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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°232 : article 2
Lessons from the 90th Anniversary of the Bank for International Settlements. How to remain central in a changing environment

A bold creation and the first international financial institution, the Bank for International Settlements (BIS) was originally responsible for settling financial disputes arising from World War I. It managed to survive its outdated initial mission,...

By Salez Paul, Jeudy Bruno-Philippe
  • Published on 12/18/2020
  • 7 pages
  • EN
  • PDF (305.9 KB)
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December

Publication Banque de France Bulletin n°231 : article 6
Economic policies contributed to strong job creation in France from 2016 to 2019

Economic research – From 2016 to 2019, the French economy experienced strong employment growth with the creation of over one million market sector jobs in the space of four years. Numerous reforms were implemented over the period which may have...

By Aldama Pierre, Cochard Marion, Ouvrard Jean-François
Thematic: Economic research
  • Published on 12/18/2020
  • 10 pages
  • FR
  • PDF (361.35 KB)
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December

Publication Banque de France Bulletin n°231 : article 5
Tracking the economy during the Covid-19 pandemic: the contribution of high-frequency indicators

The Covid-19 crisis is not only a shock to public health, it has also triggered major and brutal upheavals on an economic and social level. To supplement the standard measures for tracking the economy, based on monthly or quarterly monetary, financial...

By Coffinet Jérôme, Delbos Jean-Brieux, Kaiser Vojtech, Kien Jean-Noël, Kintzler Étienne, Lestrade Ariane, Mouliom Michel, Nicolas Théo, Bricongne Jean-Charles, Meunier Baptiste
Thematic: Macroeconomics, microeconomics and structures
  • Published on 12/03/2020
  • 14 pages
  • EN
  • PDF (1.65 MB)
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November

Publication Banque de France Bulletin n°231 : article 1
Shocks and wage adjustments

Economic research – How did European companies react to the demand shock during the European sovereign debt crisis? This article attempts to answer this question using two recent studies based on company survey data from 25 European Union countries...

By Berson Clémence
Thematic: Economic research
  • Published on 11/16/2020
  • 8 pages
  • EN
  • PDF (277.31 KB)
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November

Publication Banque de France Bulletin n°231 : article 3
Developing the Capital Markets Union to mobilise savings and stimulate investment in Europe

The decline in investment in the European Union (EU) since the 2008 crisis can be partly explained by a sharp drop in business investment in South and Eastern Europe, which could be further exacerbated by the Covid-19 pandemic. According to recent...

By Gossé Jean-Baptiste, Émilie Hermet, Anass Mourjane, Mathilde Dufouleur
  • Published on 11/06/2020
  • 12 pages
  • EN
  • PDF (482.23 KB)
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November

Publication Banque de France Bulletin n°231 : article 2
The macroeconomics of teleworking

Economic research – As containment measures against Covid-19 gradually ease, one of the major structural hysteresis effects of the current crisis increasingly appears to be the spread of teleworking. The Covid-19 crisis saw a massive and forced use of...

By Bergeaud Antonin, Ray Simon
Thematic: Macroeconomics, microeconomics and structures
  • Published on 11/06/2020
  • 9 pages
  • EN
  • PDF (376.25 KB)
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October

Publication Banque de France Bulletin n°230 : article 2
Covid-19 and value chains

The lockdown measures put in place to contain the spread of the Covid-19 pandemic not only have a direct impact on the economies of the countries concerned, but also spillover to the rest of the world via value chains and external demand. A short-term...

By Bergeaud Antonin, Berthou Antoine, Collès Bertrand, Gaulier Guillaume, Lisack Noëmie, Ouvrard Jean-François
  • Published on 10/27/2020
  • 9 pages
  • EN
  • PDF (306.31 KB)
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October

Publication Banque de France Bulletin n°231 : article 4
Non-residents holdings of French CAC 40 shares at end-2019 and early 2020

At the end of 2019, non-residents held EUR 686 billion worth of shares in French CAC 40 companies, or a total of EUR 1,684 billion. This represents 40.8% of the total holdings and is down 7 percentage points on its 2013 peak. Non-resident holders are...

By Guette-Khiter Christophe
  • Published on 10/23/2020
  • 9 pages
  • EN
  • PDF (426.02 KB)
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October

Publication Banque de France Bulletin n°230 : article 3
Wealth and debts of households in France, Germany and Italy before the Covid 19 crisis

The current health crisis associated with the Covid-19 pandemic is expected to have a non-negligible impact on household income, wealth, savings and consumption behaviour. While it is currently impossible to ascertain the magnitude and duration of the...

By Coffinet Jérôme, Mouliom Michel, Garbinti Bertrand, Savignac Frédérique
Thematic: Credit and financing
  • Published on 10/13/2020
  • 10 pages
  • EN
  • PDF (426.53 KB)
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October

Publication Banque de France Bulletin n°229 : article 8
“Green Swans”: central banks in the age of climate-related risks

Risks associated with climate change are beginning to affect central banks’ financial stability mandate. Recognition of extreme physical and transition risks, known as “Green Swans”, is particularly difficult in the field of financial stability...

By Bolton Patrick, Després Morgan, Pereira da Silva Luiz Awazu, Samama Frédéric, Svartzman Romain
  • Published on 10/05/2020
  • 15 pages
  • EN
  • PDF (787.94 KB)
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October

Publication Banque de France Bulletin n°230 : article 4
The impact of climate change in Sub Saharan Africa: vulnerabilities, resilience and finance

Climate change is both an immediate challenge and a long term constraint for Sub Saharan African (SSA) countries, particularly for the island nations and the states in the Sahel. The resilience of SSA countries is also greatly undermined by the...

By Debels-Lamblin Émilie, Jacolin Luc
  • Published on 10/02/2020
  • 12 pages
  • EN
  • PDF (2.06 MB)
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September

Publication Banque de France Bulletin n°229 : article 7
Why and how to develop the international role of the euro?

Trade and financial globalisation, as well as the economic and health crises that have marked the international monetary system over the past decade, are leading us to re-examine the cost-benefit balance of the internationalisation of the euro....

By Bussière Matthieu, Lecat Rémy, Vidon Édouard
  • Published on 09/23/2020
  • 10 pages
  • EN
  • PDF (285.72 KB)
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September

Publication Banque de France Bulletin n°229 : article 6
The euro in the history of the international monetary system

The international monetary system has alternated between periods with several cohabiting currencies, such as the dollar and pound sterling in the 1920s, and periods with one dominant currency, such as the dollar since 1945. Despite the political...

By Genre Véronique, Lecat Rémy, Marsilli Clément
  • Published on 09/23/2020
  • 9 pages
  • EN
  • PDF (294.63 KB)
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September

Publication Banque de France Bulletin n°229 : article 5
The international role of the euro

In a series of three articles in the Banque de France Bulletin, the international role of the euro is examined in terms of its history, its costs and benefits and, in this introductory article, the current health crisis. The efforts carried out to deal...

By Goulard Sylvie
  • Published on 09/23/2020
  • 9 pages
  • EN
  • PDF (286.42 KB)
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September

Publication Banque de France Bulletin n°229 : article 4
CO2 emissions in French international trade

The article presents an assessment of French CO2 emissions linked to the production and distribution of imported and exported goods and services. It shows that France consumes more CO2 than it produces, resulting in a balance of trade deficit of 122...

By Cezar Rafaël, Polge Tancrède
Thematic: Economy and international financing
  • Published on 09/04/2020
  • 17 pages
  • EN
  • PDF (793.96 KB)
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August

Publication Banque de France Bulletin n°230 : article 1
Digital currencies: from myth to innovative projects

As of 2009, the concept of decentrally-issued digital assets which, according to their promoters, could replace legal tender, was put forward to the public. More than a decade on, this project has still not been implemented. Stablecoins, which have...

By Pfister Christian
Thematic: Means of payment and currency in circulation
  • Published on 08/07/2020
  • 9 pages
  • EN
  • PDF (251.26 KB)
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July

Publication Banque de France Bulletin n°229 : article 2
After increasing until 2019, capital operating times are expected to decline in 2020

In 2019, capital operating times (COT) were up by 1.6%, a comparable increase to that of 2018 (+1.9%) reflecting the adjustments made by businesses to maintain or increase their activity. However, more than 50% of them reported being confronted with a...

By Nevoux Sandra, Baudry Laurent, Tarrieu Sylvie, Gerardin Mathilde, Debuf Arnaud, Evain Wilfried, Heurtebize Fabrice, Matias Sylvia, Zory Julien
Thematic: Companies
  • Published on 07/29/2020
  • 14 pages
  • EN
  • PDF (284.61 KB)
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July

Publication Banque de France Bulletin n°229 : article 1
Funding shock: how will the investment of large French firms be affected?

Economic research – This article studies the impact of the negative funding shocks of 2008 and 2011 on the investment of large French groups. We compare companies rolling over their maturing debt in times of crisis with those which did not have to do...

By Duquerroy Anne, Mazet-Sonilhac Clément
Thematic: Economic research
  • Published on 07/20/2020
  • 10 pages
  • EN
  • PDF (402.06 KB)
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June

Publication Banque de France Bulletin n°228 : article 2
The trade-enhancing impact of product standard harmonisation

Economic research – Product standards are a defining feature of industrial processes and citizens’ everyday lives: from A4 paper size to 5G mobile telecommunications, product standards are omnipresent. Though their prevalence is largely unnoticed by...

By Schmidt Julia
Thematic: Economic research
  • Published on 06/18/2020
  • 5 pages
  • EN
  • PDF (263.5 KB)
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April

Publication Banque de France Bulletin n°227 : article 8
Do late customer payments impact companies’ probability of default?

The payment delays granted by suppliers to their customers expose the former to cash flow disruptions, which are aggravated in the event of late payments and may put them in financial difficulty. ...

By Dietsch Michel, Gonzalez Olivier
Thematic: Companies
  • Published on 04/09/2020
  • 11 pages
  • EN
  • PDF (270.49 KB)
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April

Publication Banque de France Bulletin n°227 : article 9
The structure of income helps to understand changes in the household saving ratio in France

Economic research – The rise in the household saving ratio since the end of 2018 and, more generally, its significant fluctuations over the last ten years call for a fresh look at its macroeconomic determinants. This article proposes a model of...

By Ouvrard Jean-François, Thubin Camille
Thematic: Economic research
  • Published on 04/03/2020
  • 10 pages
  • EN
  • PDF (514.5 KB)
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April

Publication Banque de France Bulletin n°227 : article 2
Systemic risk buffer: what would this instrument be used for?

The systemic risk buffer (SRB) is an additional capital requirement for the banking sector that aims at preventing or mitigating the non-cyclical dimension of risk. Indeed, systemic risks can magnify the impact of financial distress or of an external...

By Gabrieli Silvia, Jimborean Ramona
Thematic: Financial stability and financial system
  • Published on 04/01/2020
  • 11 pages
  • EN
  • PDF (323.99 KB)
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March

Publication Banque de France Bulletin n°228 : article 1
CO2 emissions embodied in international trade

This article examines international trade from the perspective of the carbon dioxide (CO2) emissions generated by the production and distribution of traded goods and services. It takes account of both the CO2 produced within a country’s national...

By Cezar Rafaël, Polge Tancrède
Thematic: Economy and international financing
  • Published on 03/30/2020
  • 16 pages
  • EN
  • PDF (1.03 MB)
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March

Publication Banque de France Bulletin n°226 : article 4
The increasing reliance of large French groups on debt: a financing strategy that has its limitations

Since 2014, large French groups have increased their use of debt relative to other resources for the financing of their activities. The fall in the average cost of debt has created a favourable environment for this type of strategy, making it less...

By Charasson-Jasson Hélène
Thematic: Companies
  • Published on 03/12/2020
  • 10 pages
  • EN
  • PDF (396.91 KB)
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March

Publication Banque de France Bulletin n°227 : article 4
French insurers’ investments remain under pressure from low rates

In a context of falling stock markets in the fourth quarter of 2018, the value of French insurers’ investments remained stable at EUR 2,601 billion at market value, dipping by 1% at end-2018 before rebounding by 3.3% in the first quarter of 2019....

By Capitaine Gaëlle, Gallet Sébastien, Guimiot Frédéric, Roero Côme
Thematic: Credit and financing
  • Published on 03/12/2020
  • 12 pages
  • EN
  • PDF (541.31 KB)
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February

Publication Banque de France Bulletin n°227 : article 3
The informational value of credit ratings in the bank/firm relationship

Economic research – How, by combining quantitative and qualitative information, do central bank credit ratings influence the supply of bank loans to businesses? This article attempts to answer this question by analysing the effects of a 2004 reform of...

By Cahn Christophe, Girotti Mattia, Salvadè Federica
Thematic: Economic research
  • Published on 02/26/2020
  • 7 pages
  • EN
  • PDF (399.63 KB)
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February

Publication Banque de France Bulletin n°226 : article 8
The euro area post crisis financial system in perspective (1999 2018)

How has the euro area financial system changed since the 2007 08 financial crisis? Has it become more resilient or more fragile? This article provides an overview of the main changes since 2007 and puts them in perspective. In particular, it considers...

By Mouriaux François, Sabatini Mylène, Levy-Garboua Vivien
Thematic: Financial stability and financial system
  • Published on 02/20/2020
  • EN
  • PDF (708.81 KB)
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February

Publication Banque de France Bulletin n°227 : article 1
France’s national wealth in 2018: Weaker growth in household wealth due to the fall in equity prices

France’s national wealth continued to expand in 2018, reaching EUR 15,482 billion at the end of the year or 8.0 times its net domestic product. The rise was driven by non-financial wealth and especially land underlying buildings and structures. However...

By Guilloton Valentin, Migeon Jonathan
Thematic: Macroeconomics, microeconomics and structures
  • Published on 02/18/2020
  • EN
  • PDF (296.28 KB)
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February

Publication Banque de France Bulletin n°226 : article 7
SMEs and VSEs in France: an improved financial situation and easier access to credit

Compared to the mid-2010s, the economic and financial situation of French SMEs/VSEs has improved. Most of the accounting ratios used to assess the health of companies have evolved positively, while remaining generally at less favourable levels than in...

Thematic: Companies
  • Published on 02/06/2020
  • EN
  • PDF (367.93 KB)
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January

Publication Banque de France Bulletin n°226 : article 6
The green bond market is expanding rapidly but needs to be measured more accurately

Green bonds differ from conventional bonds in that they are used to finance projects expected to have environmental benefits. In the four years since the Paris Climate Agreement (2015), the green bond market has grown rapidly. However, it is still far...

By Bui Quang Pierre, Delbos Jean-Brieux, Perillaud Simon, Bourgey Clément
Thematic: Economy and international financing
  • Published on 01/29/2020
  • 10 pages
  • EN
  • PDF (388.72 KB)
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January

Publication Banque de France Bulletin n°226 : article 5
Market power and growth: new developments

Economic research – Since the early 1970s, productivity growth has slowed down in most advanced economies, in particular in the United States. In this country, this slowdown has been accompanied by an increase in the market power of firms and a...

By Bergeaud Antonin
Thematic: Economic research
  • Published on 01/16/2020
  • 8 pages
  • EN
  • PDF (286.77 KB)
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