Lê Văn Cường
Research interests
Macroeconomic modelling
Sovereign default risk and credit risk
Financial Econometrics and International Finance
Stochastic calculus applied to Finance
Education
Ingénieur Civil des Mines (1969)
Docteur 3è Cycle en Mathématiques (1978).
Honors and awards
2003 CORE Prize
Publications
Mathematical Economics
1. Stefano Bosi, Cuong Le Van, Ngoc-Sang Pham, Intertemporal equilibrium with heterogeneous agents, endogenous dividends and collateral constraints, Journal of Mathematical Economics 76 (2018) 1–20
2. Thai Ha-Huy, Cuong Le Van, Cuong Tran-Viet, Arbitrage and equilibrium in economies with short-selling and ambiguity, Journal of Mathematical Economics 76 (2018) 95–100
3. Stefano Bosi, Thai Ha-Huy, Cuong Le Van, Cao-Tung Phama, Ngoc-Sang Pham, Financial bubbles and capital accumulation in altruistic economies, Journal of Mathematical Economics 75 (2018) 125–139
4. Existence of equilibrium on asset markets with a countably infinite number of states (with Thai Ha-Huy), Journal of Mathematical Economics, 73, 44-53, 2017
5. How to determine exchange rates under risk neutrality: A note (with S. Bosi and P. Fontaine), Economics Letters, 2017.
6. Interest rates parity and no arbitrage as equivalent equilibrium conditions in the international financial assets and goods markets (with S. Bosi and P. Fontaine), Mathematical Social Sciences, Vol.82, 26-36, July 2016.
7. Arbitrage and asset market equilibrium in infinite dimensional economies with short-selling and risk-averse expected utilities (with Th. Ha-Huy and M-H Nguyen), Mathematical Social Sciences, Vol.79, 30-39, January 2016.
8. Intertemporal equilibrium with financial asset and physical capital (with N-S Pham), Economic Theory, 62, 155–199, 2016.
9. Efficient allocations and Equilibria with short-selling and Incomplete Preferences (with R.A. Dana), Journal of Mathematical Economics, 53, 101-105, 2014.
10. Overlapping risk adjusted sets of priors and the existence of efficient allocations and equilibria with short-selling” (with R.A. Dana), Journal of Economic Theory, 145, 6, 2186-2202, 2010.
11. Overlapping sets of priors and the existence of efficient allocations and equilibria for risk measures (with R.A. Dana), Mathematical Finance, 20, 3, 327-339, 2010.12. Risky Arbitrage, Asset Prices, and Externalities (with F.H. Page and . M Wooders), Economic Theory, 2007.
13. Walras and dividends equilibrium with possibly satiated consumers (with N. Allouch). Journal of Mathematical Economics, sept 2008.
14. No-arbitrage Condition and Existence of Equilibrium with Dividends (with N.B. Minh), Journal of Mathematical Economics, , 43, 135-152, 2007.
15. Arbitrage and Equilibrium in Unbounded Exchange Economies with Satiation, (with N. Allouch, and F. Page) Journal of Mathematical Economics. 16. No-arbitrage condition and existence of equilibrium in asset markets with a continuum of agents (with F. Magnien), International Journal of Economic Theory, 1, 43-45, 2005.
17. The Geometry of Arbitrage and the Existence of Competitive Equlibrium (with N. Allouch and F. Page), Journal of Mathematical Economics,38, 373-391, 2002.
18. Asset Market Equilibrium in Lp Spaces with Separable Utilities (with D.H. Truong Xuan), Journal of Mathematical Economics, 36, 241-254, 2001.
19. Arbitrage and Equilibrium in Economies with Externalities (with F. Page and M. Wooders), Journal of Global Optimization , 20, 309-321, 2001.
20. Arbitrage, Duality and Asset Equilibria (with R.A. Dana), Journal of Mathematical Economics, 34, 396-413, 2000.
21. On the Different Notions of Arbitrage and Existence of Equilibrium (with R.A. Dana, F. Magnien), Journal of Economic Theory, 87, 169-193, 1999. 22. General Equilibrium In Asset Markets with or without Short-Selling (with R.A. Dana, F. Magnien), Journal of Mathematical Analysis and Applications, 1997.
23. Complete Characterization of Properness Conditions for Separable Concave Functions defined in Lp+ and Lp, Economic Theory, 1996
24. On the Subdifferential of the Value Function in Economic Optimization Problems (with J.M. Bonnisseau), Journal of Mathematical Economics, 1996.
25. Asset Equilibria in Lp Spaces with Complete Markets : a Duality Approach (with R.A. Dana), Journal of Mathematical Economics, 1995.
26. Subdifferentiability of the Value Function in Economic Problems (with J.M. Bonnisseau), SEA, Bull. Math, 9, N02, 1995.27. Convergence Of Equilibria in an Intertemporal General Equilibrium Model: A dynamical System Approach (with I. Hadji), Journal of Economic Dynamics and Control, 1994.
28. Lagging and Unlagging Theorems : A Quasi-Equivalence, Computers, Mathematics with Applications, 1992.
29. Equilibria of a Stationary Economy with Recursive Preferences (with R.A. Dana), Journal of Optimization Theory and Applications, 1991.
30. Asymptotic Properties of a Leontief Economy (with R.A. Dana, M. Florenzano, D. Levy), Journal of Economic Dynamics and Control, 1989.31. Production Prices and Equilibrium Prices : A Long Run Property of a Leontief Economy with an Unlimited Supply of Labour (with R.A. Dana, M. Florenzano, D. Levy), Journal of Mathematical Economics, 1989.
32. A Note on the Gale-Nikaido-Debreu Lemma and the Existence of General Equilibrium (with M. Florenzano), Economics Letters, 198633. Topological Degree and the Sperner Lemma, Journal of Optimization Theory and Applications, 1982.
34. Topological Degree and Number of Nash Equilibrium Points of Bimatrix Games, Journal of Optimization Theory and Applications, 1982.35. Topological Degree of a Family of Convex Functions and Localization of Nash Equilibrium Points, Journal of Optimization Theory and Applications, 1980.
Optimal Growth in Economics
1. Asset bubbles and efficiency in a generalized two-sector model (with S. Bosi and N-S. Pham) Mathematical Social Sciences, 37-48, 2017.
2. Rational Land and Housing Bubbles in Infinite-Horizon Economies (with S. Bosi and N-S Pham) in Sunspots and Non-Linear Dynamics – Essays in Honor of Jean-Michel Grandmont, K. Nishimura, A. Venditti and N. Yannelis (eds), Studies in Economic Theory, Springer-Verlag, 2017.3. Transitional dynamics in an R&D-based growth model with natural resources (with Thanh Le), Mathematical Social Sciences, Vol.82, 1-17, July 2016.
4. Optimal Growth Strategy Under Dynamic Threshold (with C. Saglam and A. Turan), Journal of Public Economic Theory, Vol. 18, 979-991, 2016.5. On existence and bubbles of Ramsey equilibrium with borrowing constraints (with R. Becker, S. Bosi and Th. Seegmuller), Economic Theory, 58, 2, February 2015.
6. A Never-decisive and Anonymous Criterion for Optimal Growth Models (with A. Ayong Le Kama, T. Ha-Huy and K. Schubert), Economic Theory, 55, 2, 2014.
7. Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure (with A. Goenka and M.H Nguyen) , Macroeconomic Dynamics, 16 (S1), 33-51, 2012.
8. Existence, Optimality and Dynamics of Equilibria with Endogenous Time Preference (with S. Erol and C. Saglam), Journal of Mathematical Economics, 47, 2, 170-179, 2011.9. Optimal timing of regime switching in optimal growth models: A Sobolev space approach (with E. Dogan and C. Saglam), Mathematical Social Sciences, 61, 2, 97-103, 2011.
10. With Exhaustible Resources Can a Developing Country Escape From The Poverty Trap? (with K. Schubert and T-A. Nguyen), Journal of Economic Theory, 145, 6, 2435-2447, 2010.11. New Technology, Human Capital, and Growth in a Developing Country (with T-A. Nguyen, M-H Nguyen, T-B Luong), Mathematical Population Studies, 17, 4, 215-241, 2010
12. When does a developing country use new technologies? (with O. Bruno et B. Masquin), Economic Theory, 40, 2, Aug 200913. Non-convex Aggregaate Technology and Optimal Economic Growth (with N.M.Hung and Ph. Michel), Economic Theory, 40, 3, Sept 2009
14. Existence of Solutions in Continuous-time Optimal Growth Models (with H. d’Albis and P. Gourdel), Economic Theory, 37, 2, nov 200815. Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor, (with M.H. Nguyen and Y. Vailakis) Journal of Mathematical Economics, 2007.
16. Parametric Continuity of stationary distributions (avec J. Stachurski), Economic Theory, vol. 33, 333-348, 2007.17. Optimal Control in Infinite Horizon Problems: a Sobolev Spaces Approach (with R. Boucekkine and C. Saglam), Economic Theory, vol.32, 497-509, 2007.
18. On Optimal Growth Models when the Discount Factor is near 1 or equal to 1 (with L. Morhaim), International Journal of Economic Theory, 2006.
19. Optimal Growth Models with Discounted Returns, in Handbook on Optimal Growth, Volume 1: Discrete Time, R-A. Dana, C. Le Van, T. Mitra, K. Nishimura eds, Springer, 2006.20. Optimal Growth without Discounting (with R-A Dana), in Handbook on Optimal Growth, Volume 1: Discrete Time, R-A. Dana, C. Le Van, T. Mitra, K. Nishimura eds, Springer, 2006.
21. On the existence of a competitive equilibrium in the Lucas (1988) model (with H. D’Albis), Journal of Mathematical Economics, vol.42, 46-55, 2006. 22. Recursive Utility and Optimal Growth with Bounded or Unbounded Returns (with Y. Vailakis), Journal of Economic Theory, vol. 123, 185-209, 2005.23. Health Cares and Economic Growth (with P. Gourdel, L. Hoang-Ngoc, T. Mazamba), Annales d’Economie et de Statistiques, 75/76, 2004.
24. Equilibrium and Competitive Equilibrium in a discrete Time Lucas Model (with P. Gourdel, L. Hoang-Ngoc, T. Mazamba), Journal of Difference Equations and Applications, Vol.10, N° 5, 501-514, 2004.25. Optimal Growth Models and the Lagrange Multiplier (with H.C. Saglam), Journal of Mathematical Economics, 40, 393-410, 2004.
26. Quality of Knowledge Technology, Returns to Production Technology and Economic Development (with C. Saglam), Macroeconomic Dynamics, 8, 147-161, 2004.27. Existence of a competitive equilibrium in one sector growth model with heterogenous agents and irreversible investment (with Y. Vailakis), Economic Theory, 22, 743-771, 2003.
28. A simple proof of existence of equilibrium in a one sector growth model with bounded or unbounded returns from below (with J. Duran), Macroeco- nomic Dynamics, 7, 317-332, 2003.29. Optimal growth models with bounded or unbounded returns : a unifying approach (with L. Morhaim), Journal of Economic Theory, 105, 158-187, 2002.
30. The discrete time version of the Romer model (with L. Morhaim, Ch-H. Dimaria), Economic Theory, 20, 133-158, 2002.
31. Optimal Growth, Debt, Corruption and R&D (with Ch-H. Dimaria), Macroeconomic Dynamics, 6, 597-613, 2002.
32. A Model of Optimal Growth Strategy (with Ph. Askenazy), Journal of Economic Theory, 85, 24-51,1999.33. Differentiability of the Value Function of Nonclassical Optimal Growth Models (with K. Askri), Journal of Optimization Theory and Applications, 1998.
34. On the Bellman Equation of the Overtaking Criterion : an Addendum (with R.A. Dana), Journal of Optimization Theory and Applications, 1991.35. Optimal Growth and Pareto-Optimality (with R.A. Dana), ), Journal of Mathematical Economics, 20, 1991.
36. On the Bellman Equation of the Overtaking Criterion (with R.A. Dana), Journal of Optimization Theory and Applications, 1990.37. On the Structure of Pareto-Optima in an Infinite Horizon Economy where Agents have Recursive Preferences (with R.A. Dana), Journal of Optimization Theory and Applications, 1990.
Macroeconomic Modelling
1. The Determination of the Equilibrium Exchange Rate in a Simple General Equilibrium Model (with C.Couharde and Th.B. Luong), Review of Development Economics 10(3), 506-517, 2006.
2. Asymptotic Hierarchies in a Macroeconomic Model (with P. Malgrange), in MacAdam & A. Hughues-Hallet Eds, Applied Decision Analysis and Economic Behaviour, Kluwer, 1999.3. Checking for Saddlepoint Stability (with R. Boucekkine), Computational Economics, 1996.
4. The Long Run of Macroeconometric Models (with M. Deleau, P. Malgrange), Essays in Honor of Edmond Malinvaud, the MIT Press, 1990.5. Stationary Uncertainty Frontiers in Macroeconomic Models and Existence and Uniqueness of Solutions to Matrix Riccati Equations, Journal of Economic Dynamics and Control, 1987.
6. Stationary Uncertainty Frontiers in Macroeconomic Models : An Approach for Solving Matrix Riccati Equations, Journal of Economic Dynamics and Control, 1986.7. Stabilisation Efficace des Systèmes Dynamiques en Présence d’Incertitude : Expérimentation avec une Maquette du Modèle DMS (with M. Deleau, P. Malgrange), Revue Economique, 1984.
8. The Uncertainty Frontier as a Global Approach to the Efficient Stabilisation of Economic Systems : An Experimentation avec the Micro-DMS Model (with M. Deleau, P. Malgrange), in Applied Decision Analysis and Economic Behaviour, Hughes Hallet (Ed.), Martinus Nijhoff Publishers, 1984.9. Specification of the Import Function and the Determination of Short and Long Term Equilibria in a Macroeconometric Model, in Advanced Studies in Theoretical and Applied Econometrics, J.P. Ancot(Ed), Martinus Nijhoff Publishers, 1983.
10. Etude de la Stabilité du Sentier d’Equilibre d’une Maquette d’Economie Ouverte, Annales de l’INSEE, 1983.
11. Calcul d’un Prix Fictif de l’Energie Petrolière (with A. Porcher, H. Triebel), Prévision et Analyse Economique, 1982.12. Les Multiplicateurs du Modèle MOGLI (with A. Fonteneau), Prévision et Analyse Economique, 1982.
13. Le Modèle MOGLI (with R. Courbis, A. Fonteneau, P. Voisin), Prévision et Analyse Economique, 1980.Vietnamese Economy
1. Modelling Transition and International Opening in Asia : the Case of Vietnam with a Comparison with China and the Asian Tigers (with A. Sandzantman, J.L. Brillet, J. Mazier), Comparative Economic Studies, 2000. 2. Impacts of the Asian Crisis on the Vietnamese Economy : Simulations from an Aggregative Core Model (with K. Kh. Nguyen, Th.T. Tran), The Osaka City University Economic Review, Vol.35, N°1, October 1999.
3. Transition et Ouverture sur l’Extérieur (with J.Mazier, Th. A.D. Tran, A. Zantman), in Développement et Transition vers l’Economie de Marché, Actualité Scientifique, AUPELF-UREF, 1999.
4. L’économie vietnamienne de 174 à 1994 (avec H.H. Tran et Th.A.D. Tran), in Le Van et Mazier (eds), L’Economie Vietnamienne en Transition : les Facteurs de la Réussite (avec J. Mazier), L’Harmattan, Paris, 1998.5. Une Maquette de l’Economie Vietnamienne de 1980 à 1988 (with Ph.Ducos, Ph. Khuong-Huu, J.P. Lardy), Revue Economique 1991.
6. Un Essai sur l’Economie Vietnamienne depuis 1975, Revue d’Etudes Comparatives Est-Ouest, 1988.