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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.

December

Publication Banque de France Bulletin n°232 : article 2
Lessons from the 90th Anniversary of the Bank for International Settlements. How to remain central in a changing environment

A bold creation and the first international financial institution, the Bank for International Settlements (BIS) was originally responsible for settling financial disputes arising from World War I. It managed to survive its outdated initial mission,...

By Salez Paul, Jeudy Bruno-Philippe
  • Published on 12/18/2020
  • 7 pages
  • EN
  • PDF (305.9 KB)
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December

Publication Banque de France Bulletin n°231 : article 6
Economic policies contributed to strong job creation in France from 2016 to 2019

Economic research – From 2016 to 2019, the French economy experienced strong employment growth with the creation of over one million market sector jobs in the space of four years. Numerous reforms were implemented over the period which may have...

By Aldama Pierre, Cochard Marion, Ouvrard Jean-François
Thematic: Economic research
  • Published on 12/18/2020
  • 10 pages
  • FR
  • PDF (361.35 KB)
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December

Publication Banque de France Bulletin n°231 : article 5
Tracking the economy during the Covid-19 pandemic: the contribution of high-frequency indicators

The Covid-19 crisis is not only a shock to public health, it has also triggered major and brutal upheavals on an economic and social level. To supplement the standard measures for tracking the economy, based on monthly or quarterly monetary, financial...

By Coffinet Jérôme, Delbos Jean-Brieux, Kaiser Vojtech, Kien Jean-Noël, Kintzler Étienne, Lestrade Ariane, Mouliom Michel, Nicolas Théo, Bricongne Jean-Charles, Meunier Baptiste
Thematic: Macroeconomics, microeconomics and structures
  • Published on 12/03/2020
  • 14 pages
  • EN
  • PDF (1.65 MB)
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November

Publication Banque de France Bulletin n°231 : article 1
Shocks and wage adjustments

Economic research – How did European companies react to the demand shock during the European sovereign debt crisis? This article attempts to answer this question using two recent studies based on company survey data from 25 European Union countries...

By Berson Clémence
Thematic: Economic research
  • Published on 11/16/2020
  • 8 pages
  • EN
  • PDF (277.31 KB)
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November

Publication Banque de France Bulletin n°231 : article 3
Developing the Capital Markets Union to mobilise savings and stimulate investment in Europe

The decline in investment in the European Union (EU) since the 2008 crisis can be partly explained by a sharp drop in business investment in South and Eastern Europe, which could be further exacerbated by the Covid-19 pandemic. According to recent...

By Gossé Jean-Baptiste, Émilie Hermet, Anass Mourjane, Mathilde Dufouleur
  • Published on 11/06/2020
  • 12 pages
  • EN
  • PDF (482.23 KB)
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November

Publication Banque de France Bulletin n°231 : article 2
The macroeconomics of teleworking

Economic research – As containment measures against Covid-19 gradually ease, one of the major structural hysteresis effects of the current crisis increasingly appears to be the spread of teleworking. The Covid-19 crisis saw a massive and forced use of...

By Bergeaud Antonin, Ray Simon
Thematic: Macroeconomics, microeconomics and structures
  • Published on 11/06/2020
  • 9 pages
  • EN
  • PDF (376.25 KB)
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October

Publication Banque de France Bulletin n°230 : article 2
Covid-19 and value chains

The lockdown measures put in place to contain the spread of the Covid-19 pandemic not only have a direct impact on the economies of the countries concerned, but also spillover to the rest of the world via value chains and external demand. A short-term...

By Bergeaud Antonin, Berthou Antoine, Collès Bertrand, Gaulier Guillaume, Lisack Noëmie, Ouvrard Jean-François
  • Published on 10/27/2020
  • 9 pages
  • EN
  • PDF (306.31 KB)
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October

Publication Banque de France Bulletin n°231 : article 4
Non-residents holdings of French CAC 40 shares at end-2019 and early 2020

At the end of 2019, non-residents held EUR 686 billion worth of shares in French CAC 40 companies, or a total of EUR 1,684 billion. This represents 40.8% of the total holdings and is down 7 percentage points on its 2013 peak. Non-resident holders are...

By Guette-Khiter Christophe
  • Published on 10/23/2020
  • 9 pages
  • EN
  • PDF (426.02 KB)
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October

Publication Banque de France Bulletin n°230 : article 3
Wealth and debts of households in France, Germany and Italy before the Covid 19 crisis

The current health crisis associated with the Covid-19 pandemic is expected to have a non-negligible impact on household income, wealth, savings and consumption behaviour. While it is currently impossible to ascertain the magnitude and duration of the...

By Coffinet Jérôme, Mouliom Michel, Garbinti Bertrand, Savignac Frédérique
Thematic: Credit and financing
  • Published on 10/13/2020
  • 10 pages
  • EN
  • PDF (426.53 KB)
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October

Publication Banque de France Bulletin n°229 : article 8
“Green Swans”: central banks in the age of climate-related risks

Risks associated with climate change are beginning to affect central banks’ financial stability mandate. Recognition of extreme physical and transition risks, known as “Green Swans”, is particularly difficult in the field of financial stability...

By Bolton Patrick, Després Morgan, Pereira da Silva Luiz Awazu, Samama Frédéric, Svartzman Romain
  • Published on 10/05/2020
  • 15 pages
  • EN
  • PDF (787.94 KB)
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October

Publication Banque de France Bulletin n°230 : article 4
The impact of climate change in Sub Saharan Africa: vulnerabilities, resilience and finance

Climate change is both an immediate challenge and a long term constraint for Sub Saharan African (SSA) countries, particularly for the island nations and the states in the Sahel. The resilience of SSA countries is also greatly undermined by the...

By Debels-Lamblin Émilie, Jacolin Luc
  • Published on 10/02/2020
  • 12 pages
  • EN
  • PDF (2.06 MB)
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September

Publication Banque de France Bulletin n°229 : article 7
Why and how to develop the international role of the euro?

Trade and financial globalisation, as well as the economic and health crises that have marked the international monetary system over the past decade, are leading us to re-examine the cost-benefit balance of the internationalisation of the euro....

By Bussière Matthieu, Lecat Rémy, Vidon Édouard
  • Published on 09/23/2020
  • 10 pages
  • EN
  • PDF (285.72 KB)
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