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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.

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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.

September

Publication Banque de France Bulletin n°229 : article 6
The euro in the history of the international monetary system

The international monetary system has alternated between periods with several cohabiting currencies, such as the dollar and pound sterling in the 1920s, and periods with one dominant currency, such as the dollar since 1945. Despite the political...

By Genre Véronique, Lecat Rémy, Marsilli Clément
  • Published on 09/23/2020
  • 9 pages
  • EN
  • PDF (294.63 KB)
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September

Publication Banque de France Bulletin n°229 : article 5
The international role of the euro

In a series of three articles in the Banque de France Bulletin, the international role of the euro is examined in terms of its history, its costs and benefits and, in this introductory article, the current health crisis. The efforts carried out to deal...

By Goulard Sylvie
  • Published on 09/23/2020
  • 9 pages
  • EN
  • PDF (286.42 KB)
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September

Publication Banque de France Bulletin n°229 : article 4
CO2 emissions in French international trade

The article presents an assessment of French CO2 emissions linked to the production and distribution of imported and exported goods and services. It shows that France consumes more CO2 than it produces, resulting in a balance of trade deficit of 122...

By Cezar Rafaël, Polge Tancrède
Thematic: Economy and international financing
  • Published on 09/04/2020
  • 17 pages
  • EN
  • PDF (793.96 KB)
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August

Publication Banque de France Bulletin n°230 : article 1
Digital currencies: from myth to innovative projects

As of 2009, the concept of decentrally-issued digital assets which, according to their promoters, could replace legal tender, was put forward to the public. More than a decade on, this project has still not been implemented. Stablecoins, which have...

By Pfister Christian
Thematic: Means of payment and currency in circulation
  • Published on 08/07/2020
  • 9 pages
  • EN
  • PDF (251.26 KB)
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July

Publication Banque de France Bulletin n°229 : article 2
After increasing until 2019, capital operating times are expected to decline in 2020

In 2019, capital operating times (COT) were up by 1.6%, a comparable increase to that of 2018 (+1.9%) reflecting the adjustments made by businesses to maintain or increase their activity. However, more than 50% of them reported being confronted with a...

By Nevoux Sandra, Baudry Laurent, Tarrieu Sylvie, Gerardin Mathilde, Debuf Arnaud, Evain Wilfried, Heurtebize Fabrice, Matias Sylvia, Zory Julien
Thematic: Companies
  • Published on 07/29/2020
  • 14 pages
  • EN
  • PDF (284.61 KB)
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July

Publication Banque de France Bulletin n°229 : article 1
Funding shock: how will the investment of large French firms be affected?

Economic research – This article studies the impact of the negative funding shocks of 2008 and 2011 on the investment of large French groups. We compare companies rolling over their maturing debt in times of crisis with those which did not have to do...

By Duquerroy Anne, Mazet-Sonilhac Clément
Thematic: Economic research
  • Published on 07/20/2020
  • 10 pages
  • EN
  • PDF (402.06 KB)
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June

Publication Banque de France Bulletin n°228 : article 2
The trade-enhancing impact of product standard harmonisation

Economic research – Product standards are a defining feature of industrial processes and citizens’ everyday lives: from A4 paper size to 5G mobile telecommunications, product standards are omnipresent. Though their prevalence is largely unnoticed by...

By Schmidt Julia
Thematic: Economic research
  • Published on 06/18/2020
  • 5 pages
  • EN
  • PDF (263.5 KB)
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April

Publication Banque de France Bulletin n°227 : article 8
Do late customer payments impact companies’ probability of default?

The payment delays granted by suppliers to their customers expose the former to cash flow disruptions, which are aggravated in the event of late payments and may put them in financial difficulty. ...

By Dietsch Michel, Gonzalez Olivier
Thematic: Companies
  • Published on 04/09/2020
  • 11 pages
  • EN
  • PDF (270.49 KB)
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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)
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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...

By Gabrieli Silvia, Jimborean Ramona
Thematic: Financial stability and financial system
  • Published on 04/01/2020
  • 11 pages
  • EN
  • PDF (323.99 KB)
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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)
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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)
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