{"id":9475,"date":"2020-07-03T10:00:43","date_gmt":"2020-07-03T08:00:43","guid":{"rendered":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/?p=9475"},"modified":"2020-07-03T16:21:45","modified_gmt":"2020-07-03T14:21:45","slug":"for-a-better-intergenerational-circulation-of-assets","status":"publish","type":"post","link":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/for-a-better-intergenerational-circulation-of-assets\/?lang=en","title":{"rendered":"For a Better Intergenerational Circulation of Assets"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.ofce.sciences-po.fr\/pdf\/revue\/4-161OFCE.pdf\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-9110 size-medium\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/Revue-OFCE-161-205x300.jpg\" alt=\"\" width=\"205\" height=\"300\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/Revue-OFCE-161-205x300.jpg 205w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/Revue-OFCE-161-100x146.jpg 100w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/Revue-OFCE-161-34x50.jpg 34w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/Revue-OFCE-161-51x75.jpg 51w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/Revue-OFCE-161.jpg 576w\" sizes=\"(max-width: 205px) 100vw, 205px\" \/><\/a>The issues of population aging and savings are intimately linked. Their relationship shapes the intergenerational distribution of wealth, and more importantly, the way in which savings can be invested. OFCE economist Vincent Touz\u00e9 and Andr\u00e9 Masson (CNRS-EHESS-PSE) focused on this issue with long-term implications in a documented study on <a href=\"https:\/\/www.ofce.sciences-po.fr\/pdf\/revue\/4-161OFCE.pdf\">Household aging and savings: how to promote a better accumulation of capital?<\/a> (in French &#8211; <i>OFCE Journal, <\/i>special issue on wealth taxation, 2019). Interview.<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">Sylvie Le Golvan &#8211; In your study, you note the massive growth of inheritance in our societies. Why is this a problem?<\/span><\/h5>\n<p><span style=\"font-weight: 400;\">Vincent Touz\u00e9 &#8211; In this article, we return to a historical trend: the accumulation of assets by French households. We describe a phenomenon of \u201cpatrimonialization\u201d by describing its four components:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #333333;\">A growing aggregate importance of assets in relation to national income;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #333333;\">Increasingly concentrated assets \u2013 over 60% of total assets \u2013 in the hands of seniors (people over 60, or a quarter of the population) with savings mainly invested in low-risk assets (savings accounts, life insurance, and real estate);<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #333333;\">A return of inheritance, which is fully acquired at an increasingly late age \u2013 60 on average;<br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #333333;\">Young households with increased career development difficulties and limited asset building, particularly in terms of housing and business creation.<\/span><\/li>\n<\/ul>\n<div id=\"attachment_9094\" style=\"width: 213px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.tallandier.com\/livre\/generation-sans-pareille\/\"><img aria-describedby=\"caption-attachment-9094\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-9094 size-medium\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/41pZfYcCZ3L._SX335_BO1204203200_-203x300.jpg\" alt=\"\" width=\"203\" height=\"300\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/41pZfYcCZ3L._SX335_BO1204203200_-203x300.jpg 203w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/41pZfYcCZ3L._SX335_BO1204203200_-99x146.jpg 99w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/41pZfYcCZ3L._SX335_BO1204203200_-34x50.jpg 34w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/41pZfYcCZ3L._SX335_BO1204203200_-51x75.jpg 51w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/41pZfYcCZ3L._SX335_BO1204203200_.jpg 337w\" sizes=\"(max-width: 203px) 100vw, 203px\" \/><\/a><p id=\"caption-attachment-9094\" class=\"wp-caption-text\">\u00a9 Editions Tallandier<\/p><\/div>\n<p><span style=\"font-weight: 400;\">Current seniors belong to the first generation of the so-called \u201cgolden\u201d baby-boom generation. Born between 1943 and 1957, this generation lived through a period that the historian Sirinelli referred to as the &#8220;4Ps&#8221;: Peace \u2013 France has not experienced a significant war event since 1962; Plentiful Employment \u2013 this generation entered the labor market at a time when unemployment was low and career prospects were strong; Prosperity \u2013 their professional career was characterized by high wage growth, lower social taxation of earned income, and pension schemes with generous payouts; and finally, belief in Progress \u2013 steady technical and social &#8220;progress&#8221; that resolved many difficulties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This context was especially conducive to a great accumulation of assets. But the situation has changed, with younger generations facing a number of difficulties: reduced labor market access, far-off retirements, limited asset building, dimmer prospects for wage growth, and high social security contributions.<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">SLG \u2013 What are the consequences of this configuration?<\/span><\/h5>\n<div id=\"attachment_9096\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img aria-describedby=\"caption-attachment-9096\" decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-9096\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_790729342-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_790729342-300x200.jpg 300w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_790729342-219x146.jpg 219w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_790729342-50x33.jpg 50w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_790729342-112x75.jpg 112w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_790729342.jpg 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-9096\" class=\"wp-caption-text\">\u00a9 Shutterstock<\/p><\/div>\n<p><span style=\"font-weight: 400;\">VT: The patrimonialization phenomenon is potentially detrimental to the economy. First of all, it raises a question of efficiency in terms of production, since household savings allocations are out of step with the nation&#8217;s long-term needs. We believe that these assets are overinvested in real estate (60% of total assets) and life insurance (15%), which is fiscally attractive. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Second, this concentration of assets raises two social justice issues related to intergenerational equity: first, following generations do not have the same asset-building prospects; and second, the assets of senior citizens will be unequally inherited.<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">SLG: How are household savings mainly allocated in our ageing societies?<\/span><\/h5>\n<p><span style=\"font-weight: 400;\">VT: Asset accumulation generally meets three needs: precaution, life cycle, and dynastic altruism. Precautionary savings aim to create a &#8220;nest egg&#8221; in the event of hardship, such as, at the end of the life cycle, the risk of becoming dependent.\u00a0<\/span><\/p>\n<div id=\"attachment_9098\" style=\"width: 310px\" class=\"wp-caption alignright\"><img aria-describedby=\"caption-attachment-9098\" decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-9098\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_794232955-300x183.jpg\" alt=\"\" width=\"300\" height=\"183\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_794232955-300x183.jpg 300w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_794232955-239x146.jpg 239w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_794232955-50x31.jpg 50w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_794232955-123x75.jpg 123w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_794232955.jpg 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-9098\" class=\"wp-caption-text\">\u00a9 Shutterstock<\/p><\/div>\n<p><span style=\"font-weight: 400;\">It is a form of self-insurance. Life-cycle savings are based on the anticipation of lower income in retirement. Finally, dynastic savings follow a family strategy. The idea is to leave &#8220;something&#8221; to one&#8217;s descendants. If this family transmission takes place before death, it is considered a donation. If it occurs after death, it is a <em>post-mortem<\/em> bequest.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The allocation of savings is generally based on a tradeoff between variability and expected return. The nature of the variability of the return presents specific features depending on the type of asset chosen (real estate, bonds or equities) and on the investment timeline. Investment in the productive sector is certainly riskier in the short term but more profitable over a long period. In a way, the current massive ownership of real estate and life insurance products reveals a form of asset tension that is not very forward-looking.<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">SLG: What is the impact of senior citizens&#8217; capital accumulation on the standard of living of future generations?<\/span><\/h5>\n<div id=\"attachment_9100\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img aria-describedby=\"caption-attachment-9100\" decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-9100\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1077459584-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1077459584-300x200.jpg 300w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1077459584-219x146.jpg 219w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1077459584-50x33.jpg 50w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1077459584-112x75.jpg 112w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1077459584.jpg 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-9100\" class=\"wp-caption-text\">\u00a9 Shutterstock<\/p><\/div>\n<p>V.T<b> : <\/b><span style=\"font-weight: 400;\">The impact is significant because there is a link between investment choices and labor productivity. These two elements follow different timelines but over time shape each generation\u2019s potential benefits. Younger generations have access to work tools and innovations resulting from investment and R&amp;D choices made by previous generations. Their labor productivity and remuneration will depend on this productive performance. In return, the older generations \u2013 the retired ones \u2013 benefit from pensions financed via pay-as-you-go, i.e. with contributions deducted directly from earned income. \u201cGood&#8221; pay-as-you-go pensions therefore depend on high labor productivity, while &#8220;good&#8221; wages result from the wisdom of past investment and R&amp;D choices. It is also useful to recall that the development of an effective productive tool also depends on past public investment choices in both tangible assets such as public infrastructure (transportation and communication networks, hospitals, public buildings) and intangible assets such as education and research.<\/span><\/p>\n<h5>SLG:\u00a0 You call for greater solidarity on asset transmission to promote intergenerational equity. Do you think this is an achievable goal?<\/h5>\n<div id=\"attachment_9105\" style=\"width: 310px\" class=\"wp-caption alignright\"><img aria-describedby=\"caption-attachment-9105\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-9105 size-medium\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_364684229-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_364684229-300x200.jpg 300w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_364684229-219x146.jpg 219w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_364684229-50x33.jpg 50w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_364684229-112x75.jpg 112w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_364684229.jpg 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-9105\" class=\"wp-caption-text\">\u00a9 Shutterstock<\/p><\/div>\n<p><span style=\"font-weight: 400;\">V.T : <\/span><span style=\"font-weight: 400;\">Our article proposes several remedies to correct the imperfect allocation of savings. The idea is to lengthen savers\u2019 timeframe. The solutions we cover include the &#8220;Impher&#8221; reform (inheritance taxation) recommended by Andr\u00e9 Masson (2015) in his article on <\/span><span style=\"font-weight: 400;\">\u201cHow to justify an unpopular increase in the estate tax\u201d<\/span><span style=\"font-weight: 400;\"> (<\/span><i><span style=\"font-weight: 400;\">OFCE Journal<\/span><\/i><span style=\"font-weight: 400;\">, n\u00b0139). The latter aims to promote better intergenerational circulation of assets. This would involve increasing taxes on late transmissions \u2013 in this case involving the post-mortem estate tax. The tax change would encourage senior citizens to pass on their property earlier in order to avoid a greater estate tax. Meanwhile, less altruistic parents who do not want to pass on their assets early enough would see their family&#8217;s assets taxed more heavily at the time of inheritance. This surplus tax revenue could then be used for socially optimal purposes, such as financing the investment projects of young entrepreneurs with little capital and no significant family support. The Impher reform would have the merit of encouraging the circulation of capital to younger generations, who have a high remaining life expectancy and are therefore more likely to invest in long-term projects. By securing additional tax revenue, this measure would also make it possible to support, via a wealth transfer, a dual objective of inter- and intra-generational equity.\u00a0<\/span><\/p>\n<h5><span style=\"font-weight: 400;\">SLG: \u00a0 What are your proposals to encourage long-term investment? Does Europe have an active role to play?<\/span><\/h5>\n<div id=\"attachment_9102\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img aria-describedby=\"caption-attachment-9102\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-9102 size-medium\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1728197677-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1728197677-300x200.jpg 300w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1728197677-219x146.jpg 219w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1728197677-50x33.jpg 50w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1728197677-112x75.jpg 112w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_1728197677.jpg 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-9102\" class=\"wp-caption-text\">\u00a9 Shutterstock<\/p><\/div>\n<p><span style=\"font-weight: 400;\">V.T:<\/span><span style=\"font-weight: 400;\"> We consider that asset taxation should be heavier on savings invested in low-risk, short-term investments and, more importantly, encourage savings invested in the productive sector over the longer term. It could be useful to develop &#8220;long-term investment&#8221; savings products that would be the main vehicles benefiting from favorable taxation. This would be the case of &#8220;trans-generational&#8221; investments held \u2013 if applicable \u2013 over two successive family generations and subject to highly inheritance tax term. The managers of these funds would be required to seek long-term returns (long presence in the capital of companies, demand for long-term returns, and renunciation of short-term speculative gains) and also to meet social and environmental responsibility criteria. We also call for the creation of specific sovereign wealth funds. These public funds could, for example, consist of compulsory contributions from salaries. These levies would enable employees to acquire additional pension rights through capitalization and thus compensate for part of the anticipated fall in the level of pay-as-you-go pensions. Bond issues could provide additional public funding. The capital raised would be used to serve a genuine collective investment strategy in sectors deemed strategic (health, new technologies, agriculture, and defense). These investments would also help facilitate the inevitable and indispensable ecological transition. <\/span><\/p>\n<div id=\"attachment_9107\" style=\"width: 310px\" class=\"wp-caption alignright\"><img aria-describedby=\"caption-attachment-9107\" decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-9107\" src=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_476644945-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_476644945-300x200.jpg 300w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_476644945-219x146.jpg 219w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_476644945-50x33.jpg 50w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_476644945-112x75.jpg 112w, https:\/\/www.sciencespo.fr\/research\/cogito\/wp-content\/uploads\/2002\/05\/shutterstock_476644945.jpg 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-9107\" class=\"wp-caption-text\">\u00a9 Shutterstock<\/p><\/div>\n<p><span style=\"font-weight: 400;\">At a supranational level, a European sovereign wealth fund would have many merits in supporting strategic sectors and public investments with transnational impacts. The issuance of long-term European public debt would enable the mobilization of significant capital to endow this fund. In the COVID-19 era, let us not forget that while the wealth of nations and their capacity for resilience are based on each citizen\u2019s willingness to mobilize to save lives and preserve the economic system, they equally depend on past public and private choices, some of which are very old. These have ensured an efficient and immediately operational productive structure that can respond to our currently particularly urgent and important needs. The investment choices we make today will be vital for decades to come.<\/span><\/p>\n<p style=\"text-align: right;\"><em>Translated by Carolyn Avery<\/em><\/p>\n<pre><a href=\"https:\/\/www.ofce.fr\/pages-chercheurs\/page.php?id=38\"><span style=\"font-weight: 400;\">Vincent Touz\u00e9<\/span><\/a><span style=\"font-weight: 400;\"> is an economist at Sciences Po\u2019s French Economic Observatory, a co-leader of the research cluster on the \u201c<\/span><span style=\"font-weight: 400;\">Economic implications of demographic ageing (<\/span><span style=\"font-weight: 400;\">Econage<\/span><i><span style=\"font-weight: 400;\">)\u201d<\/span><\/i><span style=\"font-weight: 400;\">, and editor-in-chief of the <\/span><a href=\"https:\/\/www.ofce.sciences-po.fr\/publications\/revue.php\"><i><span style=\"font-weight: 400;\">OFCE Journal<\/span><\/i><\/a><span style=\"font-weight: 400;\">. His research mainly focuses on the economic implications of demographic ageing and the financing of retirement systems.<\/span><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The issues of population aging and savings are intimately linked. Their relationship shapes the intergenerational distribution of wealth, and more importantly, the way in which<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":3,"featured_media":9103,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,261],"tags":[78,228],"_links":{"self":[{"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/posts\/9475\/?lang=en"}],"collection":[{"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/posts\/?lang=en"}],"about":[{"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/types\/post\/?lang=en"}],"author":[{"embeddable":true,"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/users\/3\/?lang=en"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/comments\/?lang=en&post=9475"}],"version-history":[{"count":8,"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/posts\/9475\/revisions\/?lang=en"}],"predecessor-version":[{"id":9735,"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/posts\/9475\/revisions\/9735\/?lang=en"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/media\/9103\/?lang=en"}],"wp:attachment":[{"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/media\/?lang=en&parent=9475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/categories\/?lang=en&post=9475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sciencespo.fr\/research\/cogito\/home\/wp-json\/wp\/v2\/tags\/?lang=en&post=9475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}