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December 2017 - Assessment of Risks to the French Financial System

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Financial Stability Review no. 21

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Bulletin de la Banque

Quarterly Selection of Articles n°47: Autumn 2017

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Rue de la Banque

Rue de la Banque n°57

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Annual Report Banque de France 2016

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Latest publications

Economic and financial publications Economic projections

March 2018

  • Published on 03/16/2018
  • en
Economic and financial publications Working Paper Series

A General Equilibrium Appraisal of Capital Shortfall

  • Published on 03/08/2018
  • 66 pages
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Economic and financial publications Working Paper Series

Stabilising virtues of central banks: (re)matching bank liquidity

  • Published on 03/07/2018
  • 19 pages
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Highlighted publications

Rue de la Banque

Rue de la Banque No. 57, February 2018

How has competition from Chinese exports affected the French labour market? This article aims to answer this question by exploiting the variation in exposure to competition from China across employment zones. The results suggest that around 13% of the decline in manufacturing employment in France from 2001 to 2007 is due to Chinese competition. The adverse effect on hourly wages is uniform along the wage distribution in the manufacturing sector, and concentrated in the middle of the distribution in the other sectors. The impact on the lowest wages is small, probably as a result of the lower limit set by the statutory minimum wage. The estimated impacts, albeit negative, do not necessarily imply that trade with China has not been generally beneficial. An assessment in terms of welfare would require the measurement of gains to consumers and firms that use imported intermediate goods – and whose productivity gains also ultimately benefit consumers.

Rapport annuel
Banque de France Annual Report

Annual Report Banque de France 2016


- Introductory Letter
- Economic Report
- Activity Report


Bulletin de la Banque de France
Quarterly Selection of Articles

Quarterly Selection of Articles – No. 48 – Winter 2017

Main articles:

- Where do French people invest their savings?
- Insurance undertakings in France: investment developments in 2016
- French net direct investment flows were back in surplus in 2016
- French direct investment stocks
- Growing inequalities in the American model
-The debt of major French groups: changes and financing choices

évaluation des risques du système financier français
Assessment of Risks to the French Financial System

Assessment of risks to the French financial system December 2017

The following report seeks to identify the risks and vulnerabilities present in the French financial system along with the system’s strengths and sources of resilience. This analysis is used in particular to inform the deliberations of the Banque de France’s governing authorities and of the HCSF. It seeks to provide support for proposals on macroprudential policy made by the governor of the Banque de France to the HCSF and, where appplicable, to assess the impact of these prudential proposals or measures on financial stability.