You are here

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.

October

Publication Banque de France Bulletin n°225 : article 6
Why have strong wage dynamics not pushed up inflation in the euro area?

Economic research – The recent weak core inflation in the euro area, despite a steady decline in unemployment since 2013, has led some analysts to doubt the existence of a Phillips curve. Wage developments, however, are consistent with their historical...

Thematic: Economic research
  • Published on 10/28/2019
  • 8 pages
  • EN
  • PDF (431.76 KB)

October

Publication Banque de France Bulletin n°225 : article 4
The Credit Mediation Scheme: 10 years of service to businesses and the economy

The Credit Mediation Scheme for Businesses was set up in October 2008 at the height of the financial crisis. It was introduced in response to shocks in bank credit supply, as the concentration of requests over time (2008-09) and by sector shows. Since...

By Harpedanne de Belleville Louis-Marie
Thematic: Entreprises
  • Published on 10/21/2019
  • 10 pages
  • EN
  • PDF (316.29 KB)

October

Publication Banque de France Bulletin n°225 : article 1
Short-time work is an efficient job-saving policy

Economic research – Short-time work enables companies facing economic difficulties to reduce the hours worked by all or part of their employees. ...

Thematic: Economic research
  • Published on 10/08/2019
  • EN
  • PDF (494.84 KB)

September

Publication Banque de France Bulletin n°224 : article 5
Money and credit posted strong growth in 2018

In 2018, overnight deposits reached a record high in France, despite negative real interest rates (-1.7% on average in 2018 for non-financial corporations [NFCs], -1.2% for households). They concentrated 60% of all bank deposits. However, the share of...

By Mouheb Youssef, Cousin Guillaume
Thematic: Crédit et financements
  • Published on 09/26/2019
  • 13 pages
  • EN
  • PDF (683.7 KB)

September

Publication Banque de France Bulletin n°224 : article 4
Why a FOMC member is a hawk or a dove? Ideology and Politics

Economic research – Monetary policy decisions typically arise from the deliberation and vote of a committee. Committees are in a continuous flux as personalities change, preferences change and majorities change. Who sits in these committees and what...

By Bordo Michael, Istrefi Klodiana
Thematic: Economic research
  • Published on 09/17/2019
  • 6 pages
  • EN
  • PDF (395.92 KB)

September

Publication Banque de France Bulletin n°224 : article 3
Overindebtedness and women

The overindebtedness procedure, which is aimed at finding solutions for households in financial difficulty, has been in existence for nearly 30 years. After initially rising in the 1990s and 2000s, the annual number of applications has fallen by 30%...

By Berardi Nicoletta, Gaulier Guillaume, Zignago Soledad, Monteil Fabienne, Nivat Dominique
Thematic: Crédit et financements
  • Published on 09/12/2019
  • EN
  • PDF (287.08 KB)

August

Publication Banque de France Bulletin n°224 : article 2
Price and non-price competitiveness: Lessons from global value chains

The role of prices and other so-called non-price factors, such as quality and brand image, are commonly highlighted in analyses of export competitiveness. However, the increasing internationalisation of production within global value chains reinforces...

By Cezar Rafaël, Cartellier Fanny
Thematic: Économie et financements internationaux
  • Published on 08/19/2019
  • 16 pages
  • EN
  • PDF (746.69 KB)

August

Publication Banque de France Bulletin n°224 : article 1
France’s trade in R&D services and in charges for the use of intellectual property: Balances have improved since 2016

Large French corporates’ international trade balance in research and development (R&D) services was negative in 2017, amounting to EUR –2.6 billion. In contrast, charges for the use of intellectual property showed a net surplus of EUR 2.7 billion....

By Bonnefoy Guy
Thematic: Économie et financements internationaux
  • Published on 08/02/2019
  • EN
  • PDF (600.12 KB)

July

Publication Banque de France Bulletin n°223 : article 3
Home lending standards have returned to 2007-08 levels

Against a backdrop of persistently low interest rates, the French residential real estate market proved extremely dynamic in 2018. Total outstanding housing loans exceeded the EUR 1,000 billion mark at the end of the year. ...

By Faivre Laurent, Lambert-Girault Camille, Point Emmanuel
Thematic: Stabilité financière et système financier
  • Published on 07/18/2019
  • EN
  • PDF (508.28 KB)

July

Publication Banque de France Bulletin n°223 : article 2
Population ageing: how does it impact the macroeconomy?

This article quantifies the impact of past and future demographic change on real interest rates, house prices and household debt in a calibrated overlapping-generations model. Falling birth and death rates across advanced economies can explain a large...

By Lisack Noëmie, Sajedi Rana, Thwaites Gregory
Thematic: Economic research
  • Published on 07/02/2019
  • 6 pages
  • EN
  • PDF (338.43 KB)

May

Publication Banque de France Bulletin n°223 : article 1
A new Banque de France Financial Conditions Index for the euro area

Financial conditions matter for the conduct of monetary policy. Over time, the scope of financial variables with a significant impact has increased, calling for the creation of an aggregate indicator – the financial conditions index (FCI) – that would...

By Petronevich Anna, Sahuc Jean-Guillaume
Thematic: Economic research
  • Published on 05/27/2019
  • 7 pages
  • EN
  • PDF (574.64 KB)

May

Publication Banque de France Bulletin n°222 : article 2
Productive capital operating times continued to increase in 2018 - Findings of the annual Banque de France survey

In 2018, productive capital operating times (COT) posted a lower increase than in 2017 (up 1.9%, compared with a 3.7% increase in 2017), but a comparable one to that of 2016 (up 1.6%). ...

By Nevoux Sandra, Py Loriane, Baudry Laurent, Hartweg Souny, Minier agnès, Tarrieu Sylvie
Thematic: Entreprises
  • Published on 05/23/2019
  • EN
  • PDF (347.98 KB)