Rue de la Banque

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...

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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...

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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...

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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...

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Guillaume GAULIER, Walter STEINGRESS, Soledad ZIGNAGO

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...

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...

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...

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...

Global economic growth has a strong bearing on the pace of activity in the euro area and in France. The IMF provides an assessment of the global economy in its World Economic Outlook report, which is published twice yearly. In between these...

The contribution of information and communication technologies (ICT) to economic growth has stabilised since the early 2000s in industrialised countries. To date the euro area has benefited less from this than the United States. Appropriate policies...

French banks habitually use indebtedness ratios when they grant mortgages to households. In France, this policy is not driven by regulatory constraints but allows banks to avoid excessive risk-taking. This issue of Rue de la Banque assesses the...

Countries tend to specialise in international trade as shown by the strong concentration of foreign trade. A country exports on average 10% of all existing goods and derives half of its export earnings from only 1% of its exported goods. As regards...

Household wealth differs significantly across euro area countries, both in terms of real estate asset holdings and of the composition of financial portfolios. This issue of Rue de la Banque summarises the initial studies on the composition of household...

This Rue de la Banque presents the results for France of the first research project undertaken by the International Banking Research Network (IBRN). This project focuses on periods of financial stress, which are traditionally characterised by lower...

The global crisis has fostered a debate about the use of quantitative instruments by central banks. This issue of Rue de la Banque looks at French monetary policy, during the period known as the Trente Glorieuses,when the central bank relied on...

International trade favours exports but also creates opportunities for offshoring. This Rue de la Banque studies the impact of firm-level trade activities on wages, as well as the role of collective bargaining. Both exports and offshoring have a...