Following a Master research dissertation, Theo pursued a PhD in order to deepen his subject, in the Bordeaux Sciences Economiques (BSE) laboratory at the University of Bordeaux. The aim of his thesis was to study the impact of foreign exchange reserves accumulation on the monetary policy autonomy in the emerging countries (Asia, Latin America) and the improvement of financial stability in these countries.
“My thesis is based on the questioning of Mundell's Trilemma (1963), according to which a country cannot simultaneously have an autonomous monetary policy, financial openness and a fixed exchange rate regime. It also considers the quadrilemma hypothesis, which introduces the role of foreign exchange reserves, mentioned in some works but as yet little verified empirically.”
To conduct his research, Théo gathered and merged data, which he used to estimate econometric models to analyze the effect of one factor on another. "Based on the results, my thesis demonstrates that there is a non-linear relationship between the accumulation of foreign exchange reserves and the autonomy of monetary policy in emerging countries, more specifically a positive one above a certain threshold. Foreign exchange reserves can be defined as an economic policy tool".
Humanities and social sciences award
Last June, as part of the thesis prize contest, Théo presented his thesis to a non-expert jury for the first time, explaining historical context and using graphs and definitions. At the end of the auditions, the jury awarded him the Humanities and social sciences award.
“From a professional point of view, this award proves that my subject can be of interest to non-specialists. It's also an asset for my career. From a personal point of view, it's the best way to end my experience in Bordeaux.”
Next September, Théo will start a position as lecturer at the University of Orleans.