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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°220 : article 7
The role of international organisations in the monitoring and coordination of structural reforms

Since the financial crisis, international organisations such as the OECD and the IMF have reinforced and expanded their monitoring and, to a certain extent, coordination of structural reforms, as national structural reforms have clear spillovers to...

By Bussière Matthieu, Cabrillac Bruno, Drumetz Françoise, Genre Véronique, Lecat Rémy, Meunier Baptiste
Thematic: Macroeconomics, microeconomics and structures
  • Published on 12/31/2018
  • EN
  • PDF (324.88 KB)
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December

Publication Banque de France Bulletin n°220 : article 4
A growing share of investment funds in the financial investments of insurers established in France in 2017

At end-2017, investments by French insurers amounted to EUR 2,628 billion, up 3.3% compared to 2016. The allocation of their assets is fairly stable from one year to the next, both from a geographical and a sectoral perspective. The share of...

By Gallet Sébastien, Slama Samuel, Guimiot Frédéric, Roero Côme
Thematic: Credit and financing
  • Published on 12/28/2018
  • 10 pages
  • EN
  • PDF (512.45 KB)
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December

Publication Banque de France Bulletin n°220 : article 2
Use of cash in France: the payment method of choice for low-value purchases

This article exploits French data from a survey of cash usage in the euro area, which was published in 2017 on behalf of the European Central Bank (ECB). Cash is the preferred method of payment at the point of sale in the euro area, accounting for...

By Politronacci Emmanuelle, Moret Adeline, Bounie David, François Abel
Thematic: Means of payment and currency in circulation
  • Published on 12/15/2018
  • EN
  • PDF (351 KB)
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December

Publication Banque de France Bulletin n°220 : article 1
How do intermediate-sized enterprises finance themselves?

The financing structure of intermediate-sized enterprises (ISEs) has evolved in recent years. The share of bank credit has decreased, while the shares of bond and equity financing have increased. In addition, ISEs have relatively few difficulties in...

Thematic: Companies
  • Published on 12/01/2018
  • 11 pages
  • EN
  • PDF (345.41 KB)
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November

Publication Banque de France Bulletin n°219 : article 2
Commercial real estate: is there a risk of a financial bubble?

Commercial real estate prices have been rising steadily for a number of years. In France in particular they are now higher than they were before the 2008 crisis. These high valuations appear consistent with the economic fundamentals – notably the low...

By Coffinet Jérôme, Ferrière Thomas, Henricot Dorian
Thematic: Financial stability and financial system
  • Published on 11/29/2018
  • 11 pages
  • EN
  • PDF (438.1 KB)
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October

Publication Banque de France Bulletin n°219 : article 1
Non-resident holdings of French CAC 40 shares at end-2017

At the end of 2017, non-residents held EUR 569 billion worth of shares in French CAC 40 companies out of a total market capitalisation of EUR 1,332 billion, representing an ownership rate of 42.7% – down for the fourth consecutive year. ...

By Guette-Khiter Christophe
Thematic: Economy and international financing
  • Published on 10/09/2018
  • 9 pages
  • EN
  • PDF (402.68 KB)
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September

Publication Banque de France Bulletin n°218 : article 3
Macroprudential policy instruments: a bulwark against interbank contagion risk

Financial institutions are connected among themselves through multiple contracts: loans, bilateral security holdings, derivatives contracts, etc. In normal times, these relationships allow for risk-sharing. However, in times of stress, they turn into...

By Thibaut Piquard, Salakhova Dilyara
Thematic: Financial stability and financial system
  • Published on 09/26/2018
  • 8 pages
  • EN
  • PDF (277.61 KB)
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September

Publication Banque de France Bulletin n°218 : article 2
Euro banknotes and coins in France in 2017: continued robust demand

The demand for banknotes and coins in the euro area remains robust despite changes in consumption patterns and the development of new payment instruments that contribute to a reduction in cash use. Consequently, the total value of euro banknotes and...

By Ninlias Elodie, Torre Ghjuvanni
Thematic: Means of payment and currency in circulation
  • Published on 09/24/2018
  • 10 pages
  • EN
  • PDF (638.58 KB)
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September

Publication Banque de France Bulletin n°218 : article 1
Does the leverage ratio have an adverse impact on client clearing?

In the wake of the 2008 global financial crisis, the members of the G20 agreed to increase incentives for central clearing in order to mitigate counterparty risk in the financial system. In the past few years, however, tensions have started to appear...

By Bourahla Samira, Fialon Émilie, Garcia Alexandre, Violon Aurélien
Thematic: Financial stability and financial system
  • Published on 09/21/2018
  • EN
  • PDF (342.46 KB)
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August

Publication Banque de France Bulletin n°217 : article 3
The main French groups returned to growth in 2017

After highly encouraging half-yearly results, the vitality of the 80 largest French industrial and commercial groups was confirmed with a 5.3% increase in turnover during 2017. ...

By Balard Marie, Boileau Adrien, Gonzalez Olivier
Thematic: Companies
  • Published on 08/09/2018
  • 14 pages
  • EN
  • PDF (582.88 KB)
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July

Publication Banque de France Bulletin n°217 : article 2
Wage bargaining in Europe: a wide range of increasingly decentralised models since the crisis

There is no single European wage bargaining model. Wage bargaining takes place between social partners at the national and regional level in the Nordic countries. This is also the case in Germany, despite the decentralisation of wage bargaining at...

Thematic: Macroeconomics, microeconomics and structures
  • Published on 07/20/2018
  • 9 pages
  • EN
  • PDF (269.29 KB)
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June

Publication Banque de France Bulletin n°217 : article 1
French banks were behind almost half of the increase in lending to euro area non-financial corporations and households in 2017

After accelerating sharply in 2014, growth in the euro area’s money supply (M3) has been stable since 2015 (4.6% in 2017), fuelled mainly by an increase in overnight deposits. Since end-2016, the French component has been growing faster than the euro...

By André Julien, Morenas Jacques, Mouheb Youssef
Thematic: Credit and financing
  • Published on 06/26/2018
  • EN
  • PDF (537.08 KB)
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June

Publication Banque de France Bulletin n°216 : article 3
Decline in profitability since 2005: French banks hold their own

In a context of low interest rates and the strengthening of regulatory requirements, the profitability of French and European banks deteriorated between 2005 and 2016. Conversely, the return on assets ...

By Avisoa Eugenio, Chatelais Nicolas, Gauthier Pierre-Yves, Guilmo Joël, Point Emmanuel, Tristram Stéphanie
Thematic: Financial stability and financial system
  • Published on 06/08/2018
  • 11 pages
  • EN
  • PDF (528.17 KB)
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May

Publication Banque de France Bulletin n°216 : article 2
Investment funds in the euro area: an uneven dynamic since 2009

Non-money market collective investment undertakings (investment funds) are highly dynamic: outstanding amounts under management have more than doubled in value since 2009 to just over EUR 11,000 billion at the end of 2017 – an amount equivalent to the...

By Ponsart Maxime, Salvio Alessandra
Thematic: Economy and international financing
  • Published on 05/22/2018
  • EN
  • PDF (399.02 KB)
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May

Publication Banque de France Bulletin n°216 : article 1
Productive capital operating times increased sharply in 2017 – findings of the Banque de France survey

Productive capital operating times (COT) grew more in 2017 than in the previous year (up 3.7%, compared with a 1.6% increase in 2016), particularly in the transport equipment sector. ...

By Chouard Valérie, Baudry Laurent, Minier agnès, Tabouret Roxanne, Tarrieu Sylvie
Thematic: Companies
  • Published on 05/03/2018
  • EN
  • PDF (390.94 KB)
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