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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.

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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Published on 05/23/2019
  • EN
  • PDF (347.98 KB)

May

Publication Banque de France Bulletin n°222 : article 1
Activation of countercyclical capital buffers in Europe: initial experiences

When there is a downturn in the financial cycle, banks restrict credit in anticipation of an increase in risks and related provisions. Macroprudential authorities have a specific instrument at their disposal to deal with this: the countercyclical...

  • Published on 05/17/2019
  • 10 pages
  • EN
  • PDF (371.25 KB)

March

Publication Banque de France Bulletin n°221 : article 4
Foreign direct investment in France goes to both the most robust and the most fragile companies

Since 2015, foreign direct investment in France has been at a high, while companies that are on average larger and more efficient tend to be the target of foreign investors. In this context, the open debate around the concept of attractiveness...

By Uri Julien
  • Published on 03/28/2019
  • 11 pages
  • FR
  • PDF (467.14 KB)

March

Publication Banque de France Bulletin n°220 : article 6
Global imbalances: build-up, unwinding and financial aspects

The 2007-09 financial crisis led to major corrections in global current accounts. However, “global imbalances” persist, raising concerns among economic policymakers. This article focuses on two key aspects of these imbalances. The first part describes...

  • Published on 03/25/2019
  • 12 pages
  • EN
  • PDF (447.5 KB)

February

Publication Banque de France Bulletin n°221 : article 1
France’s national wealth in 2017: Robust growth driven by real estate prices

At the end of 2017, France’s national wealth (or net worth) amounted to EUR 14,762 billion, equivalent to 7.9 times its net domestic product for the year. After already rising sharply in 2016 (growth of 2.7% in current euro), it grew by 3.7% in 2017,...

By Guilloton Valentin, Weber Soizic
  • Published on 02/18/2019
  • EN
  • PDF (322.25 KB)