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Rue de la Banque

The Rue de la Banque series is a collection of short, non-technical articles, in which Banque de France researchers sum up their work on a particular topic. Each article contains charts and a bibliography for those who want to explore the subject further.

These articles are now available in the Banque de France Bulletin in an "Economic Research" section as of the May-June 2019 issue.

December

Publication Rue de la Banque no. 35:
What policy to reduce labour market segmentation?
By Berson Clémence, Ferrari Nicolas
  • Published on 12/16/2016
  • EN
  • PDF (515.52 KB)

November

Publication Rue de la Banque no. 34:
Economic policy uncertainty in advanced countries and portfolio capital flows to emerging markets

Uncertainty in advanced countries’ economic policies spills over to emerging markets via portfolio bond and equity flows. A negative uncertainty shock in an advanced country has two opposing effects on portfolio flows: i) it can trigger a portfolio...

By Gauvin Ludovic, McLoughlin Cameron, Reinhardt Dennis
  • Published on 11/21/2016
  • EN
  • PDF (449.94 KB)

November

Publication Rue de la Banque no. 33:
Economic policy uncertainty and inflation expectations

This Rue de la Banque explores the dynamic relationship between uncertainty concerning economic policy and inflation expectations, for the US and the euro area, during the period 1999-2012. We find that, in response to an increase in policy uncertainty...

By Istrefi Klodiana, Piloiu Anamaria
  • Published on 11/07/2016
  • EN
  • PDF (947.78 KB)

October

Publication Rue de la Banque no. 32:
Monetary policy measures in the euro area and their effects since 2014

Inflation in the euro area has been significantly below its target level since the end of 2013. This can be passed on to long-term inflation expectations and is a reflection of the very progressive recovery. At a time when price stability was coming...

  • Published on 10/24/2016
  • EN
  • PDF (507.87 KB)

October

Publication Rue de la Banque no. 31:
What caused current account imbalances in euro area periphery countries?

External imbalances may exacerbate the vulnerability of countries. As regards euro area periphery countries, the widening of these imbalances began in 1996, before the introduction of the euro. This Rue de la Banque tests different explanations for the...

  • Published on 10/03/2016
  • EN
  • PDF (571.27 KB)

September

Publication Rue de la Banque no. 30:
The role of China in the trade slowdown

Guillaume GAULIER, Walter STEINGRESS, Soledad ZIGNAGO

  • Published on 09/22/2016
  • EN
  • PDF (532.07 KB)

September

Publication Rue de la Banque no. 29:
Are insolvent firms being kept afloat by excessively low interest rates?

Since the crisis, interest rates on bank loans to firms have fallen sharply, but have also become more widely dispersed. This indicates that banks are discriminating more in the credit market on the basis of borrower risk. Lending to struggling firms...

By Avouyi-Dovi Sanvi, Lecat Rémy, O’Donnell Charles, Bureau Benjamin, Villetelle Jean-Pierre
  • Published on 09/01/2016
  • EN
  • PDF (476.43 KB)

July

Publication Rue de la Banque no. 28:
Changes in financial fragmentation in the euro area since 2008

There is said to be financial fragmentation when bond issuers located in the so-called “periphery” face higher credit risk premia than issuers with the same characteristics located in the “core” countries. This financial fragmentation peaked during the...

By Horny Guillaume, Manganelli Simone, Mojon Benoït
  • Published on 07/01/2016
  • EN
  • PDF (536.87 KB)

June

Publication Rue de la Banque no. 27:
What is the macroeconomic impact of ambitious structural reforms on product and labour markets?

What impact would ambitious structural reforms implemented on product and labour markets have on growth? The authors propose an assessment, using a panel of 14 countries, of the consequences of the adoption of “best practices”, defined as the average...

By Cette Gilbert, Lopez Jimmy, Mairesse Jacques
  • Published on 06/02/2016
  • EN
  • PDF (447.16 KB)

June

Publication Rue de la Banque no. 26:
The French housing market: what would be the impact of macroprudential measures?

This issue of Rue de la Banque assesses the impact on real estate prices, construction and housing loans of macroprudential measures leading to a rise in housing loan rates, a decline in the debt service to income ratio (instalments over income) or a...

By Avouyi-Dovi Sanvi, Lecat Rémy, Labonne Claire
  • Published on 06/01/2016
  • EN
  • PDF (544.13 KB)

May

Publication Rue de la Banque no. 25:
What is responsible for the easing of credit standards before the crisis: monetary policy or the savings glut?
  • Published on 05/02/2016
  • EN
  • PDF (471.54 KB)

May

Publication Rue de la Banque no. 24:
Do foreign demand shocks impact company sales in France?
By Berman Nicolas, Berthou Antoine, Héricourt Jérôme
  • Published on 05/01/2016
  • EN
  • PDF (432.94 KB)