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Banque de France Bulletin

The Banque de France Bulletin covers a range of subjects monitored, handled or studied by central banks. It serves as an information tool for a broad readership and offers educational insights so that all readers can form their own opinions.
As of the March-April 2018 edition, the articles will be published on a staggered basis and then translated into English.

Previously, the Quarterly Selection of Articles was published every three months and included a selection of articles that had already appeared in French.

As of the May-June 2019 issue, the Banque de France Bulletin includes an "Economic Research" section. In this section, Banque de France researchers present their views on a subject, condensed into a few non-technical pages, with charts and a bibliography for further reading.

April

Publication Banque de France Bulletin n°227 : article 9
The structure of income helps to understand changes in the household saving ratio in France

Economic research – The rise in the household saving ratio since the end of 2018 and, more generally, its significant fluctuations over the last ten years call for a fresh look at its macroeconomic determinants. This article proposes a model of...

By Ouvrard Jean-François, Thubin Camille
Thematic: Economic research
  • Published on 04/03/2020
  • 10 pages
  • EN
  • PDF (514.5 KB)

April

Publication Banque de France Bulletin n°227 : article 2
Systemic risk buffer: what would this instrument be used for?

The systemic risk buffer (SRB) is an additional capital requirement for the banking sector that aims at preventing or mitigating the non-cyclical dimension of risk. Indeed, systemic risks can magnify the impact of financial distress or of an external...

Thematic: Financial stability and financial system
  • Published on 04/01/2020
  • 11 pages
  • EN
  • PDF (323.99 KB)

March

Publication Banque de France Bulletin n°228 : article 1
CO2 emissions embodied in international trade

This article examines international trade from the perspective of the carbon dioxide (CO2) emissions generated by the production and distribution of traded goods and services. It takes account of both the CO2 produced within a country’s national...

By Cezar Rafaël, Polge Tancrède
Thematic: Economy and international financing
  • Published on 03/30/2020
  • 16 pages
  • EN
  • PDF (1.03 MB)

March

Publication Banque de France Bulletin n°226 : article 4
The increasing reliance of large French groups on debt: a financing strategy that has its limitations

Since 2014, large French groups have increased their use of debt relative to other resources for the financing of their activities. The fall in the average cost of debt has created a favourable environment for this type of strategy, making it less...

By Charasson-Jasson Hélène
Thematic: Companies
  • Published on 03/12/2020
  • 10 pages
  • EN
  • PDF (396.91 KB)

March

Publication Banque de France Bulletin n°227 : article 4
French insurers’ investments remain under pressure from low rates

In a context of falling stock markets in the fourth quarter of 2018, the value of French insurers’ investments remained stable at EUR 2,601 billion at market value, dipping by 1% at end-2018 before rebounding by 3.3% in the first quarter of 2019....

By Capitaine Gaëlle, Gallet Sébastien, Guimiot Frédéric, Roero Côme
Thematic: Credit and financing
  • Published on 03/12/2020
  • 12 pages
  • EN
  • PDF (541.31 KB)

February

Publication Banque de France Bulletin n°227 : article 3
The informational value of credit ratings in the bank/firm relationship

Economic research – How, by combining quantitative and qualitative information, do central bank credit ratings influence the supply of bank loans to businesses? This article attempts to answer this question by analysing the effects of a 2004 reform of...

By Cahn Christophe, Girotti Mattia, Salvadè Frederica
Thematic: Economic research
  • Published on 02/26/2020
  • 7 pages
  • EN
  • PDF (399.63 KB)

February

Publication Banque de France Bulletin n°226 : article 8
The euro area post crisis financial system in perspective (1999 2018)

How has the euro area financial system changed since the 2007 08 financial crisis? Has it become more resilient or more fragile? This article provides an overview of the main changes since 2007 and puts them in perspective. In particular, it considers...

By Mouriaux François, Sabatini Mylène, Levy-Garboua Vivien
Thematic: Financial stability and financial system
  • Published on 02/20/2020
  • EN
  • PDF (708.81 KB)

February

Publication Banque de France Bulletin n°227 : article 1
France’s national wealth in 2018: Weaker growth in household wealth due to the fall in equity prices

France’s national wealth continued to expand in 2018, reaching EUR 15,482 billion at the end of the year or 8.0 times its net domestic product. The rise was driven by non-financial wealth and especially land underlying buildings and structures. However...

By Guilloton Valentin, Migeon Jonathan
Thematic: Macroeconomics, microeconomics and structures
  • Published on 02/18/2020
  • EN
  • PDF (296.28 KB)

February

Publication Banque de France Bulletin n°226 : article 7
SMEs and VSEs in France: an improved financial situation and easier access to credit

Compared to the mid-2010s, the economic and financial situation of French SMEs/VSEs has improved. Most of the accounting ratios used to assess the health of companies have evolved positively, while remaining generally at less favourable levels than in...

Thematic: Companies
  • Published on 02/06/2020
  • EN
  • PDF (367.93 KB)

January

Publication Banque de France Bulletin n°226 : article 6
The green bond market is expanding rapidly but needs to be measured more accurately

Green bonds differ from conventional bonds in that they are used to finance projects expected to have environmental benefits. In the four years since the Paris Climate Agreement (2015), the green bond market has grown rapidly. However, it is still far...

By Bui Quang Pierre, Delbos Jean-Brieux, Perillaud Simon, Bourgey Clément
Thematic: Economy and international financing
  • Published on 01/29/2020
  • 10 pages
  • EN
  • PDF (388.72 KB)

January

Publication Banque de France Bulletin n°226 : article 5
Market power and growth: new developments

Economic research – Since the early 1970s, productivity growth has slowed down in most advanced economies, in particular in the United States. In this country, this slowdown has been accompanied by an increase in the market power of firms and a...

Thematic: Economic research
  • Published on 01/16/2020
  • 8 pages
  • EN
  • PDF (286.77 KB)