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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°238 : article 1
The French life insurance market during the health crisis

Although the French life insurance market was impacted by the health crisis, it nevertheless showed its resilience. During the first lockdown, gross inflows slowed temporarily and redemptions increased briefly before dropping sharply and then reverting...

By Saïda Baddou, Coffinet Jérôme, Cécile Fraysse, Jarrijon Stéphane
Thematic: Financial stability and financial system
  • Published on 12/22/2021
  • 8 pages
  • EN
  • PDF (405.88 KB)
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December

Publication Banque de France Bulletin n°237 : article 9
Developing climate transition scenarios to manage financial risks

The Banque de France and the ACPR have developed an analytical framework to quantify climate transition scenarios and assess the associated financial risks. This type of framework can be used to carry out climate stress test exercises. Its first...

By Allen Thomas, Boissinot Jean, Clerc Laurent, Dees Stéphane
Thematic: Financial stability and financial system
  • Published on 12/22/2021
  • 10 pages
  • EN
  • PDF (337.86 KB)
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December

Publication Banque de France Bulletin n°237 : article 6
The increase in non residents’ real estate investments is driven by expatriates

At the end of 2019, non residents owned 1.5% of residential real estate in France, up from 1% in 2001. The value of their real estate assets amounted to EUR 125 billion, four times more than in the early 2000s. Half of this increase can be explained by...

By Morel Roxane, Uri Julien
Thematic: Economy and international financing
  • Published on 12/06/2021
  • 12 pages
  • EN
  • PDF (5.47 MB)
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November

Publication Banque de France Bulletin n°237 : article 8
Non-residents held fewer shares in French CAC 40 companies at end-2020

At end-2020, non-residents held EUR 667 billion worth of shares in French CAC 40 companies, out of a total market capitalisation of EUR 1,672 billion, which corresponds to a holding rate of 39.9%, down for the seventh consecutive year. Changes in stock...

By Guette-Khiter Christophe
Thematic: Economy and international financing
  • Published on 11/26/2021
  • 9 pages
  • EN
  • PDF (420.59 KB)
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November

Publication Banque de France Bulletin n°237 : article 2
Worldwide GDP decline in 2020: the relative impact of health restrictions, the responsiveness of public and private economic agents, and sectoral specialisation

The intensity of the pandemic (as measured by the number of people infected with the virus or dying from the disease) explains only a small share of the shock to GDP in the major economies in 2020. Half of the shock can be attributed to the scale of...

By Chatelais Nicolas
Thematic: Economic research
  • Published on 11/09/2021
  • 13 pages
  • EN
  • PDF (394.5 KB)
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October

Publication Banque de France Bulletin n°237 : article 1
French collective investment schemes proved highly resilient during the crisis in 2020

In 2020, despite the crisis, assets under management in French and European collective investment funds (CIS) increased. In particular, it was a historic year for money market funds, thanks to exceptional inflows: up 25% for France and 14% for the euro...

By Le Goff Jean-Luc, Ponsart Maxime
Thematic: Economy and international financing
  • Published on 10/22/2021
  • 11 pages
  • EN
  • PDF (582.55 KB)
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October

Publication Banque de France Bulletin n°237 : article 7
Biodiversity loss and financial stability: a new frontier for central banks and financial supervisors?

Central banks (in particular the Banque de France and the European Central Bank) have played a leading role in taking into account the economic and financial issues of climate change. In addition to climate-related issues, the scientific community is...

By Salin Mathilde, Svartzman Romain, Biermann Lisa, Concordet Renaud, Grisey Léa, Le Calvar Erlan
Thematic: Financial stability and financial system
  • Published on 10/20/2021
  • 12 pages
  • EN
  • PDF (501.62 KB)
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October

Publication Banque de France Bulletin n°236 : article 6
Measuring firms’ inflation expectations

Economic agents’ inflation expectations are crucial for monetary policy, in particular those of firms, as they set the prices of goods and services produced and consumed in the euro area. At end-2020, the Banque de France therefore set up a pilot...

By Bouche Paul, Gerardin Mathilde, Gautier Erwan, Savignac Frédérique
Thematic: Economic research
  • Published on 10/19/2021
  • 10 pages
  • EN
  • PDF (346.14 KB)
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October

Publication Banque de France Bulletin n°237 : article 3
In 2020, the support measures cushioned the impact of the drop in activity for SMEs

In 2020, small and medium-sized enterprises (SMEs) posted a 3.7% decline in turnover. Their value added fell more sharply (by 4.2%) due to the slowdown in output, contrasting with 2009 when the 5.4% drop in SME turnover led only to a 3.7% fall in value...

By Graignon Maïté, Mérébier Abel
Thematic: Companies
  • Published on 10/15/2021
  • 15 pages
  • EN
  • PDF (469.74 KB)
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September

Publication Banque de France Bulletin n°236 : article 5
The importance of the link between climate change and population for economic development

This articles proposes a review of the literature on the effects of climate change on population and economic growth, especially in developing countries. Climate change affects mortality and living conditions via the direct impacts of extreme...

By Lesterquy Pauline
Thematic: Economic research
  • Published on 09/29/2021
  • 11 pages
  • EN
  • PDF (1.12 MB)
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September

Publication Banque de France Bulletin n°237 : article 4
Green finance in the Asia-Pacific region: mobilisation spearheaded by central banks and supervisory authorities

Central banks and supervisory authorities play a key role in the Asia-Pacific region in terms of green finance. They are often driving forces in their countries, both in terms of raising awareness of the effect of environmental risks on the financial...

By De la Serve Marie-Elisabeth, Revelin David, Triki Karim
Thematic: Financial stability and financial system
  • Published on 09/21/2021
  • 10 pages
  • EN
  • PDF (444.02 KB)
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September

Publication Banque de France Bulletin n°236 : article 4
Review of world and France travel in 2020: from annus horribilis to lasting reconfiguration?

Covid 19 has severely disrupted international travel. In 2020, the restrictions on movement that each country put in place on both traveller arrivals and departures, combined with internal measures, led to a global decrease of 74% in international...

By Le Gallo Florian, Schmitt Kevin
Thematic: Economy and international financing
  • Published on 09/15/2021
  • 13 pages
  • EN
  • PDF (549.94 KB)
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