Other sites of Banque de France

Language switcher

Financial Stability Review no. 21

Go to site
Bulletin de la Banque

Quarterly Selection of Articles n°44 : Winter 2016

See more
Rue de la Banque

Rue de la Banque n°43

See more

Latest publications

Issues Complete list of statistics published in the digest

May 2017

  • Published on 05/22/2017
  • 38 pages
  • en
Economic and financial publications Working Paper Series

Why Have Interest Rates Fallen far Below the Return on Capital

  • Published on 05/19/2017
  • 29 pages
  • en
Economic and financial publications Rue de la Banque

What role did education, equipment age and technology play in 20th century productivity growth?

  • Published on 05/15/2017
  • en


Be alerted of new releases


Highlighted publications

Rue de la Banque

Rue de la Banque No. 43, May 2017

What role did education, equipment age and technology play in 20th century productivity growth?

The 20th century was a period of exceptional growth, driven mainly by the increase in total factor productivity (TFP). Studying 17 OECD countries over the 1890-2013 period, this Rue de la Banque shows that the “one big wave” of productivity growth in the mid-20th century, as well as the ICT productivity wave, remain only partially explained when taking into account quality-adjusted factors such as education, equipment age and technology diffusion along with the stock of productive capital and hours worked. These results plead for a wider view on growth factors, encompassing changes in the production process, management techniques, financing practices, firm demography and factor allocation.

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.