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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.

December

Publication Banque de France Bulletin n°226 : article 2
Trends in central bank communication: from secrecy to transparency

Economic research – Over the past 25 years, central banks have undergone a revolution in the way they interact with the public: from secrecy to extensive communication. Transparency is not only a democratic imperative: it also improves the efficacy of...

Thematic: Economic research
  • Published on 12/19/2019
  • 7 pages
  • EN
  • PDF (228.18 KB)

December

Publication Banque de France Bulletin n°226 : article 3
The European Union’s 2021-2027 multiannual financial framework: new balances, new challenges

The ongoing negotiations on the next multiannual financial framework for the European Union (EU) were launched 18 months ago by the European Commission. This framework, discussed between the Member States, sets out the EU’s main areas of spending and...

By Genre Véronique, Lamy Elsa
Thematic: Economy and international financing
  • Published on 12/13/2019
  • 10 pages
  • EN
  • PDF (306.76 KB)

December

Publication Banque de France Bulletin n°225 : article 8
Climate change: what are the risks for the French financial sector?

Global warming is generating more frequent and extreme weather events, which will significantly weaken local economic activity and lead to the erosion of asset values. Policies implemented to fight global warming could also destabilise the financial...

By Diot Sébastien, Bontemps-Chanel Anne-Lise
Thematic: Financial stability and financial system
  • Published on 12/12/2019
  • 12 pages
  • EN
  • PDF (1.09 MB)

December

Publication Banque de France Bulletin n°226 : article 1
Portfolio investments and fragility in emerging economies: detection tools

Over the past decade, emerging economies have experienced repeated withdrawals of capital by non resident investors (“sudden stop” episodes). This was also the case recently, with the tensions of mid 2018 related to the tightening of monetary policy in...

By Lalanne Florian, Peresa Irena, Rivaud Sophie
Thematic: Economy and international financing
  • Published on 12/09/2019
  • 16 pages
  • EN
  • PDF (543.4 KB)

December

Publication Banque de France Bulletin n°225 : article 2
The circulation of euro banknotes and coins in 2018: robust growth driven by non-euro area countries and cash hoarding

Demand for euro banknotes and coins remains robust, buoyed by circulation in non-euro area countries and the hoarding of cash as a store of value. Nevertheless, the use of cash as a means of payment is in decline due to rising competition from cashless...

By Torre Ghjuvanni, Laplace Emmanuelle
Thematic: Means of payment and currency in circulation
  • Published on 12/03/2019
  • EN
  • PDF (405.99 KB)

November

Publication Banque de France Bulletin n°225 : article 5
French non-money market investment funds: a sharp decrease in outstanding amounts in 2018

In 2018, and for the first time since 2011, French and euro area non-money market investment funds recorded a decrease in outstanding amounts (of 7.9% and 2.4%, respectively). This contraction is mainly due to valuation effects resulting in a 5.2%...

By Ponsart Maxime
Thematic: Economy and international financing
  • Published on 11/25/2019
  • 8 pages
  • EN
  • PDF (408.55 KB)

November

Publication Banque de France Bulletin n°225 : article 7
Non-resident holdings of French CAC 40 shares at end-2018

At the end of 2018, non-residents held EUR 557 billion worth of shares in French CAC 40 companies, or 42.2% of a total market capitalisation of EUR 1,319 billion. The rate of non-resident ownership thus declined for a fifth consecutive year, primarily...

By Guette-Khiter Christophe
Thematic: Economy and international financing
  • Published on 11/14/2019
  • 10 pages
  • EN
  • PDF (474.6 KB)

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: Companies
  • 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: Credit and financing
  • 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)