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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°226 : article 2
Trends in central bank communication: from secrecy to transparency

Economic research – Over the past 25 years, central banks have undergone a revolution in the way they interact with the public: from secrecy to extensive communication. Transparency is not only a democratic imperative: it also improves the efficacy of...

By Barthélemy Jean, Dupraz Stéphane, Gaballo Gaetano, Istrefi Klodiana
Thematic: Economic research
  • Published on 12/19/2019
  • 7 pages
  • EN
  • PDF (228.18 KB)
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December

Publication Banque de France Bulletin n°226 : article 3
The European Union’s 2021-2027 multiannual financial framework: new balances, new challenges

The ongoing negotiations on the next multiannual financial framework for the European Union (EU) were launched 18 months ago by the European Commission. This framework, discussed between the Member States, sets out the EU’s main areas of spending and...

By Genre Véronique, Lamy Elsa
Thematic: Economy and international financing
  • Published on 12/13/2019
  • 10 pages
  • EN
  • PDF (306.76 KB)
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December

Publication Banque de France Bulletin n°225 : article 8
Climate change: what are the risks for the French financial sector?

Global warming is generating more frequent and extreme weather events, which will significantly weaken local economic activity and lead to the erosion of asset values. Policies implemented to fight global warming could also destabilise the financial...

By Diot Sébastien, Bontemps-Chanel Anne-Lise
Thematic: Financial stability and financial system
  • Published on 12/12/2019
  • 12 pages
  • EN
  • PDF (1.09 MB)
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December

Publication Banque de France Bulletin n°226 : article 1
Portfolio investments and fragility in emerging economies: detection tools

Over the past decade, emerging economies have experienced repeated withdrawals of capital by non resident investors (“sudden stop” episodes). This was also the case recently, with the tensions of mid 2018 related to the tightening of monetary policy in...

By Lalanne Florian, Peresa Irena, Rivaud Sophie
Thematic: Economy and international financing
  • Published on 12/09/2019
  • 16 pages
  • EN
  • PDF (543.4 KB)
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December

Publication Banque de France Bulletin n°225 : article 2
The circulation of euro banknotes and coins in 2018: robust growth driven by non-euro area countries and cash hoarding

Demand for euro banknotes and coins remains robust, buoyed by circulation in non-euro area countries and the hoarding of cash as a store of value. Nevertheless, the use of cash as a means of payment is in decline due to rising competition from cashless...

By Torre Ghjuvanni, Laplace Emmanuelle
Thematic: Means of payment and currency in circulation
  • Published on 12/03/2019
  • EN
  • PDF (405.99 KB)
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November

Publication Banque de France Bulletin n°225 : article 5
French non-money market investment funds: a sharp decrease in outstanding amounts in 2018

In 2018, and for the first time since 2011, French and euro area non-money market investment funds recorded a decrease in outstanding amounts (of 7.9% and 2.4%, respectively). This contraction is mainly due to valuation effects resulting in a 5.2%...

By Ponsart Maxime
Thematic: Economy and international financing
  • Published on 11/25/2019
  • 8 pages
  • EN
  • PDF (408.55 KB)
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November

Publication Banque de France Bulletin n°225 : article 7
Non-resident holdings of French CAC 40 shares at end-2018

At the end of 2018, non-residents held EUR 557 billion worth of shares in French CAC 40 companies, or 42.2% of a total market capitalisation of EUR 1,319 billion. The rate of non-resident ownership thus declined for a fifth consecutive year, primarily...

By Guette-Khiter Christophe
Thematic: Economy and international financing
  • Published on 11/14/2019
  • 10 pages
  • EN
  • PDF (474.6 KB)
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October

Publication Banque de France Bulletin n°225 : article 6
Why have strong wage dynamics not pushed up inflation in the euro area?

Economic research – The recent weak core inflation in the euro area, despite a steady decline in unemployment since 2013, has led some analysts to doubt the existence of a Phillips curve. Wage developments, however, are consistent with their historical...

By Diev Pavel, Kalantzis Yannick, Lalliard Antoine
Thematic: Economic research
  • Published on 10/28/2019
  • 8 pages
  • EN
  • PDF (431.76 KB)
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October

Publication Banque de France Bulletin n°225 : article 4
The Credit Mediation Scheme: 10 years of service to businesses and the economy

The Credit Mediation Scheme for Businesses was set up in October 2008 at the height of the financial crisis. It was introduced in response to shocks in bank credit supply, as the concentration of requests over time (2008-09) and by sector shows. Since...

By Harpedanne de Belleville Louis-Marie
Thematic: Companies
  • Published on 10/21/2019
  • 10 pages
  • EN
  • PDF (316.29 KB)
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October

Publication Banque de France Bulletin n°225 : article 1
Short-time work is an efficient job-saving policy

Economic research – Short-time work enables companies facing economic difficulties to reduce the hours worked by all or part of their employees. ...

By Nevoux Sandra
Thematic: Economic research
  • Published on 10/08/2019
  • EN
  • PDF (494.84 KB)
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September

Publication Banque de France Bulletin n°224 : article 5
Money and credit posted strong growth in 2018

In 2018, overnight deposits reached a record high in France, despite negative real interest rates (-1.7% on average in 2018 for non-financial corporations [NFCs], -1.2% for households). They concentrated 60% of all bank deposits. However, the share of...

By Mouheb Youssef, Cousin Guillaume
Thematic: Credit and financing
  • Published on 09/26/2019
  • 13 pages
  • EN
  • PDF (683.7 KB)
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September

Publication Banque de France Bulletin n°224 : article 4
Why a FOMC member is a hawk or a dove? Ideology and Politics

Economic research – Monetary policy decisions typically arise from the deliberation and vote of a committee. Committees are in a continuous flux as personalities change, preferences change and majorities change. Who sits in these committees and what...

By Bordo Michael, Istrefi Klodiana
Thematic: Economic research
  • Published on 09/17/2019
  • 6 pages
  • EN
  • PDF (395.92 KB)
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September

Publication Banque de France Bulletin n°224 : article 3
Overindebtedness and women

The overindebtedness procedure, which is aimed at finding solutions for households in financial difficulty, has been in existence for nearly 30 years. After initially rising in the 1990s and 2000s, the annual number of applications has fallen by 30%...

By Berardi Nicoletta, Gaulier Guillaume, Zignago Soledad, Monteil Fabienne, Nivat Dominique
Thematic: Credit and financing
  • Published on 09/12/2019
  • EN
  • PDF (287.08 KB)
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August

Publication Banque de France Bulletin n°224 : article 2
Price and non-price competitiveness: Lessons from global value chains

The role of prices and other so-called non-price factors, such as quality and brand image, are commonly highlighted in analyses of export competitiveness. However, the increasing internationalisation of production within global value chains reinforces...

By Cezar Rafaël, Cartellier Fanny
Thematic: Economy and international financing
  • Published on 08/19/2019
  • 16 pages
  • EN
  • PDF (746.69 KB)
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August

Publication Banque de France Bulletin n°224 : article 1
France’s trade in R&D services and in charges for the use of intellectual property: Balances have improved since 2016

Large French corporates’ international trade balance in research and development (R&D) services was negative in 2017, amounting to EUR –2.6 billion. In contrast, charges for the use of intellectual property showed a net surplus of EUR 2.7 billion....

By Bonnefoy Guy
Thematic: Economy and international financing
  • Published on 08/02/2019
  • EN
  • PDF (600.12 KB)
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July

Publication Banque de France Bulletin n°223 : article 3
Home lending standards have returned to 2007-08 levels

Against a backdrop of persistently low interest rates, the French residential real estate market proved extremely dynamic in 2018. Total outstanding housing loans exceeded the EUR 1,000 billion mark at the end of the year. ...

By Faivre Laurent, Lambert-Girault Camille, Point Emmanuel
Thematic: Financial stability and financial system
  • Published on 07/18/2019
  • EN
  • PDF (508.28 KB)
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July

Publication Banque de France Bulletin n°223 : article 2
Population ageing: how does it impact the macroeconomy?

This article quantifies the impact of past and future demographic change on real interest rates, house prices and household debt in a calibrated overlapping-generations model. Falling birth and death rates across advanced economies can explain a large...

By Lisack Noëmie, Sajedi Rana, Thwaites Gregory
Thematic: Economic research
  • Published on 07/02/2019
  • 6 pages
  • EN
  • PDF (338.43 KB)
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May

Publication Banque de France Bulletin n°223 : article 1
A new Banque de France Financial Conditions Index for the euro area

Financial conditions matter for the conduct of monetary policy. Over time, the scope of financial variables with a significant impact has increased, calling for the creation of an aggregate indicator – the financial conditions index (FCI) – that would...

By Petronevich Anna, Sahuc Jean-Guillaume
Thematic: Economic research
  • Published on 05/27/2019
  • 7 pages
  • EN
  • PDF (574.64 KB)
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May

Publication Banque de France Bulletin n°222 : article 2
Productive capital operating times continued to increase in 2018 - Findings of the annual Banque de France survey

In 2018, productive capital operating times (COT) posted a lower increase than in 2017 (up 1.9%, compared with a 3.7% increase in 2017), but a comparable one to that of 2016 (up 1.6%). ...

By Nevoux Sandra, Py Loriane, Baudry Laurent, Hartweg Souny, Minier agnès, Tarrieu Sylvie
Thematic: Companies
  • Published on 05/23/2019
  • EN
  • PDF (347.98 KB)
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May

Publication Banque de France Bulletin n°222 : article 1
Activation of countercyclical capital buffers in Europe: initial experiences

When there is a downturn in the financial cycle, banks restrict credit in anticipation of an increase in risks and related provisions. Macroprudential authorities have a specific instrument at their disposal to deal with this: the countercyclical...

By Couaillier Cyril, Idier Julien, Scalone Valerio
Thematic: Financial stability and financial system
  • Published on 05/17/2019
  • 10 pages
  • EN
  • PDF (371.25 KB)
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March

Publication Banque de France Bulletin n°221 : article 4
Foreign direct investment in France goes to both the most robust and the most fragile companies

Since 2015, foreign direct investment in France has been at a high, while companies that are on average larger and more efficient tend to be the target of foreign investors. In this context, the open debate around the concept of attractiveness...

By Uri Julien
Thematic: Economy and international financing
  • Published on 03/28/2019
  • 11 pages
  • FR
  • PDF (467.14 KB)
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March

Publication Banque de France Bulletin n°220 : article 6
Global imbalances: build-up, unwinding and financial aspects

The 2007-09 financial crisis led to major corrections in global current accounts. However, “global imbalances” persist, raising concerns among economic policymakers. This article focuses on two key aspects of these imbalances. The first part describes...

By Berthou Antoine, Bussière Matthieu, Ferrara Laurent, Haincourt Sophie, Pappadà Francesco, Schmidt Julia
Thematic: Economy and international financing
  • Published on 03/25/2019
  • 12 pages
  • EN
  • PDF (447.5 KB)
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February

Publication Banque de France Bulletin n°221 : article 1
France’s national wealth in 2017: Robust growth driven by real estate prices

At the end of 2017, France’s national wealth (or net worth) amounted to EUR 14,762 billion, equivalent to 7.9 times its net domestic product for the year. After already rising sharply in 2016 (growth of 2.7% in current euro), it grew by 3.7% in 2017,...

By Guilloton Valentin, Weber Soizic
Thematic: Macroeconomics, microeconomics and structures
  • Published on 02/18/2019
  • EN
  • PDF (322.25 KB)
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