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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°236 : article 3
French goods exports and the challenge of the Covid 19 crisis

The Covid 19 pandemic that hit the world in 2020 demonstrated that, on an economic level, some countries may be more exposed than others to the impact of health restrictions by virtue of their particular trade specialisation. The analysis presented in...

By Berthou Antoine, Gaulier Guillaume
Thematic: Economy and international financing
  • Published on 09/07/2021
  • 9 pages
  • EN
  • PDF (374.88 KB)
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September

Publication Banque de France Bulletin n°236 : article 1
Twenty years of growth in France’s trade in services

Trade in services is playing an increasingly important role in French foreign trade. Between 2000 and 2019, it grew by 156%, twice as fast as trade in goods (+75%) or GDP (+64%). It also generated an average annual surplus of over EUR 20 billion. The...

By Bui Quang Pierre, Gigout Timothée
Thematic: Economy and international financing
  • Published on 09/03/2021
  • 14 pages
  • EN
  • PDF (579.55 KB)
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September

Publication Banque de France Bulletin n°236 : article 2
Does household mortgage debt influence the transmission of monetary policy in the United Kingdom?

Does monetary policy transmission in the United Kingdom depend on household mortgage debt? This article shows that changes in Bank of England base rates have a greater impact on consumption when a larger proportion of households are financially...

By Hubert Paul
Thematic: Economic research
  • Published on 09/02/2021
  • 9 pages
  • EN
  • PDF (476.63 KB)
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August

Publication Banque de France Bulletin n°235 : article 6
How have French exports fared as regards price and cost competitiveness since the start of the 2000s?

After a first decade marked by deterioration in its cost competitiveness relative to Germany in particular, France has fully made up the difference in this loss of competitiveness since 2010. Meanwhile, France’s goods and services export performance...

By Berthou Antoine, Gaulier Guillaume
Thematic: Economy and international financing
  • Published on 08/09/2021
  • 9 pages
  • EN
  • PDF (405.94 KB)
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July

Publication Banque de France Bulletin n°235 : article 2
Is there a need for greater banking consolidation in France and Europe?

In an environment of persistently low interest rates and low profitability, coupled with the impact of the health crisis, the European banking sector is facing many challenges, some of which may be partly related to overcapacity issues. Since 2009,...

By Gabrieli Silvia, Marionnet Denis, Sammeth Frank
Thematic: Financial stability and financial system
  • Published on 07/30/2021
  • 11 pages
  • EN
  • PDF (406.44 KB)
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July

Publication Banque de France Bulletin n°235 : article 5
Covid-19 and house prices in the UK: what can be learned from web-scraping data?

Official statistics on the housing market generally provide aggregated and/or lagged data. In addition, a lot of freely accessible granular information can be collected in real time from real estate websites using web-scraping techniques (automated...

By Bricongne Jean-Charles, Chatelais Nicolas, Meunier Baptiste, Pouget Sylvain, Coffinet Jérôme, Kintzler Étienne
Thematic: Economic research
  • Published on 07/29/2021
  • 7 pages
  • EN
  • PDF (282.87 KB)
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July

Publication Banque de France Bulletin n°235 : article 4
Capital operating times plummeted in 2020 amid the unprecedented use of teleworking. Results of the survey conducted by the Banque de France in September 2020

In 2020, capital operating times (COT) decreased by 4.9% in the manufacturing industry. This decline, comparable to the downturn in the industrial production index (IPI), reflects adjustments made by businesses to address the shock caused by the health...

By Lesterquy Pauline, Baudry Laurent, Tarrieu Sylvie, Gerardin Mathilde, Dekoninck Honorine, Heurtebize Fabrice, Zory Julien
Thematic: Companies
  • Published on 07/22/2021
  • 14 pages
  • EN
  • PDF (447.83 KB)
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July

Publication Banque de France Bulletin n°235 : article 3
The cash industry in the midst of the Covid-19 crisis

Developments in the cash industry have been marked in recent years by fundamental trends, such as the rapid dematerialisation of payment instruments and the expansion of e-commerce. These trends have resulted in a decline in the use of cash, and hence...

By Bayol Louis-Alexandre, Laplace Emmanuelle, De Pastor Raymond
Thematic: Means of payment and currency in circulation
  • Published on 07/13/2021
  • 9 pages
  • EN
  • PDF (435.27 KB)
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July

Publication Banque de France Bulletin n°235 : article 1
Convergence trading, arbitrage and systemic risk in the United States

Convergence trading, especially arbitrage, is used on a large scale by investment banks and hedge funds, and contributes to the smooth integration of financial markets. However, it is also a source of systemic risk, as the transactions involve short...

By Dastarac Hugues
Thematic: Economic research
  • Published on 07/02/2021
  • 9 pages
  • EN
  • PDF (336.13 KB)
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June

Publication Banque de France Bulletin n°234 : article 7
What explains the persistent weakness of euro area inflation since 2013?

Annual inflation in the euro area, as measured by the Harmonised Index of Consumer Prices (HICP), fell by an average of 1.1 percentage points between the period 1999 2007, which preceded the financial crisis, and the period 2013 19 which followed it....

By Diev Pavel, Kalantzis Yannick, Lalliard Antoine, Mogliani Matteo
  • Published on 06/11/2021
  • 9 pages
  • EN
  • PDF (422.15 KB)
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June

Publication Banque de France Bulletin n°234 : article 6
A European safe asset: new perspectives

A genuine European safe asset would have several benefits for financial stability and European integration and would facilitate the financing of public policies by reducing borrowing costs. Many proposals aim at creating a European safe asset, often...

By Gossé Jean-Baptiste, Anass Mourjane
Thematic: Economy and international financing
  • Published on 06/04/2021
  • 10 pages
  • EN
  • PDF (367.26 KB)
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June

Publication Banque de France Bulletin n°234 : article 2
Money and its counterparts: instruments and reflections of monetary policy

Crisis periods, such as the Covid-19 pandemic, represent major shocks to growth and inflation and are characterised by a high degree of uncertainty. In the face of such events, it is essential to draw on a broad set of indicators to guide monetary...

By El Amri Wydad, Mouriaux François, Wicky Yann, Bussière Matthieu, Horny Guillaume, Sahuc Jean-Guillaume
  • Published on 06/03/2021
  • 13 pages
  • EN
  • PDF (496.76 KB)
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