSRXUGLIIpUHQWHVGHVWLQDWLRQV,OV HVWLPHQWDLQVLTXHO¶HIIHWGX1'<3VXUODVRUWLHYHUV ODIRUPDWLRQHVWSOXVLPSRUWDQWTXHVRQHIIHWVXUOD
/HVPpWKRGHVXWLOLVpHVSDU%/81'(//HWDOVRQWSOXVFRPSOH[HVPDLVEDVpHVVXUOHPrPHSULQFLSH/¶HVWLPDWHXUGH©GLIIp UHQFHGHGLIIpUHQFHVªHVWFRPELQpDYHFGHVPpWKRGHVG¶DSSDULHPHQW
VRUWLHYHUVO¶HPSORL0DLVULHQQHSHUPHWGHSURXYHU TXHFHVPHVXUHVGHIRUPDWLRQIDYRULVHQWO¶HPSOR\D ELOLWp PHVXUpH HQ WHUPHV GH FKDQFH G¶pFKDSSHU DX FK{PDJH RX GH GXUpH GH OD SURFKDLQH SpULRGH GH FK{PDJH /H 1'<3 QH VHPEOH SDV DPpOLRUHU O¶HPSORLVRXWHQDEOHGHVMHXQHV
2XWUH OHV UpVXOWDWV GHV WHFKQLTXHV pFRQRPpWUL TXHV TXL WHQWHQW G¶HVWLPHU O¶LPSDFW GX 1'<3 VXU OHV WUDMHFWRLUHV GHV MHXQHV O¶pYDOXDWLRQ SHXW WHQLU FRPSWH GH O¶RSLQLRQ GHV EpQp¿FLDLUHV HW GH OHXU ELHQrWUH LPPpGLDW 3,7&+(5 '¶DSUqV O¶H[
SORLWDWLRQ G¶XQ SDQHO GH SDUWLFLSDQWV GHX[
WLHUV GHV MHXQHV HQTXrWpV SHQVDLHQW TXH OH 1'<3 pWDLW XWLOH %5<621HW DO /H SURJUDPPH SHXWrWUHFRQVLGpUpFRPPHXQVXFFqVV¶LOHQJHQGUH XQHSDUWLFLSDWLRQDFFUXHjODYLHVRFLDOHHWXQHSOXV JUDQGH FRQ¿DQFH HQ VRL VDQV DWWHLQGUH LPPpGLD WHPHQW O¶REMHFWLI GH UHWRXU j O¶HPSORL /HV LQGLFD WHXUV VXEMHFWLIV GRLYHQW QpDQPRLQV rWUH SULV DYHF SUpFDXWLRQ OHV EpQp¿FLDLUHV SHXYHQW pSURXYHU GHV GLI¿FXOWpVjLPDJLQHUOH©FRQWUHIDFWXHOªOHXUVLWXD WLRQVDQVLQWHUYHQWLRQRXELHQ©DGDSWHUOHXUVSUpIp UHQFHVªjOHXUVLWXDWLRQDFWXHOOH,OVSHXYHQWGqVORUV IDLUHSUHXYHG¶RSWLPLVPH6L[PRLVDSUqVOHXUHQWUpH GDQVOH1'<3LOVSRXYDLHQWSDUDLOOHXUVPDQTXHUGH UHFXO,QWHUURJpVXQDQSOXVWDUGFHVPrPHVMHXQHV VRQWPRLQVRSWLPLVWHVHVWLPDLHQWTXHOHWHPSV SDVVpGDQVOH1'<3pWDLWXWLOHFRQWUHORUVGH ODSUHPLqUHYDJXH%21-285HWDO/DSDUROH GHV EpQp¿FLDLUHV YLHQW DLQVL FRQIRUWHU OHV pWXGHV SOXVTXDQWLWDWLYHV&HVGHUQLqUHVRQWGpPRQWUpTXH OH 1'<3 SRXYDLW FRPEDWWUH OH FK{PDJH GH ORQJ WHUPH PDLV QH SURWpJHDLW SDV OHV EpQp¿FLDLUHV GH WUDMHFWRLUHVSUpFDLUHV/HVEpQp¿FLDLUHVVHPEOHQWHQ SUHQGUH FRQVFLHQFH GDQV OD PHVXUH R LOV VRQW GH PRLQVHQPRLQVRSWLPLVWHV
/DSUpFDULWpGHVHPSORLVWURXYpVSDUOHVEpQp¿
FLDLUHVQHUHPHWSDVIRQGDPHQWDOHPHQWHQFDXVHOH 1'<3TXLV¶LQVFULWQRXVO¶DYRQVGpMjGLWGDQVXQH ORJLTXHGHPDUFKpGXWUDYDLOÀH[LEOH/HVSURFKDLQV UpVXOWDWV pEUDQOHQW HQ UHYDQFKH OD OpJLWLPLWp GH OD VWUDWpJLHGXJRXYHUQHPHQWWUDYDLOOLVWH
>ÊÊjV>µÕiÊ`ÕÊÌÀÊÀi`ÕLjÊ
/HSURJUDPPHGHYDLWGRQQHUXQHFKDQFHpJDOHj WRXVOHVSDUWLFLSDQWVHWGRQFUpGXLUHOHVLQpJDOLWpVDX VHLQ GH OD SRSXODWLRQ DFWLYH &HW REMHFWLI VRXYHQW DI¿FKp pWDLW UDUHPHQW DWWHLQW SDU OHV SROLWLTXHV G¶HPSORLMXVTX¶jSUpVHQW/HVpYDOXDWLRQVPRQWUHQW TXHFHVSROLWLTXHVRQWGHVUpVXOWDWVGLIIpUHQFLpVVHORQ OHVSXEOLFVHOOHVFRQVWLWXHQWXQH©PpFDQLTXHGXWUL UHGRXEOpª*$=,(5/H1'<3Q¶pFKDSSHSDV jFHWWHUqJOH7URLVLQGLFDWHXUVSHUPHWWHQWGHUHQGUH FRPSWHGHFHWWHPpFDQLTXHODVpOHFWLYLWpjO¶HQWUpH GDQV OHV RSWLRQV OHXUV UpVXOWDWV GLIIpUHQWV HW OHXU
©SRSXODULWpªLQpJDOH
/DSUREDELOLWpG¶REWHQLUXQHPSORLVXEYHQWLRQQp GDQV OH VHFWHXU PDUFKDQG HVW SOXV pOHYpH SRXU OHV MHXQHV SOXV IDYRULVpV j O¶HQWUpH GX SURJUDPPH
$O¶LQYHUVHOHVSOXVGpIDYRULVpVVHUHWURXYHQWSOXV IUpTXHPPHQW GDQV O¶RSWLRQ (7) '256(77
2UOHVRSWLRQVQ¶RIIUHQWSDVXQpJDODFFqVjO¶HPSORL /HV RSWLRQV GDQV OH VHFWHXU QRQ PDUFKDQG GpERX FKHQWSOXVUDUHPHQWVXUXQHPSORLSDUPLOHVSDUWL FLSDQWVjO¶RSWLRQ(7)WURXYHQWXQHPSORL SHQGDQWRXjODVRUWLHGHO¶RSWLRQDORUVTX¶LOVVRQW GDQVFHFDVSDUPLOHVSDUWLFLSDQWVjO¶RSWLRQ 6(YRLUWDEOHDX
7DEOHDX
/DSHUIRUPDQFHLQpJDOHGHVRSWLRQV 3URSRUWLRQGHMHXQHVTXLREWLHQQHQWXQHPSORL QRQVXEYHQWLRQQpjGLIIpUHQWVVWDGHVGX1'<3
$YDQWOHSUHPLHUHQWUHWLHQ
3HQGDQWOH*DWHZD\DSUqVXQHQWUHWLHQDXPRLQV 3HQGDQWRXjOD¿QG¶XQHRSWLRQ GRQW(PSORLVXEYHQWLRQQp6(
GRQW(GXFDWLRQjSOHLQWHPSV)7(7 GRQW6WDJHGDQVOHVHFWHXUEpQpYROH96 GRQW©7DVN)RUFHªHQYLURQQHPHQWDO(7)
)ROORZ7KURXJK
3OURCE "RIElNG DOCUMENT ISSUED !UGUST 4RADE 5NION#ONGRESS
,OVHSHXWQpDQPRLQVTXHOHVRSWLRQV)7(796 HW(7)VRLHQWSOXVDGDSWpHVjGHVSXEOLFVHQJUDQGH GLI¿FXOWp/DTXHVWLRQHVWGRQFGHVDYRLUVLFKDTXH RSWLRQRIIUHGHVFKDQFHVpJDOHVG¶DFFqVjO¶HPSORL TXHOTXHVRLWOHSXEOLF/DVpOHFWLRQjO¶HQWUpHGHV RSWLRQVUHQGGLI¿FLOHXQHPHVXUHGHO¶HI¿FDFLWpGH FKDTXHRSWLRQ©WRXWHVFKRVHVpJDOHVSDUDLOOHXUVª /DPpWKRGHGHO¶HVWLPDWLRQSDUDSSDULHPHQWSHUPHW G¶pOLPLQHUFHELDLVGHVpOHFWLRQOLpjXQHKpWpURJp QpLWpREVHUYDEOH(OOHSUpVXSSRVHWRXWHIRLVTX¶LOQ¶\
D DXFXQ ELDLV GH VpOHFWLRQ EDVp VXU XQH KpWpURJp QpLWpQRQREVHUYDEOH
/D PpWKRGH G¶DSSDULHPHQW VXU OH VFRUH GH SURSHQVLRQ HVW XWLOLVpH HQWUH DXWUHV SDU '256(77 FKHUFKHXUDX36,HWVHVUpVXOWDWVFRQ¿UPHQW O¶K\SRWKqVH G¶XQH ©PpFDQLTXH GX WUL UHGRXEOpª WRXWHV FKRVHV pJDOHV SDU DLOOHXUV OH WDX[ GH VRUWLH GXFK{PDJHUHVWHSUqVGHSRLQWVSOXVpOHYpSRXU FHX[ TXL SDUWLFLSHQW j O¶RSWLRQ 6( SDU UDSSRUW j FHX[TXLRQWSDUWLFLSpjXQHDXWUHRSWLRQ&HWWHHVWL PDWLRQ SOXV VRSKLVWLTXpH GLPLQXH O¶HIIHW DSSDUHQW GH O¶RSWLRQ 6( GH SUqV GH SRLQWV TXDQG RQ OH FRPSDUH SDU H[HPSOH j O¶RSWLRQ )7(7 &HWWH GLIIpUHQFHQ¶HVWSDVVXUSUHQDQWHODPpWKRGHG¶DS SDULHPHQWWLHQWFRPSWHGXIDLWTXHOHVMHXQHVHQWUpV GDQVO¶RSWLRQ6(VRQWSOXVIDYRULVpV&HWWHPpWKRGH GRQQH DLQVL XQH LQGLFDWLRQ GH O¶RSSRUWXQLWp GH FKDTXHRSWLRQSRXUFKDTXHJURXSH/DPpWKRGHGH '256(77DSSOLTXpHVXUGHVGRQQpHVH[KDXV WLYHV IXW DXVVL XWLOLVpH VXU XQ pFKDQWLOORQ GH SOXV GH LQGLYLGXV FRQVWLWXp GDQV OH FDGUH G¶XQH HQTXrWH/HVUpVXOWDWVGHFHVHVWLPDWLRQV%21-285 HWDOWHQGHQWDXVVLjSURXYHUTXHOHVEpQp
¿FHVSRWHQWLHOVDVVRFLpVjO¶RSWLRQ6(VRQWJpQpUD
OHPHQW LPSRUWDQWV SRXU FHX[ TXL QH VRQW SDV GDQV FHWWHRSWLRQ/DGHVFULSWLRQSOXV¿QHGHVGLI¿FXOWpV UHQFRQWUpHVSDUOHVMHXQHVJUkFHjO¶HQTXrWHDERXWLW WRXWHIRLVjXQUpVXOWDWGLVFRUGDQWG¶DSUqV%21-285 HW DO O¶HPSORL VXEYHQWLRQQp QH VHUDLW SDV ODSDQDFpHSRXUOHVMHXQHVHQWUqVJUDQGHGLI¿FXOWp PXOWLSO\ GLVDGYDQWDJHG &HV GHUQLHUV Q¶DXUDLHQW SDV HX SOXV GH FKDQFHV GH WURXYHU XQ HPSORL V¶LOV DYDLHQWSDUWLFLSpjO¶RSWLRQ6(/¶RSWLRQ)7(7OHV DLGHUDLWGDYDQWDJHjVRUWLUGXFK{PDJH,OQ¶HQUHVWH SDVPRLQVYUDLTXHO¶RSWLRQ6(HVWSOXVHI¿FDFHSRXU XQHPDMRULWpGHEpQp¿FLDLUHVDORUVTX¶HOOHDFFXHLOOH PRLQV G¶XQ TXDUW GHV SDUWLFLSDQWV DX[ RSWLRQV &H UpVXOWDW HVW G¶DLOOHXUV FRQIRUPH DX[ WUDYDX[ DQWp ULHXUV GH 0$57,1 TXL ODLVVDLHQW SHQVHU TXH OHVHPSORLVDLGpVGDQVOHVHFWHXUQRQPDUFKDQGVRQW PRLQVHI¿FDFHVTXHOHVVWDJHVGDQVOHVHFWHXUSULYp RXOHVIRUPDWLRQV
/HV RSWLRQV GDQV OH VHFWHXU QRQ PDUFKDQG VRQW QRQVHXOHPHQWOHVRSWLRQVOHVPRLQVHI¿FDFHVPDLV DXVVLOHVPRLQVSRSXODLUHV&HUWHVGHVMHXQHV RQWREWHQXO¶RSWLRQTX¶LOVYRXODLHQWUpHOOHPHQWPDLV OHVGLVSDULWpVHQWUHOHVSDUWLFLSDQWVGHFKDTXHRSWLRQ VRQW LPSRUWDQWHV GHV SDUWLFLSDQWV j O¶RSWLRQ )7(7RQWREWHQXFHOOHTX¶LOVYRXODLHQWSRXU O¶RSWLRQ 6( SRXU O¶RSWLRQ 96 HW SRXU
O¶RSWLRQ (7) %5<621HW DO 'H PrPH MHXQHVVXUGL[VRQWVDWLVIDLWVGHOHXURSWLRQPDLV OH©WDX[GHVDWLVIDFWLRQªHVWSOXVpOHYpGDQVO¶RSWLRQ 6(HWPRLQVpOHYpGDQVO¶RSWLRQ(7)/HVWUDYDLOOHXUV VRFLDX[FRQVLGqUHQWG¶DLOOHXUVO¶RSWLRQ(7)FRPPH O¶©RSWLRQGHGHUQLHUUHVVRUWª+$6/8&.
,O QH IDXW GqV ORUV SDV V¶pWRQQHU TXH OHV VDQF WLRQVWRXFKHQWSOXVVRXYHQWGHVMHXQHVTXLGHYDLHQW SDUWLFLSHU DX[ RSWLRQV GX VHFWHXU QRQ PDUFKDQG SUqVGHGHVMHXQHVVDQFWLRQQpVO¶RQWpWpSDUFH TX¶LOV QH YRXODLHQW SDV SDUWLFLSHU j O¶RSWLRQ (7) YRLUWDEOHDX2UOHVMHXQHVHQJUDQGHGLI¿FXOWp VHYRLHQWSOXVVRXYHQWRULHQWpVYHUVOHVRSWLRQVGX VHFWHXUQRQPDUFKDQG/¶pYDOXDWLRQGH%21-285HW DOGpPRQWUHG¶DLOOHXUVTXHOHVMHXQHVGpID YRULVpVRQWSOXVGHULVTXHG¶rWUHVDQFWLRQQpVTXHOHV DXWUHVSDUWLFLSDQWVDX1'<3/HGLVSRVLWLIDSSDUDvW GRQFLQpJDOLWDLUHOHVVDQFWLRQVWRXFKHQWDXVHLQGX SURJUDPPHOHVMHXQHVOHVSOXVGpIDYRULVpVjTXLOHV VHUYLFHV GH O¶HPSORL SURSRVHQW GHV RSWLRQV PRLQV SRSXODLUHVTXLGpERXFKHQWUDUHPHQWVXUXQHPSORL HWTXLQHVRQWSDVWRXMRXUVDGDSWpHVjOHXUVSURSUHV GLI¿FXOWpV /HV pWXGHV VWDWLVWLTXHV HW OHV HQTXrWHV TXL GRQQHQW OD SDUROH DX[ EpQp¿FLDLUHV HW DFWHXUV GX SURJUDPPH FRQ¿UPHQW DLQVL O¶K\SRWKqVH G¶XQH
©PpFDQLTXHGXWULUHGRXEOpª
%NCADRÏ
iÃÊjÌ `iÃÊ`½>««>ÀiiÌ
$ANSLECADREDELÏVALUATIONDELEFlCACITÏDESOPTIONSLAMÏTHODEDAPPARIEMENTSIMPLECONSISTERAITËASSO CIERËCHAQUEINDIVIDUPARTICIPANTËUNEOPTIONUNINDIVIDUOUUNÏCHANTILLONDINDIVIDUS PARTICIPANTËUNEAUTRE OPTIONETDONTLESCARACTÏRISTIQUESiOBSERVÏESwSONTIDENTIQUES)LESTTOUTEFOISDIFlCILEDETROUVERPOURCHAQUEINDI VIDUUNINDIVIDUAYANTLESMÐMESCARACTÏRISTIQUESMAISPARTICIPANTËUNEAUTREOPTION,AMÏTHODEDAPPARIEMENT SURLEiSCOREDEPROPENSIONwPROPENSITYSCOREMATCHING APPARIELESINDIVIDUSSURLESCOREDEPROPENSIONCEST ËDIRESURLABASEDELAPROBABILITÏESTIMÏEDEPARTICIPATIONËUNEOPTIONENFONCTIONDESCARACTÏRISTIQUESOBSERVÏES ÉGENIVEAUDEFORMATIONRÏCURRENCEDUCHÙMAGEETC #ETTEESTIMATIONPEUTPRENDRELAFORMEDUNESÏRIEDE MODÒLESLOGITOUPROBITOUBIENENCOREDUNSEULMODÒLEMULTINOMIAL#ESCORECONSTITUEUNRÏSUMÏENUNESEULE DIMENSIONDELALISTEDESVARIABLESRETENUESDANSLAMÏTHODEDAPPARIEMENTSIMPLE
,ESTIMATIONPARAPPARIEMENTCONSISTEENSUITEËCOMPARERLESINDICATEURSDERÏSULTATPOURCHAQUEAPPARIEMENT ENSUPPOSANTQUELADIFFÏRENCECORRESPONDAUGAINENGENDRÏPARLEPROGRAMMEPOURCETTEOBSERVATION,ERÏSULTAT RETENUPAR$/23%44 ESTLADEMANDEOUNONDELALLOCATIONCHÙMAGE,ESTIMATIONDUGAINDECHAQUEOPTION CORRESPONDËLAMOYENNEDECESGAINSiINDIVIDUELSwCALCULÏEËPARTIRDEDIVERSPROCÏDÏSDEPONDÏRATION,ESTIMATEUR PEUTÐTREAMÏLIORÏENUTILISANTUNEMOYENNEPONDÏRÏEDESGAINSDESVOISINSLESPLUSPROCHESAULIEUDESECONTENTER DUNAPPARIEMENTENTREDEUXINDIVIDUS#ESTPLUSSOUVENTCETTESOLUTIONQUIESTRETENUE"2/$!49ETAL
,A MÏTHODE DAPPARIEMENT SUR SCORE DE PROPENSION REVIENT EN QUELQUE SORTE Ë FAIRE LHYPOTHÒSE QUE LES CARACTÏRISTIQUESINOBSERVABLESMOTIVATIONETC SONTCORRÏLÏESËLAPROPENSIONËPARTICIPERAUPROGRAMME$AUTRES MODÒLESSONTTOUTEFOISPLUSADAPTÏSQUANDONSOUPÎONNELEXISTENCEDEVARIABLESINOBSERVABLES
7DEOHDX 8QUpJLPHGHVDQFWLRQVLQpJDO
3URSRUWLRQGHVMHXQHVVDQFWLRQQpV 3URSRUWLRQGHSDUWLFLSDQWVDX[RSWLRQV
(PSORLVXEYHQWLRQQp
(GXFDWLRQjSOHLQWHPSV
6WDJHGDQVOHVHFWHXUEpQpYROH
©7DVN)RUFHªHQYLURQQHPHQWDO
7RWDO
3OURCE"RIElNGDOCUMENTISSUED!UGUST4RADE5NION#ONGRESS
iÃÊÃ>VÌÃÊÃÌiiÃÊivwV>ViÃʶ
/¶pYDOXDWLRQ GH O¶LPSDFW GHV VDQFWLRQV QpFHV VLWH GH GLVWLQJXHU O¶HIIHWH[DQWH GH OD VDQFWLRQ GH O¶HIIHWH[SRVWOHSUHPLHURSpUDQWDYDQWODVDQFWLRQ SRWHQWLHOOH j WUDYHUV OD FUpGLELOLWp GH OD PHQDFH O¶DXWUH DSUqV DXSUqV GHV MHXQHV VDQFWLRQQpV TXL UHSUpVHQWHQW GHV SDUWLFLSDQWV DX SURJUDPPH 3RXUSDOLHUODUDUHWpGHVLQIRUPDWLRQVVXUO¶pYHQWXHO HIIHWH[DQWH OHV pFRQRPLVWHV pWXGLHQW SDUIRLV OHV HIIHWVDYDQWPrPHTXHOHSURJUDPPHQHFRPPHQFH DXSUqV GHV MHXQHV DX FK{PDJH GHSXLV PRLQV GH PRLV3RXU9$15((1(1LOQ¶\SDVGHKDXVVH GX WDX[ GH VRUWLH YHUV O¶HPSORL GHV MHXQHV GRQW OD GXUpHGHFK{PDJHHVWFRPSULVHHQWUHHWPRLV,O HQFRQFOXWTXHOHVMHXQHVDXFK{PDJHGHSXLVPRLQV GHPRLVQHVHUDLHQWSDVHIIUD\pVSDUOHVVDQFWLRQV TX¶LOV SHXYHQW HQFRXULU DX VHLQ GX SURJUDPPH HW HVWLPHUDLHQW DX FRQWUDLUH TXH FH GHUQLHU HVW XQH FKDQFHSRXUHX[)RUWGHFHSUHPLHUUpVXOWDW9$1 5((1(1 DYDQFH O¶LGpH TXH OD©FDURWWHª SRXUUDLWDYRLUSOXVG¶LPSDFWTXHOH©EkWRQªVXUOHV MHXQHVTXLVHURQWELHQW{WpOLJLEOHVDXSURJUDPPH :,/.,1621WHQWHQWDXFRQWUDLUHGHSURXYHU TXHOHWDX[GHVRUWLHGXFK{PDJHYHUV©WRXWHVOHV GHVWLQDWLRQVª DXJPHQWH GH PDQLqUH VLJQL¿FDWLYH DYHF O¶LQWURGXFWLRQ GX 1'<3 SRXU OHV MHXQHV DX FK{PDJH GHSXLV PRLQV GH PRLV :,/.,1621 HQFRQFOXWTXHFHVMHXQHVVHGLULJHQWYHUV O¶LQDFWLYLWp OHV VDQFWLRQV GX 1'<3 DXUDLHQW GpFRXUDJp QRPEUH GH MHXQHV FK{PHXUV j O¶DS SURFKH GX*DWHZD\ (Q EUHI OHV VDQFWLRQV VRQW LQHI¿FDFHV SRXU 9$1 5((1(1 HW FRQWUHSURGXF WLYHVSRXU:,/.,16210LHX[YDXWUHFRQQDvWUHTXH OHV GRQQpHV HW WHFKQLTXHV VWDWLVWLTXHV GLVSRQLEOHV QH SHUPHWWHQW GH WURXYHU GHV UpVXOWDWV UREXVWHV 0&9,.$5HW32',9,16.<DHWODLVVHQWSHQVHU TX¶LO Q¶\ D SDV G¶HIIHWH[DQWH &HWWH FRQFOXVLRQ YLHQWFRQIRUWHUOHVUpVXOWDWVGH)28*Ê5(
'HV pWXGHV TXDOLWDWLYHV PpULWHQW QpDQPRLQV G¶rWUH PHQpHV SRXU QRXUULU OH GpEDW VXU OHV FDXVHV GX FK{PDJH HW OD QpFHVVLWp GH SUpYRLU GHV LQFLWD WLRQV SRXU OHV FK{PHXUV /RUVTX¶RQ OHV LQWHUURJH VXU OHV UDLVRQV GH OHXU FK{PDJH OH SUREOqPH OH SOXVIUpTXHPPHQWFLWpHVWO¶DEVHQFHGHWUDYDLOGDQV OD UpJLRQ HW GHV SUREOqPHV GH WUDQVSRUWV SHUVRQQHOV 9LHQQHQW HQVXLWH O¶DEVHQFH GH WUDQVSRUWSXEOLFGHIDLEOHVFRQWDFWVDYHFOHVHQWUH SULVHV OHV SUpMXJpV GHV HPSOR\HXUV j O¶pJDUG GHV MHXQHVFK{PHXUVRXHQFRUHGHVSUREOqPHVSHUVRQ QHOV%5<621HWDO4XHFHVRSLQLRQVVRLHQW HUURQpHVRXQRQHOOHVPHWWHQWHQpYLGHQFHOHGpFRX UDJHPHQW GHV MHXQHV FK{PHXUV FRQIURQWpV j GHV EDUULqUHV TX¶LOV HVWLPHQW LQIUDQFKLVVDEOHV 0DLV OD SOXSDUW DLPHUDLHQW WURXYHU XQ HPSORL FH TXH FRQ¿UPHQW OHV HQWUHWLHQV DSSURIRQGLV /(*$5'HW DO&HFLGLWODSRVVLELOLWpG¶XQHVXSSUHVVLRQ WHPSRUDLUH GHV DOORFDWLRQV HVW JpQpUDOHPHQW ELHQ DFFHSWpHSDUOHVMHXQHVLQWHUURJpVGDQVOHFDGUH G¶HQWUHWLHQV DSSURIRQGLV ,OV HVWLPHQW TXH OD SHXU G¶XQHWHOOHpYHQWXDOLWpSRXUUDLWLQÀXHQFHUOHXUSDUWL
FLSDWLRQ DX SURJUDPPH 2¶&21125HW DO 4X¶HQHVWLOGHVMHXQHVHIIHFWLYHPHQWVDQFWLRQQpV"
/HV VDQFWLRQV WRXFKHQW SDUIRLV GHV MHXQHV TXL YRXODLHQWV¶LQVpUHUHQWUDYDLOODQWPDLVTXLQ¶DYDLHQW SDV FRPSULV OHV UqJOHV GX MHX TXL GHYDLHQW IDLUH IDFH j GHV SUREOqPHV SHUVRQQHOV TXL H[SULPDLHQW XQ SHVVLPLVPH j O¶pJDUG GX SURJUDPPH RX TXL Q¶pWDLHQWSDVVDWLVIDLWVGHOHXURSWLRQSDVGHSHUV SHFWLYHG¶HPSORLGHVWkFKHVLQJUDWHVGHPDXYDLVHV UHODWLRQVDYHFO¶HPSOR\HXUHWOHVDXWUHVVDODULpVGHV KRUDLUHVTXLQHFRQYLHQQHQWSDV&¶HVWGXPRLQVFH TXL UHVVRUW G¶HQWUHWLHQV DSSURIRQGLV 2¶&21125HW DOHW&$1'<HWDO&HVHQTXrWHVMHWWHQW DLQVLXQGRXWHVXUO¶LQWpUrWGHVVDQFWLRQVHWO¶H[LV WHQFH GH ©WUDSSHV j LQDFWLYLWpª /D ©FXOWXUH GH OD GpSHQGDQFHªjO¶pJDUGGHVSUHVWDWLRQVQHFRQFHUQH UDLWTX¶XQHPLQRULWpGHMHXQHV\FRPSULVSDUPLOHV MHXQHVVDQFWLRQQpV
4XHO HVW O¶LPSDFWH[SRVW GHV VDQFWLRQV" /HV VDQFWLRQV RQWHOOHV O¶HIIHW DWWHQGX" /HXU REMHFWLI pWDLWG¶LQFLWHUOHVMHXQHVjVHFRQIRUPHUDX[UqJOHV GX1'<3HWjUHFKHUFKHUSOXVDFWLYHPHQWXQHPSORL '¶DSUqV %21-285HW DO O¶H[SpULHQFH GHV VDQFWLRQVQHVHPEOHSDVDIIHFWHUGHPDQLqUHVLJQL¿
FDWLYHODSUREDELOLWpGHVRUWLUGXFK{PDJHPDLVHOOH DXJPHQWHOHWHPSVSDVVpGDQVOH1'<3/HVHQWUH WLHQVDSSURIRQGLVODLVVHQWSDUDLOOHXUVSHQVHUTXHOHV VDQFWLRQV GpFRXUDJHQW OHV MHXQHV VDQFWLRQQpV TXL V¶pORLJQHQWGX©V\VWqPHªTXLQ¶RQWSOXVHQYLHGH SDUWLFLSHU DX SURJUDPPH GX 6HUYLFH GH O¶HPSORL HQ SDUWLFXOLHU DSUqV XQH VDQFWLRQ GH VHPDLQHV
&$1'<HWDO/HVVDQFWLRQVSHXYHQWHQRXWUH DJJUDYHU XQH VLWXDWLRQ ¿QDQFLqUH GpMj GLI¿FLOH /H 1HZ'HDOULVTXHGRQFGHPDUJLQDOLVHUOHVSOXVGpID YRULVpVHQOHVpORLJQDQWGHO¶HPSORLQRUPDOHWGHOD SURWHFWLRQVRFLDOH
6L OD VDQFWLRQ V¶DYqUH VRXYHQW LQXWLOH O¶DLGH GX 1'3$VHPEOHHQUHYDQFKHXQSUpFLHX[VRXWLHQSRXU GHVMHXQHVTXLQ¶RQWTX¶XQHLGpHFRQIXVHGHO¶HPSORL TX¶LOVSRXUUDLHQWRFFXSHU3OXVTXHGHVVDQFWLRQVOHV FRQVHLOVGX1'3$SRXUUDLHQWOHVHQFRXUDJHUHWOHV DLGHUjIRUPXOHUXQSURMHWSURIHVVLRQQHOSOXVSUpFLV /HVHQWUHWLHQVDSSURIRQGLVWpPRLJQHQWGHO¶LPSRU WDQFH GX VRXWLHQ GX 1'3$ SRXU OH MHXQH/(*$5' HWDO3UqVGHODPRLWLpGHVMHXQHVHQTXrWpV pWDLHQW WUqV VDWLVIDLWV GH O¶DLGH GX 1'3$ %5<621 HWDO5HVWHELHQVUjVDYRLUVLO¶pYDOXDWLRQ SHXW VH ¿HU j OD SDUROH GX EpQp¿FLDLUH 4XRL TX¶LO HQVRLWLOFRQYLHQWGHGpWHUPLQHUO¶LQWpUrWGHO¶DF FRPSDJQHPHQWHWGHVVWDJHVSRXUDPpOLRUHUO¶©HP SOR\DELOLWpªVLOHYROXPHG¶HPSORLQ¶DXJPHQWHSDV /DGHUQLqUHSDUWLHGHFHWDUWLFOHVHUDFRQVDFUpHjXQH pYDOXDWLRQPDFURpFRQRPLTXHGX1'<3
1iÊÌiÌ>ÌÛiÊ`½jÛ>Õ>ÌÊ
>VÀjVµÕio
/HV UpÀH[LRQV VXU O¶LPSDFW PDFURpFRQRPLTXH GHV SROLWLTXHV G¶HPSORL VH SODFHQW VRXYHQW GDQV OH FDGUH GX PRGqOH :636 5,/(< HW <281* E SURSRVHQW DLQVL G¶HVWLPHU XQH pTXDWLRQ :6 WRXW j IDLW WUDGLWLRQQHOOH OHV VDODLUHV GpSHQGHQW GHV SUL[
GHODSURGXFWLYLWpGHODSURSRUWLRQGHVEULWDQQLTXHV TXLQHWUDYDLOOHQWSDVSDUPLODSRSXODWLRQHQkJHGH WUDYDLOOHUHWGHODSURSRUWLRQGXFK{PDJHGHORQJXH GXUpHDXVHLQGXFK{PDJHWRWDO/¶LGpHVRXVMDFHQWH HVW LVVXH GHV PRGqOHV GH QpJRFLDWLRQ OH SRXYRLU GH QpJRFLDWLRQ GHVLQVLGHUV HVW G¶DXWDQW SOXV IDLEOH TXH OHV FK{PHXUV VRQW FRPSpWLWLIV ,OV HVWLPHQW FHWWHpTXDWLRQDYHFGHVGRQQpHVGHj/D SURSRUWLRQGHVFK{PHXUVGHORQJXHGXUpHSDUPLOHV FK{PHXUV VH UpYqOH rWUH XQH YDULDEOH VLJQL¿FDWLYH )RUWVGHFHUpVXOWDWOHVGHX[pFRQRPLVWHVGX1,(65 SURSRVHQWG¶pYDOXHUO¶HIIHWGX1'<3VXUOHVVDODLUHV HWVXUO¶pFRQRPLHjWUDYHUVODGLPLQXWLRQGXFK{PDJH GHORQJWHUPHGHVMHXQHVTX¶LODXUDLWLQGXLWH5,/(<
HW<281*DRQWHQHIIHWHVWLPpTXHOH1'<3 SHUPHWWDLWjMHXQHVGHTXLWWHUOHFK{PDJHGH ORQJXHGXUpH&HFKDQJHPHQWGDQVODFRPSRVLWLRQGX FK{PDJHGLPLQXHUDLWOHWDX[GHFK{PDJHVRXWHQDEOH HW SHUPHWWUDLW XQH H[SDQVLRQ GH O¶pFRQRPLH VDQV KDXVVH GHV SUL[ 3RXU GRQQHU XQ RUGUH GH JUDQGHXU GH O¶LPSDFW PDFURpFRQRPLTXH GX 1'<3 LOV XWLOL VHQWOHPRGqOHGX1,(65GDQVOHTXHOO¶HPSORLHWOH FK{PDJHVRQWGpWHUPLQpVSDUGHVIDFWHXUVG¶RIIUHj ORQJWHUPH/¶HPSORLDXJPHQWHUDLWDLQVLSHXjSHX OH1'<3SRXUUDLWFUpHUHPSORLVVXSSOpPHQ WDLUHVDXERXWGHDQV5,/(<HW<281*E oÊiÌÊÃiÃÊÌiÃ
/HVUpVXOWDWVVRQWWRXWHIRLVHQWDFKpVG¶LQFHUWLWXGH GDQVODPHVXUHRO¶pFRQRPLHEULWDQQLTXHDFRQQXXQ FKRFH[RJqQHVXUOHVVDODLUHVFRQFRPLWDQWDX1'<3 O¶LQWURGXFWLRQ GX VDODLUH PLQLPXP HQ DYULO /¶HIIHW GHV GHX[ PHVXUHV SDUDvW HQ HIIHW GLI¿FLOH j GpPrOHUDX[\HX[GHVGHX[pFRQRPLVWHV,OVVXSSR VHQWHQRXWUHTXHO¶HIIHWGX1'<3HVWFRQVWDQWDX FRXUVGXWHPSVTXHOOHVTXHVRLHQWOHVDPpOLRUDWLRQV FRQMRQFWXUHOOHVVXUOHPDUFKpGXWUDYDLO2QSHXWSOXV JpQpUDOHPHQWGRXWHUGHODSHUWLQHQFHGHFHWWHPRGp OLVDWLRQHWOXLSUpIpUHUXQH©YLVLRQNH\QpVLHQQHªR
OH FK{PDJH QH GpSHQG SDV GX SRXYRLU GH QpJRFLD WLRQGHVLQVLGHUVPDLVGHSKpQRPqQHVFRQMRQFWXUHOV HW QRWDPPHQW GHV DQWLFLSDWLRQV GHV HQWUHSUHQHXUV /H FK{PDJH SHXW HQ HIIHW GpSHQGUH GH OD GHPDQGH DQWLFLSpH DORUV TX¶LO HVW GpWHUPLQp SDU GHV IDFWHXUV G¶RIIUHGDQVOHPRGqOH1,(65
/HVERQVUpVXOWDWVGHO¶pFRQRPLHEULWDQQLTXHVXU OHIURQWGHO¶HPSORLSRXUUDLHQWG¶DLOOHXUVV¶H[SOLTXHU SDU XQH SROLWLTXH NH\QpVLHQQH TXL QH GLW SDV VRQ
QRP 'HSXLV OD VHFRQGH OpJLVODWXUH OH JRXYHUQH PHQWGH7RQ\%ODLUSUDJPDWLTXHDPHQpXQHSROL WLTXH TXH .H\QHV QH UHQLHUDLW SDV HQ DXJPHQWDQW QRWDPPHQWOHVGpSHQVHVSXEOLTXHVTXLVRQWSDVVpHV GH GX 3,% HQ j HQ '89$/
'HSXLVO¶HPSORLGDQVOHVDGPLQLVWUD WLRQVSXEOLTXHVO¶pGXFDWLRQHWODVDQWpDDXJPHQWp GH SHUVRQQHV FKLIIUH TXL PpULWH G¶rWUH FRPSDUp j O¶HIIHW PDFURpFRQRPLTXH GX 1'<3 HVWLPpSDUOHPRGqOHGX1,(65
iÊÃÕVVmÃÊ`ÕÊ 9*ÊV«ÀÃÊÊ
«>ÀÊ`ÛiÀÃiÃÊÃi}iÌ>ÌÃ
/¶HIIHWGX1'<3VXUODGpWHUPLQDWLRQGHVVDODLUHV HVW ORLQ G¶rWUH GpPRQWUp 5LHQ QH SURXYH TXH OHV LQVLGHUV RQW DEDLVVp OHXUV SUpWHQWLRQV VDODULDOHV GHSXLVODPLVHHQSODFHGX:HOIDUHWR:RUN&HUWHV OD SURJUHVVLRQ GHV UHYHQXV GX WUDYDLO HVW UHODWLYH PHQWVRXWHQXHHQPR\HQQHHWOH1DWLRQDO0LQLPXP :DJH©UDWWUDSHªOH60,&IUDQoDLV'89$/
PDLVOH5R\DXPH8QLFRQQDvWXQHGLVSHUVLRQFURLV VDQWHGHVVDODLUHVHQpTXLYDOHQWWHPSVSOHLQ/HV LQpJDOLWpV VDODULDOHV VH GRXEOHQW HQ HIIHW G¶LQp JDOLWpV HQ WHUPHV G¶KRUDLUHV GH WUDYDLO FHX[ TXL RFFXSHQWXQHPSORLGHKHXUHVSDUVHPDLQHVRQW OHVPLHX[UpPXQpUpVSDUKHXUH,OVVHPEOHQWDYRLU SHXjFUDLQGUHGHVWUDYDLOOHXUVSUpFDLUHVSpQDOLVpV SDU GHV VDODLUHV KRUDLUHV SOXV IDLEOHV WUDYDLOODQW j WHPSVSDUWLHORXDXFRQWUDLUHSOXVGHKHXUHVSDU VHPDLQHSRXUpFKDSSHUjODSDXYUHWp'(/$548,(5 /HV WUDYDLOOHXUV j EDV VDODLUH QH VRQW SDV FRXYHUWVSDUODQpJRFLDWLRQFROOHFWLYHGDQVFHUWDLQV VHFWHXUVHQ SDUWLFXOLHUO¶K{WHOOHULHODUHVWDXUDWLRQ OHQHWWR\DJHHWOHWH[WLOH'DQVFHVPrPHVVHFWHXUV OHV HQWUHSULVHV Q¶DSSOLTXHQW SDV WRXMRXUV OD OpJLV ODWLRQ QRWDPPHQW HQ PDWLqUH GH VDODLUH PLQLPXP /()5(61( 'H WHOOHV GLVSDULWpV FRQIRUWHQW OD WKqVH GH OD VHJPHQWDWLRQ GX PDUFKp GX WUDYDLO EULWDQQLTXHTXLFRPSURPHWO¶LPSDFWGX1HZ'HDO VXUOHYROXPHG¶HPSORLYLDXQHSUHVVLRQjODEDLVVH VXUOHVVDODLUHV/¶DEVRUSWLRQGHVRXWVLGHUVGDQVOH VHXOPDUFKpGXWUDYDLOFRPSpWLWLIUHVWHGqVORUVXQH
©¿FWLRQª/()5(61(
8QHVWUDWpJLHD[pHVXUODVHXOHRIIUHGHWUDYDLOULVTXH GH EXWHU VXU OD FRQWUDLQWH TXH FRQVWLWXH OH YROXPH G¶HPSORL 'DQV FHWWH SHUVSHFWLYH OHV FRQWUDVWHV UpJLRQDX[HWORFDX[TX¶RQSHXWSDUDLOOHXUVGpSORUHU FRQVWLWXHQWXQH©H[SpULHQFHQDWXUHOOHªSRXUO¶pFRQR PLVWHTXLVRXKDLWHGpWHUPLQHUGDQVTXHOOHPHVXUHOD GHPDQGHGHWUDYDLOLQÀXHQFHOHV©SHUIRUPDQFHVªGX 1'<3/H5R\DXPH8QLGRLWIDLUHIDFHjXQFOLYDJH HQWUHOH1RUGHWOH6XGGXSD\VRV¶HVWFRQFHQWUpH OD FURLVVDQFH GH O¶HPSORL GDQV OHV DQQpHV j O¶H[FHSWLRQ GH /RQGUHV HW GX .HQW GH OD F{WH 6XG MXVTX¶j2[IRUGOHVWDX[GHFURLVVDQFHDYRLVLQHQW j SRXU DWWHLQGUH j GDQV OD UpJLRQ GH
&DPEULGJH $ O¶LQYHUVH OH 1RUG2XHVW GX 3D\V GH *DOOHV XQH JUDQGH SDUWLH GX 1RUGHVW OH 1RUG RXHVW HW O¶(FRVVH RQW FRQQX XQ GpFOLQ GH O¶HPSORL DYHFXQHSHUWHQHWWHGHSOXVGHGDQVFHUWDLQHV
ORFDOLWpV 6XU OHV ORFDO DXWKRULW\ GLVWULFWVTXH FRPSWH OD *UDQGH%UHWDJQH UHJURXSHQW SOXV GH OD PRLWLp GHV ©FOLHQWVª GX 1'<3 OD SOXSDUW VRQW GHV ]RQHV XUEDLQHV GX 1RUG HW GH O¶2XHVW GX SD\V 3(&.2UOHVWDX[G¶REWHQWLRQG¶HPSORLQRQ VXEYHQWLRQQp HW G¶HPSORL ©GXUDEOHª SOXV GH VHPDLQHV VRQW SOXV pOHYpV GDQV OH 6XG HW GDQV OHV UpJLRQVUXUDOHVGXFHQWUHGHO¶$QJOHWHUUHHWLOVVRQW PRLQV pOHYpV GDQV OHV JUDQGHV DJJORPpUDWLRQV OHV UpJLRQVGXFHQWUHGX3D\VGH*DOOHVHWGX1RUG(VW GH O¶$QJOHWHUUH 0$57,1HW DO 0&9,&$5 HW 32',9,16.<E&HWWHFRwQFLGHQFHQHSHXWrWUHOH IUXLWGXKDVDUGOHVSHUIRUPDQFHVLQpJDOHVGX1'<3 PRQWUHQW DLQVL TXH OHV SROLWLTXHV GH O¶HPSORL D[pHV VXUO¶RIIUHGHWUDYDLOVRQWWULEXWDLUHVGHODGHPDQGH GHWUDYDLOTXLIDLWFUXHOOHPHQWGpIDXWGDQVFHUWDLQHV UpJLRQVGX5R\DXPH8QL
2U OH 1HZ 'HDO QH SUpYRLW SDV G¶DLGHV j OD PRELOLWp SRXU OHV SHUVRQQHV OHV SOXV GpIDYRULVpHV /HV FK{PHXUV GX QRUG SHXWrWUH SOXV ©HPSOR\D EOHVª QH ULVTXHQW SDV G¶LQTXLpWHU OHV HPSORLV GHV LQVLGHUVGXVXG(QG¶DXWUHVWHUPHVODJpRJUDSKLH GXFK{PDJHFRPSURPHWODUpXVVLWHGX1'<3SRXU UHSUHQGUHOHWLWUHG¶XQDUWLFOHGH:(%67(5HW7852&.
)DFH j FHV FULWLTXHV pPDQDQW HVVHQWLHOOH PHQW GH JpRJUDSKHV PDLV DXVVL G¶pFRQRPLVWHV OH JRXYHUQHPHQWpYRTXHO¶LQVWDXUDWLRQGH=RQHVSULR ULWDLUHVG¶HPSORL(PSOR\PHQW=RQHVHWODFUpDWLRQ G¶XQ1HZ'HDOSRXUOHVFRPPXQDXWpVTXLDSRXU PLVVLRQ OD UpJpQpUDWLRQ LQWHQVLYH GHV TXDUWLHUV OHV SOXV SDXYUHV$X[ \HX[ GH */<1 HW:22'
FHVGHX[SURJUDPPHVVHPEOHUDLHQWLQGLTXHUTXHOH JRXYHUQHPHQWQ¶DSDVSULVFRQVFLHQFHGHO¶DPSOHXU GXSUREOqPHFHVPHVXUHVUHVWHQWGHVWLQpHVjUHQGUH OHV LQGLYLGXV SOXV ©HPSOR\DEOHVª (OOHV GHYUDLHQW DXFRQWUDLUHVRXWHQLUODGHPDQGHGHWUDYDLOGDQVOHV UpJLRQVRO¶HPSORLHVWHQGpFOLQ
4XHUHWHQLUGHFHVpYDOXDWLRQV"&HUWDLQVDVSHFWV LQQRYDQWV GX GLVSRVLWLI EULWDQQLTXH QRWDPPHQW OH 1'3$ FRQVHLOOHU SHUVRQQHO VRQW SDUWLFXOLqUH PHQWDSSUpFLpVGHVEpQp¿FLDLUHVHWPpULWHQWG¶rWUH UHFRQGXLWV/H1'<3Q¶HVWWRXWHIRLVSDVjO¶DEULGHV FULWLTXHV IRUPXOpHV j O¶pJDUG GHV SURJUDPPHV TXL O¶RQWSUpFpGp2XWUH0DQFKHLOJDUDQWLWUDUHPHQWXQ HPSORLGHTXDOLWpG¶XQHSDUWHWLOUHQIRUFHVRXYHQW OHVLQpJDOLWpVVXUOHPDUFKpGXWUDYDLOG¶DXWUHSDUW 'H IDLW OHV MHXQHV FK{PHXUV OHV SOXV GpIDYRULVpV VH YRLHQW LPSRVHU OD SDUWLFLSDWLRQ DX[ RSWLRQV TXL Q¶DXJPHQWHQW SDV OHV FKDQFHV G¶DFFqV j O¶HPSORL /HV SURPRWHXUV GX 1'<3 RQW EHDX MHX GH PHWWUH HQDYDQWODÀH[LELOLWpGXSURJUDPPHHWODSRVVLEL OLWp GH FKRLVLU HQWUH GLYHUVHV RSWLRQV pTXLYDOHQWHV /¶pYDOXDWLRQUpYqOHTX¶XQWHOFKRL[UHVWH©WKpRULTXHª SRXUOHVMHXQHVOHVSOXVGpIDYRULVpV&HFRQVWDWIDLW GHTXHOGURLWSHXWRQOHVVDQFWLRQQHUHWOHVpORLJQHU GXUDEOHPHQWGHO¶HPSORLQRUPDOHWGHODSURWHFWLRQ VRFLDOH"(QUHQIRUoDQWOHVLQpJDOLWpVVXUOHPDUFKp
GXWUDYDLOOH1'<3YDjO¶HQFRQWUHGXEXWTXLOXL pWDLW¿[pUpGXLUHOHVLQpJDOLWpVDXVHLQGXVDODULDW /¶HI¿FDFLWpGHODVWUDWpJLHWUDYDLOOLVWHHVW¿QDOHPHQW ORLQG¶rWUHSURXYpH/HVPpFDQLVPHVLPDJLQpVSDU /$<$5' HW PRGpOLVpV SDU 5,/(< HW <281* E SRXUUDLHQW EXWHU VXU OHV GLYHUVHV VHJPHQWDWLRQV GX PDUFKpGXWUDYDLO
/H ELODQ GHV pYDOXDWLRQV GX 1'<3 UHVWH SRXU OH PRLQV QXDQFp 0DLV OHV pYDOXDWLRQV GpERX FKHQW UDUHPHQW VXU GHV ©ELIXUFDWLRQVª PDMHXUHV GHV WUDMHFWRLUHV LQVWLWXWLRQQHOOHV 6L XQ GRFXPHQW GH OD FRQIpGpUDWLRQ GHV V\QGLFDWV EULWDQQLTXHV 78& SURXYH GH PDQLqUH FRQYDLQFDQWH TXH OHV VDQFWLRQV VRQW LQpJDOLWDLUHV HW LQMXVWHV OHV FRQFOXVLRQVGXPrPHGRFXPHQWUHVWHQWPRGpUpHV OH 78& QH GHPDQGH SDV GH VXSSULPHU OHV VDQF WLRQV LO UHFRPPDQGH VLPSOHPHQW GH OHV DSSOLTXHU GH PDQLqUH©DXVVL ELHQYHLOODQWH TXH SRVVLEOHª 'DQVFHFRQWH[WHXQFKDQJHPHQWGHUpIpUHQWLHOGH O¶DFWLRQ SXEOLTXH HVW SHX SODXVLEOH SRXU O¶LQVWDQW DX5R\DXPH8QL
/H UpIpUHQWLHO EULWDQQLTXH VpGXLW DX FRQWUDLUH O¶(XURSHFRQWLQHQWDOHUHoRLWOHVpORJHVGHVLQVWDQFHV HXURSpHQQHV HW LQÀXHQFH OHV SUpFRQLVDWLRQV GH OD 6WUDWpJLH(XURSpHQQHSRXUO¶(PSORLPLVHHQSODFH HQ,OV¶LQVFULWGDQVOHPRXYHPHQWGpMjDQFLHQ GHO¶LQGLYLGXDOLVDWLRQHWGHODFRQWUDFWXDOLVDWLRQGHV SROLWLTXHV GH O¶HPSORL 3OXV UpFHPPHQW O¶LGpH GH FRQWU{OHU G¶LQFLWHU HW GH VDQFWLRQQHU OHV FK{PHXUV VHPEOH VH UpSDQGUH HQ (XURSH (5+(/ HW =$-'(/$
pPHWWHQW DLQVL O¶K\SRWKqVH G¶XQ FRQVHQVXV VXUO¶RIIUHGHWUDYDLOGRQWWpPRLJQHODUpIRUPHGX 3DUH RX OD 3ULPH SRXU O¶(PSORL HQ )UDQFH HW OD UpIRUPHGHVDOORFDWLRQVGHFK{PDJHHQ$OOHPDJQH
*HUKDUG 6FKU|GHU Q¶D G¶DLOOHXUV MDPDLV FDFKp VD V\PSDWKLHSRXUOH:HOIDUHWR:RUNGH7RQ\%ODLU
$ XQ PRPHQW R LO HVW TXHVWLRQ G¶pYDOXHU OH 3$5(O¶pYDOXDWLRQGX1'<3RIIUHSDUDLOOHXUVXQH ODUJHSDOHWWHGHVPpWKRGHVG¶pYDOXDWLRQGHVSROLWL TXHVG¶HPSORL4XHOOHTXHVRLWODPpWKRGHUHWHQXH LOUHVWHGLI¿FLOHGHGpWHUPLQHUOH©FRQWUHIDFWXHOªHW GH GpPrOHU O¶HQVHPEOH GHV IDFWHXUV TXL HQWUHQW HQ MHX/DYDOLGLWpGHVUpVXOWDWVGpSHQGGHODQDWXUHGHV K\SRWKqVHVSURSUHVjFKDTXHWHFKQLTXHPDLVDXVVL GHODTXDOLWpGHVGRQQpHVGLVSRQLEOHVTXHGLUHGHV
©GHVWLQDWLRQV LQFRQQXHVª" 'DQV OD OLJQpH GHV SUpFRQLVDWLRQV IRUPXOpHV ORUV G¶XQ FROORTXH VXU O¶pYDOXDWLRQ GX:HOIDUH WR :RUN&+,77< HW (/$0 QRWUHpWXGHLQYLWHHQGp¿QLWLYHjFRPPHQWHU OHV UpVXOWDWV GH FHV pYDOXDWLRQV DYHF SUpFDXWLRQ j V¶LQWpUHVVHU GDYDQWDJH j OD ©YDULDQFHª GHV UpVXO WDWVSOXW{WTX¶jOHXUPR\HQQHHWjFRQIURQWHUSOXV V\VWpPDWLTXHPHQWOHVGLYHUVHVDSSURFKHVPpWKRGR ORJLTXHV(QGRQQDQWODSDUROHDX[EpQp¿FLDLUHVHW DFWHXUVGXSURJUDPPHOHVHQWUHWLHQVTXHVWLRQQDLUHV HWpWXGHVGHFDVRQWFRPSOpWpOHVpYDOXDWLRQVSOXV TXDQWLWDWLYHV EDVpHV VXU O¶pWXGH GHV ÀX[ GH VRUWLH GX FK{PDJH /H UHJDUG GH JpRJUDSKHV VXU FHWWH TXHVWLRQV¶DYqUHDXVVLSUpFLHX[
"!2")%2*# i,EPLEINEMPLOIAU2OYAUME5NIw 1UATREPAGES#ENTRED£TUDESDELEMPLOISEPTEMBRE
"!2")%2 *# '!54) * ,ES POLITIQUES DE LEM PLOIEN%UROPEETAUXTATS5NIS#AHIERSDU#%%05&
0ARIS
"%339 # %9-!2$$56%2.!9 & $% ,!215)%2 ' -!2#(!,% $ESMARCH£SDUTRAVAIL£QUITABLES
!PPROCHE COMPARATIVE &RANCE2OYAUME5NI 0ETER ,ANG"RUXELLES
",!.#(&,/7%2 $ &2%%-!. 2 h4HE DECLINING ECONOMIC STATUS OF 9OUNG 7ORKERS IN /%#$ COUN TRIESv IN "LANCHmOWER $ &REEMAN 2 EDS 9OUTH 5NEMPLOYMENTAND*OBLESSNESSIN!DVANCED#OUNTRIES 5NIVERSITYOF#HICAGO0RESS
",5.$%,,2#/34!$)!3--%'()2#6!.2%%.%.* h%VALUATINGTHEEMPLOYMENTIMPACTOFAMANDA TORY JOB SEARCH ASSISTANCE PROGRAMv 4HE )NSTITUTE FOR
&ISCAL3TUDIES7ORKINGPAPER$ECEMBER
"/.*/52 $ $/23%44 2 +.)'(4 ' ,)33%."52'( 3 -5+(%2*%%!0!9.%*2!.'%-527).07()4%- .EW$EALFOR9OUNG0EOPLE.ATIONALSURVEYOF 0ARTICIPANTS3TAGE2ESEARCHAND$EVELOPMENT2EPORT
%32%MPLOYMENT3ERVICE
"/.*/52$+.)'(4',)33%."52'3 %VALUATION OF .EW $EAL FOR 9OUNG 0EOPLE IN 3COTLAND 0HASE 3COTTISH%XECUTIVE#ENTRAL2ESEARCH5NIT
"2/$!49 4 #20/. " &/5'¥2% $ i,ES M£THODESMICRO£CONOM£TRIQUESD£VALUATIOND£VELOP PEMENTSR£CENTSETAPPLICATIONAUXPOLITIQUESACTIVESDE LEMPLOIw%CONOMIEETPR£VISIONSÍPARA¦TRE
"293/.!+.)'(4'7()4%- .EW$EALFOR 9OUNG 0EOPLE .ATIONAL 3URVEY OF 0ARTICIPANTS 3TAGE %MPLOYMENT 3ERVICE 2ESEARCH 2EPORT 3HEFlELD
%MPLOYMENT3ERVICE
#!.$933!5.$%23434/.%6 4HE)MPACTOF THE 7EEK 3ANCTIONING 2EGIME %MPLOYMENT 3ERVICE 2ESEARCH 2EPORT %32 3HEFlELD %MPLOYMENT 3ERVICE
#()449#%,!-' %VALUATING7ELFARETO7ORK 0APERSFROMTHEJOINT$EPARTMENTOF3OCIAL3ECURITYAND .ATIONAL #ENTRE FOR 3OCIAL 2ESEARCH $33 )NHOUSE REPORT,ONDON
#/,,).3$(!,%3* .EW$EALFOR9OUNG0EOPLE LEAVERSWITHUNKNOWNDESTINATIONS%MPLOYMENT3ERVICE 2ESEARCH 2EPORT %32 3HEFlELD %MPLOYMENT 3ERVICE
$!6/).%, ,ESPOLITIQUESDEMPLOIPOURLESJEUNES EN &RANCE ET AU 2OYAUME5NI i.OUVEAUX SERVICES n EMPLOIS JEUNESw VERSUS .EW $EAL FOR9OUNG 0EOPLE 4RAJECTOIRESINSTITUTIONNELLESETTRAJECTOIRESINDIVIDUELLES -£MOIREDE$%!PR£SENT£ETSOUTENUENSEPTEMBRE SOUSLADIRECTIONDE#HRISTINE%RHEL5NIVERSIT£0ARIS
$% "%%2 0 i,E MINISTRE BRITANNIQUE DU TRAVAIL VEUT iGARANTIR LEMPLOI PLUS QUE LEMPLOY£ww ,E -ONDEF£VRIER
$56!, ' i5N 4ONY "LAIR PEUT EN CACHER UN AUTREw!LTERNATIVES£CONOMIQUESNMAI
$% ,!215)%2 ' i$YNAMIQUE DES MARCH£S DU TRAVAILCH¯MAGEETIN£GALIT£SwIN"%339ETAL
$)8/.+ 5NDIGNEH£RITIER"LAIRETLETHATCH£
RISME2AISONSDAGIR0ARIS
$/23%44 2 4HE .EW DEAL FOR 9OUNG 0EOPLE RELATIVE EFFECTIVENESS OF THE OPTIONS IN REDUCING MALE UNEMPLOYMENT03)2ESEARCHDISCUSSIONPAPER
%2(%, # i,£VALUATION MACRO£CONOMIQUE DES POLITIQUES DE LEMPLOIw IN "!2")%2 *# '!54) *
%2(%,#:!*$%,!( h4HE$YNAMICSOF3OCIAL AND,ABOUR-ARKET0OLICIESIN&RANCEAND5+BETWEEN PATHDEPENDENCEANDCONVERGENCEv*OURNALOF%UROPEAN 3OCIAL0OLICY-AIVOL)SSP
%2(%,#:!*$%,!( i1UERESTETILDELATH£ORIE DU CH¯MAGE DE +EYNESw !CTUALIT£ £CONOMIQUE VOL MARSJUIN
&/5'¥2% $ i!CCOMPAGNEMENT DES CH¯MEURS ET SANCTIONS LEURS EFFETS SUR LE RETOUR Í LEMPLOIw IN 0ISANI&ERRY*0LEINEMPLOIRAPPORTAU#ONSEILDANA LYSE£CONOMIQUEN
'!:)%2 " 4OUS i3UBLIMESw 6ERS UN NOUVEAU PLEINEMPLOI0ARIS&LAMMARION
')$$%.3 ! ET ",!)2 4 ,A 4ROISIÞME 6OIE ,E RENOUVEAUDELASOCIALD£MOCRATIE3EUIL
',9. ! i,£GALIT£ PAR LE RETOUR AU TRAVAILw
%SPRITJUILLET
(!3,5#+# 4HE.EW$EALFOR9OUNG0EOPLETWO YEARSON%MPLOYMENT3ERVICE2ESEARCH2EPORT%32 3HEFlELD%MPLOYMENT3ERVICE
,!9!2$ 2 .)#+%,, 3 i5NEMPLOYMENT IN
"RITAINw%CONOMICA
,!9!2$2 i4HEROADBACKTOFULLEMPLOYMENTw
#ENTER FOR %CONOMIC 0ERFORMANCE OCCASIONAL PAPER NAVRIL
,!9!2$2 i7ELFARETOWORKANDTHE.EW$EALw
#ENTERFOR%CONOMIC0ERFORMANCEJANVIER
,%"/5#(%2% i#ROISSANCEETEMPLOI£LOGEDE 4ONY"LAIRw,E-ONDENOVEMBRE
,%&2%3.% & i,ES PARADOXES DE LA POLITIQUE DE LEMPLOIAU2OYAUME5NIwIN"!2")%2*#'!54)*
,%&2%3.%& i,ESCAT£GORIESDELACTIONPUBLIQUE ENDIRECTIONDESJEUNESEN&RANCEETAU2OYAUME5NIw IN"ESSYETAL
"IBLIOGRAPHIE
,%'!2$22)4#()%*452.%22 .EW$EALFOR 9OUNG0EOPLE.ATIONAL'ATEWAY%MPLOYMENT3ERVICE 2ESEARCH AND $EVELOPMENT 2EPORT %32 3HEFlELD
%MPLOYMENT3ERVICE
-!2,)¥2% 0 i,E BLAIRISME UN iTHATCH£RISME Í VISAGE HUMAINww ,ES 4EMPS MODERNES OCTOBRE NOVEMBREEANN£ENP
-!24).2.!4)6%,#35.,%90 i,IMPACTLOCAL DU.EW$EALEN'RANDE"RETAGNE1UELLEPLACEPOURLE TERRITOIREw'£OGRAPHIE%CONOMIE3OCI£T£VOLN
PP
-!24). * i7HAT WORKS AMONG !CTIVE ,ABOUR -ARKET 0OLICIES %VIDENCE FROM /%#$ #OUNTRIES
%XPERIENCESw/%#$%CONOMIC3TUDIESNP -#6)#!2$0/$)6).3+9*-A h)NTO*OBSOR)NTO THE#LASSROOM4HE5+.EW$EALFOR9OUNG0EOPLEv .)%2#7ORKING0APERN"ELFAST
-#6)#!2 $ 0/$)6).3+9 *- B h(OW 7ELL (ASTHE.EW$EALFOR9OUNG0EOPLE7ORKEDINTHE5+
2EGIONSv.)%2#7ORKING0APERN"ELFAST /#$% %TUDES £CONOMIQUES DE L/#$%
2OYAUME5NI
/#$% i,ES POLITIQUES DE VALORISATION DU TRAVAILw2EVUE£CONOMIQUEDEL/#$%N
/#$% 0ERSPECTIVESDELEMPLOI
/#/../2 7 2)4#()% * 7//$&)%,$ +
%XPERIENCESOF.EW$EAL1UALITATIVE0ROlLESOF9OUNG 0ARTICIPANTS %MPLOYMENT 3ERVICE 2ESEARCH 2EPORT
%323HEFlELD%MPLOYMENT3ERVICE
0%#+ * i-AKING SPACE FOR WELFARETOWORK
!SSESSING THE PROSPECTS FOR ,ABOURS .EW $EALw 30!
7ORKING0APER3CHOOLOF'EOGRAPHY5NIVERSITYOF -ANCHESTER
0)4#(%2 * h0OLICIES AND 0ROGRAMMES TO
!DDRESS$ISADVANTAGEAMONG9OUNG0EOPLE)SSUESFOR
%VALUATIONv%VALUATIONVOL PP
2),%9 2 9/5.' ' A h$OES WELFARETOWORK POLICY INCREASE EMPLOYMENT %VIDENCE FROM THE .EW DEALFOR9OUNGPEOPLEv.)%32$ISCUSSIONPAPER 2),%929/5.''B h4HEMACROECONOMICIMPACT OFTHE.EW$EALFOR9OUNG0EOPLEv.)%32$ISCUSSION PAPER
29!. 0 i4HE 3CHOOLTOWORK 4RANSITION !
#ROSS.ATIONAL 0ERSPECTIVEw *OURNAL OF %CONOMIC ,ITERATUREVOL888)8MARCH
4(% 4!6)34/#+ ).34)454% .EW $EAL FOR 9OUNG 5NEMPLOYED0EOPLE.ATIONAL#ASE3TUDIESOF$ELIVERY AND )MPACT %MPLOYMENT 3ERVICE 2ESEARCH 2EPORT
%323HEFlELD%MPLOYMENT3ERVICE
452/+ ) 7%"34%2 $ i4HE .EW $EAL
*EOPARDISEDBYTHEGEOGRAPHYOF5NEMPLOYMENTw,OCAL
%CONOMYVOLNOPP
45# "RIElNGDOCUMENTISSUED!UGUST NUMBERINTHE45#7ELFARE2EFORM3ERIES
45# h.EW$EALLATESTRESULTSv"RIElNG DOCUMENTISSUED*ULYLATESTRESULTS
6!. 2%%.%. * i.O MORE 3KIVVY 3CHEMES
!CTIVE,ABOUR-ARKET0OLICIESANDTHE"RITISH.EW$EAL FOR THE9OUNG 5NEMPLOYED IN #ONTEXTw DOCUMENT DE TRAVAIL)&3N
7),+).3/. $ i.EW $EAL &OR 9OUNG 0EOPLE
%VALUATION OF 5NEMPLOYMENT &LOWSw 03) 2ESEARCH
$ISCUSSION0APERJUNE
'$5(6
/HELODQGHVWUDYDX[GHYLHQWGHVRUWLU
/HELODQGHVWUDYDX[GHUHFKHUFKHG¶pWXGHHWG¶pYDOXDWLRQ¿QDQFpVSDUOD'DUHVDXWLWUHGHO¶DQQpHHVW GLVSRQLEOHVXUOHVLWHLQWHUQHWGXPLQLVWqUHGDQVODUXEULTXH(WXGHVHW6WDWLVWLTXHVjO¶DGUHVVHVXLYDQWH
KWWSZZZWUDYDLOJRXYIUHWXGHVHWXGHVBJKWPO
&HGRFXPHQWSUpVHQWHVRXVIRUPHGH¿FKHVOHVWUDYDX[TXLVHVRQWWHUPLQpVGXUDQWO¶DQQpHRXVRQW HQFRXUVGHUpDOLVDWLRQFKDTXH¿FKHLQGLTXHOHWLWUHGHO¶pWXGHOHVFKHUFKHXUVTXLODPqQHQWDLQVLTXH O¶RUJDQLVPHUpDOLVDWHXUHWSUpFLVHVLOHWUDYDLOHVWHQFRXUVRXWHUPLQp8QWH[WHSUpVHQWHSRXUOHVUHFKHUFKHV HQ FRXUV O¶REMHW OD SUREOpPDWLTXH HW OD PpWKRGRORJLH HW SRXU OHV UHFKHUFKHV WHUPLQpHV XQ UpVXPp GHV UpVXOWDWV2QWURXYHHQDQQH[HXQLQGH[GHVPRWVFOpVHWXQLQGH[GHVDXWHXUV
'HX[RSWLRQVGHWpOpFKDUJHPHQWVRQWSRVVLEOHVOHELODQLQWpJUDORXOHVGLIIpUHQWHVSDUWLHVOHFRPSRVDQW FRUUHVSRQGDQWDX[GLIIpUHQWHVXQLWpVGHOD'DUHV
/D YHUVLRQ SDSLHU GH FH GRFXPHQW TXL FRPSRUWH HQ RXWUH OHV DGUHVVHV GHV RUJDQLVPHV UpDOLVDWHXUV GHV WUDYDX[SHXWYRXVrWUHDGUHVVpH6LYRXVVRXKDLWH]ODUHFHYRLUPHUFLG¶HQIDLUHODGHPDQGHSDUPDLOj FHFLOHJURXOH]#GDUHVWUDYDLOJRXYIU
