You are here

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.

Share links

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.

September

Publication Banque de France Bulletin n°247 : article 2
A specific regulatory framework for global systemically important banks

Systemically important banks are those whose “disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity” (Financial Stability Board –...

By Araujo Amandine, Coffinet Jérôme, El Fathi Karim
Thematic: Financial stability and financial system
  • Published on 09/22/2023
  • 9 pages
  • EN
  • PDF (587.57 KB)
Read

July

Publication Banque de France Bulletin n°246 : article 3
Can China turn the climate transition challenge into an opportunity?

China emits a third of the world’s CO2. Although China’s per capita emissions are still lower than the Organisation for Economic Co-operation and Development (OECD) countries’ average, the issue of energy transition is crucial to the global climate...

By Cabrillac Bruno, Macaire Camille
Thematic: Economic research
  • Published on 07/20/2023
  • 8 pages
  • EN
  • PDF (280.39 KB)
Read

June

Publication Banque de France Bulletin n°246 : article 5
Foreign direct investment flows in South-East Asia: a region between China and the United States

Since 2018, the countries that comprise the Association of Southeast Asian Nations (ASEAN) have attracted more than 10% of global direct investment flows. They have benefited enormously from the globalization of value chains as the global economy’s...

By Denis Xavier
Thematic: Economy and international financing
  • Published on 06/26/2023
  • 9 pages
  • EN
  • PDF (418.35 KB)
Read

June

Publication Banque de France Bulletin n°246 : article 4
South-East Asia on a par with the United States in terms of global exports

The countries that comprise the Association of Southeast Asian Nations (ASEAN) now account for almost 8% of global exports (4% in 1990), which is on a par with the United States. This region has benefited from Chinese growth and the extension of value...

By Denis Xavier
Thematic: Economy and international financing
  • Published on 06/26/2023
  • 9 pages
  • EN
  • PDF (479.55 KB)
Read

June

Publication Banque de France Bulletin n°245 : article 5
Three years after the beginning of the health crisis, cash is holding its own against other means of payment in France

The European Central Bank has published its latest survey on household payment habits in the euro area, covering the period from October 2021 to June 2022. This is the first such survey on the post Covid period. ...

By Allain des Beauvais Sophie, Bayol Louis-Alexandre, Laplace Emmanuelle, Novelle Araujo Raul, Valdès-Curien Isabelle
Thematic: Means of payment and currency in circulation
  • Published on 06/22/2023
  • 13 pages
  • EN
  • PDF (636.91 KB)
Read

June

Publication Banque de France Bulletin n°246 : article 2
Towards a much-needed reform of EU fiscal rules: the European Commission’s proposals

In view of the consensus among economists concerning the need to overhaul the EU governance framework, the European Commission has taken advantage of the suspension of fiscal rules to reflect upon proposals for reform. Following its proposal of...

By Bouthevillain Carine, Debu Sandra
Thematic: Macroeconomics, microeconomics and structures
  • Published on 06/21/2023
  • 12 pages
  • EN
  • PDF (571.81 KB)
Read

May

Publication Banque de France Bulletin n°245 : article 6
Wage negotiations in a context of rising inflation

The resurgence of inflation has changed the context in which wage talks are being conducted within industries and firms. The pass-through of price rises to wages (and vice-versa) is a key challenge for monetary policy and is being closely monitored. An...

By Baudry Laurent, Gautier Erwan, Tarrieu Sylvie
Thematic: Politique monétaire et inflation
  • Published on 05/26/2023
  • 16 pages
  • EN
  • PDF (408.63 KB)
Read

May

Publication Banque de France Bulletin n°246 : article 1
French sovereign debt liquidity: main factors, recent developments and resilience during the Covid crisis

For a debt instrument to be considered a safe asset, its liquidity must be preserved – it can be bought and sold without a loss – especially when interest rates fluctuate significantly. This article measures the liquidity of French sovereign debt by...

By Rossi Arthur, Lecomte Ernest, Legrand Théophile, Nguyen Benoît
Thematic: Financial stability and financial system
  • Published on 05/10/2023
  • 14 pages
  • EN
  • PDF (632.48 KB)
Read

May

Publication Banque de France Bulletin n°245 : article 1
Are credit ratings procyclical? A study of French banks’ capital requirements during the Covid crisis

Credit ratings represent a point of reference for the banking and insurance regulatory framework. Although the literature appears to conclude that credit ratings are procyclical, that procyclicality is nevertheless limited in comparison with...

By Lecomte Ernest, Torres Clément
Thematic: Financial stability and financial system
  • Published on 05/05/2023
  • 10 pages
  • EN
  • PDF (386.61 KB)
Read

May

Publication Banque de France Bulletin n°245 : article 3
The transition to carbon neutrality: effects on price stability

Green transition policies could have effects on inflation through higher energy and industrial input prices, whether caused by increases in the price of carbon, by regulations or by tensions over critical minerals needed for renewable energy. Green...

By Dees Stéphane, Wegner Oriane, De Gaye Annabelle, Thubin Camille
Thematic: Economic research
  • Published on 05/04/2023
  • 8 pages
  • EN
  • PDF (431.62 KB)
Read

April

Publication Banque de France Bulletin n°245 : article 2
Financing the climate and ecological transition in emerging economies

The Synthesis Report of the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report, published on 20 March 2023, stresses the importance of financing and international cooperation in accelerating climate action. India, a major emerging...

By Grieco Fabio, de La Guéronnière Henri, Marsilli Clément, Paul Quentin, Rivaud Sophie
Thematic: Economy and international financing
  • Published on 04/03/2023
  • 14 pages
  • EN
  • PDF (844.86 KB)
Read

February

Publication Banque de France Bulletin n°244 : article 3
The conversion of office real estate into residential real estate: trends following Covid-19 and the surge in teleworking

The real estate market is comprised of two segments: the residential market, which enables households to find dwellings, and the commercial market, targeted at businesses and investment funds, which supplies offices and commercial premises for...

By Bergeaud Antonin, Eyméoud Jean-Benoit, Garcia Thomas
Thematic: Economic research
  • Published on 02/28/2023
  • 8 pages
  • EN
  • PDF (1.77 MB)
Read

February

Publication Banque de France Bulletin n°244 : article 2
Debt-for-nature swaps: a two-fold solution for environmental and debt sustainability in developing countries?

Environmental degradation (such as climate change and biodiversity loss) and the increasing difficulty of many low and middle income countries to repay their public debt are now widely recognised as two sources of risk to the stability of the...

By Paul Quentin, Weber Pierre-François, Svartzman Romain
Thematic: Economy and international financing
  • Published on 02/24/2023
  • 12 pages
  • EN
  • PDF (415.52 KB)
Read

February

Publication Banque de France Bulletin n°243 : article 7
After two years of health crisis, French companies were still resilient at the end of 2021

After the shock of the health crisis in 2020, the performance of French companies clearly improved in 2021: activity picked up, cash balances strengthened, profitability increased, debt remained under control, and companies’ repayment capacity was...

By Bureau Benjamin, Py Loriane
Thematic: Companies
  • Published on 02/17/2023
  • 15 pages
  • EN
  • PDF (498.7 KB)
Read

January

Publication Banque de France Bulletin n°243 : article 6
The financial situation of the major groups recovered in 2021, after the shock of the health crisis

After the public support measures introduced in France in 2020, the activity of the major groups was particularly strong in 2021, driven by a strong global recovery. Thanks to this recovery, the earnings of all their affiliates were very robust. On a...

By Gonzalez Olivier, Rieu Anne-Marie
Thematic: Companies
  • Published on 01/25/2023
  • 14 pages
  • EN
  • PDF (492.33 KB)
Read

January

Publication Banque de France Bulletin n°243 : article 5
Access to cash remains first-rate in France

Structurally, access to cash in metropolitan France is very satisfactory. There has been a modest reduction in the number of bank managed automated teller machines (ATMs) since 2018 but this streamlining of cash facilities has not compromised...

By Devigne Lucas, Laplace Emmanuelle, Olivieri-Battestini Jean-Toussaint, De Pastor Raymond
Thematic: Means of payment and currency in circulation
  • Published on 01/23/2023
  • 9 pages
  • EN
  • PDF (377.74 KB)
Read

January

Publication Banque de France Bulletin n°243 : article 2
Rise in interest rates: European companies will not be affected at the same pace

Corporate debt generates a cost linked to the payment of interest. This cost varies according to the level of market interest rates, all the more rapidly as the debt is at a variable rate or has a short maturity. Non-financial corporations based in...

By Maxime Gueuder, Sébastien Ray
Thematic: Credit and financing
  • Published on 01/06/2023
  • 12 pages
  • EN
  • PDF (399.8 KB)
Read