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Financial Stability Review no. 21

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Bulletin de la Banque

Quarterly Selection of Articles n°44 : Winter 2016

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Rue de la Banque

Rue de la Banque n°42

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Latest publications

Economic and financial publications Rue de la Banque

Do wealth inequalities have an impact on consumption?

  • Published on 04/25/2017
  • 5 pages
  • fr
Economic and financial publications Working Paper Series

Real estate prices and corporate investment: Theory and evidence of heterogeneous effects across firms

  • Published on 04/21/2017
  • 43 pages
  • en
Issues Complete list of statistics published in the digest

April 2017

  • Published on 04/20/2017
  • 38 pages
  • en


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Highlighted publications

Rue de la Banque

Rue de la Banque No. 42, April 2017

Do wealth inequalities have an impact on consumption?

On average, wealth effects on consumption are weak in France. However, this average effect may hide differences in behaviour. This issue of Rue de la Banque looks at the effects of wealth on consumption, and shows that they vary according to the size and composition of households’ assets. In the event of an unexpected increase in wealth, poorer households tend to consume a larger share of this surplus. For these households, the propensity to consume is 11 cents per euro of additional wealth, whereas for wealthier households it is almost nil. These differences could be explained by the existence of stronger liquidity constraints on poorer households. An increase in the price of equity holdings tends to raise overall consumption inequalities. However, our simulation shows that an unexpected wealth shock would have a relatively limited effect on consumption inequalities.

Rapport annuel
Banque de France Annual Report

Annual Report Banque de France 2015


- The Governor’s Foreword
- 2015 in figures
- Monetary strategy
- Financial stability
- Provision of services to the economy
- Transformation strategy
- Governance
- Corporate social responsibility
- Financial management and the accounts
- Organisation of the Banque de France at 1 March 2016
- The recycling of euro banknotes and coins by private operators in 2015
- Summary of the Household Debt Commissions’ activity reports

Bulletin de la Banque de France
Quarterly Selection of Articles

Quarterly Selection of Articles n°43 : Autumn 2016

Main articles:

-  Exiting low interest rates in a situation of excess liquidity: the experience of the Fed
- Extended eligibility of credit claims for Eurosystem refinancing - Consequences for the supply of credit to companies
- Money and its counterparts in France and in the euro area
- Non-resident holdings of French CAC 40 companies at end-2015
- France’s trade integration measured in value added
- Current account adjustments and productivity dynamics in Europe during the crisis

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

Assessment of risks to the French financial system June 2016

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.