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Page ID Nid traduction Lien du fichier Type Collection Titre documents/articles N° Millésime Date du document Auteur Nombre de pages Languetrier par ordre décroissant Taille du document Lien du document Choix du chapitre Position dans le chapitre Type Introduction Corps Auteur du blog Pdf du blog
189 174 Liste chronologique Focus Focus 16/07/2018 14:47 emmanuel.olivier anglais /node/189 Liste chronologique The Banque de France's Focuses are online information sheets, published at no set frequency, providing insight into current economic and financial developments.
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/sites/default/files/medias/documents/focus-01_2008-11-28_en.pdf
Publication Focus Assessment and outlook for sovereign wealth funds 1 15/10/2016 15:29 emmanuel.olivier

anglais 560.64 Ko /node/190 Publication
191 187
/sites/default/files/medias/documents/focus-02_2008-12-05_en.pdf
Publication Focus The macroeconomic impact of banking crises 2 15/10/2016 15:29 emmanuel.olivier

anglais 327.53 Ko /node/191 Publication
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/sites/default/files/medias/documents/focus-03_2009-01-22_en.pdf
Publication Focus Deflation or disinflation? 3 15/10/2016 15:29 emmanuel.olivier

anglais 256.29 Ko /node/193 Publication
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/sites/default/files/medias/documents/focus-04_2009-04-23_en.pdf
Publication Focus Unconventional monetary policy measures 4 15/10/2016 15:29 emmanuel.olivier

anglais 133.42 Ko /node/194 Publication
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/sites/default/files/medias/documents/focus-05_2010-11-22_en.pdf
Publication Focus What is the gold standard? 5 15/10/2016 15:29 emmanuel.olivier

anglais 141.58 Ko /node/195 Publication
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/sites/default/files/medias/documents/focus-06_2012-05-31_en.pdf
Publication Focus TARGET2 balances 6 15/10/2016 15:29 emmanuel.olivier

anglais 387.35 Ko /node/196 Publication
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/sites/default/files/medias/documents/focus-07_2012-10-11_fr_0.pdf
Publication Focus Infrastructures des marchés financiers : un nouvel environnement normatif pour une sécurité renforcée (Only in French) 7 15/10/2016 15:29 emmanuel.olivier

anglais 182.71 Ko /node/197 Publication
198 180
/sites/default/files/medias/documents/focus-08_2013-02-18_en.pdf
Publication Focus The French short-term negotiable debt securities market, the STEP label and the role of the Banque de France 8 19/04/2019 10:04 emmanuel.olivier

anglais 500.8 Ko /node/198 Publication
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/sites/default/files/medias/documents/focus-09_2013-02-19_en.pdf
Publication Focus Financial stability and macroprudential policy 9 15/10/2016 15:29 emmanuel.olivier

anglais 1.69 Mo /node/199 Publication
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/sites/default/files/medias/documents/focus-10_2013-12-05_en.pdf
Publication Focus The dangers linked to the emergence of virtual currencies: the example of bitcoins 10 15/10/2016 15:29 emmanuel.olivier

anglais 171.58 Ko /node/200 Publication
201 177
/sites/default/files/medias/documents/focus-11_2014-03-11_fr_0.pdf
Publication Focus La compétitivité du secteur des services mesurée au travers de la balance des paiements (Only in French) 11 15/10/2016 15:29 emmanuel.olivier

anglais 199.48 Ko /node/201 Publication
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/sites/default/files/medias/documents/focus-12_2014-09-08_en.pdf
Publication Focus Collateral: towards a sustainable growth 12 15/10/2016 15:29 emmanuel.olivier

anglais 188.27 Ko /node/202 Publication
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/sites/default/files/medias/documents/focus-13_2015-03-02_en.pdf
Publication Focus Potential growth: a crucial but complex concept 13 15/10/2016 15:29 emmanuel.olivier

anglais 375.5 Ko /node/203 Publication
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/sites/default/files/medias/documents/focus-14_2015-07-21_en.pdf
Publication Focus French households channelled more savings into regulated products than market-based investments 14 15/10/2016 15:29 emmanuel.olivier

anglais 341.5 Ko /node/204 Publication
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/sites/default/files/medias/documents/focus-15_2015-12-21_en.pdf
Publication Focus Market liquidity: myth and reality 15 15/10/2016 15:29 emmanuel.olivier

anglais 143.46 Ko /node/205 Publication
214 213 Liste chronologique Évaluation des risques du système financier Assessment of risks to the French financial system 12/07/2021 17:43 emmanuel.olivier anglais /node/214 Liste chronologique The Assessment of Risks to the French Financial System appears twice yearly, in June and December. It is published as part of the Banque de France's mission to safeguard financial stability, entrusted to it under the Law of 26 July 2013 on the separation and regulation of banking activities, and conducted in conjunction with the Haut Conseil de Stabilité Financière (High Council for Financial Stability). The report seeks to identify the risks and vulnerabilities in the French financial system, along with its strengths and sources of resilience.
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/sites/default/files/medias/documents/ers_06_16_envf.pdf
Publication Évaluation des risques du système financier June 2016 22/12/2016 17:48 emmanuel.olivier

anglais 2.24 Mo /node/220 Publication
222 221 Liste chronologique Rue de la Banque Rue de la Banque 02/05/2019 10:14 emmanuel.olivier anglais /node/222 Liste chronologique The Rue de la Banque series is a collection of short, non-technical articles, in which Banque de France researchers sum up their work on a particular topic. Each article contains charts and a bibliography for those who want to explore the subject further. These articles are now available in the Banque de France Bulletin in an "Economic Research" section as of the May-June 2019 issue.
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/sites/default/files/medias/documents/rue-de-la-banque_29_2016-09_en.pdf
Publication Rue de la Banque Are insolvent firms being kept afloat by excessively low interest rates? 29 04/05/2017 11:02 emmanuel.olivier

anglais 476.43 Ko /node/238 Publication 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 at low interest rates remains rare. This tends to suggest there has been no significant rise in zombie lending, i.e. the provision of loans at artificially low interest rates to help keep otherwise insolvent companies afloat.
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/sites/default/files/medias/documents/rue-de-la-banque_28_2016-07_en.pdf
Publication Rue de la Banque Changes in financial fragmentation in the euro area since 2008 28 04/05/2017 11:50 emmanuel.olivier

anglais 536.87 Ko /node/239 Publication 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 sovereign debt crisis and has receded since the announcement of the Outright Monetary Transactions (OMTs) programme by the ECB.
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/sites/default/files/medias/documents/rue-de-la-banque_27_2016-06_en.pdf
Publication Rue de la Banque What is the macroeconomic impact of ambitious structural reforms on product and labour markets? 27 04/05/2017 11:54 emmanuel.olivier

anglais 447.16 Ko /node/240 Publication 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 level of regulations observed in the three economies where they are the least cumbersome. Their simulations show that the implementation of such reforms should lead to a very significant increase in productivity in many countries, in particular in the euro area.
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/sites/default/files/medias/documents/rue-de-la-banque_26_2016-06_en.pdf
Publication Rue de la Banque The French housing market: what would be the impact of macroprudential measures? 26 04/05/2017 12:12 emmanuel.olivier

anglais 544.13 Ko /node/241 Publication 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 limitation of the original maturity of loans. These three types of measures have a significant impact on housing loan developments and, to a lesser extent, house prices due to the effect of loan variations on the housing stock.
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/sites/default/files/medias/documents/rue-de-la-banque_25_2016-05_en.pdf
Publication Rue de la Banque What is responsible for the easing of credit standards before the crisis: monetary policy or the savings glut? 25 04/05/2017 12:14 emmanuel.olivier

anglais 471.54 Ko /node/242 Publication
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/sites/default/files/medias/documents/rue-de-la-banque_24_2016-05_en.pdf
Publication Rue de la Banque Do foreign demand shocks impact company sales in France? 24 04/05/2017 12:14 emmanuel.olivier

anglais 432.94 Ko /node/243 Publication
244 229
/sites/default/files/medias/documents/rue-de-la-banque_23_2016-04_en.pdf
Publication Rue de la Banque Nowcasting global economic growth 23 04/05/2017 15:37 emmanuel.olivier

anglais 401.9 Ko /node/244 Publication 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 publications, however, a variety of more volatile factors can affect the international economy. It is therefore important for central banks to monitor ongoing fluctuations in global growth by looking at macroeconomic and financial indicators released at different frequencies. This process, known as nowcasting, is a recent concept which differs from standard economic forecasting.
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/sites/default/files/medias/documents/rue-de-la-banque_22_2016-04_en.pdf
Publication Rue de la Banque Contribution of information and communication technologies (ICT) to growth 22 04/05/2017 16:07 emmanuel.olivier

anglais 430.34 Ko /node/245 Publication 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 would enable the euro area to catch up. This Rue de la Banque compares changes in the contribution of ICT to economic growth in the United States, the euro area, and the United Kingdom over the 1970 2013 period. After a long period of sustained growth, ICT diffusion as a factor of production has stabilised since the early 2000s, at levels that are significantly higher in the United States than in the euro area, while the United Kingdom is in a position in between these two areas.
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/sites/default/files/medias/documents/rue-de-la-banque_21_2016-03_en.pdf
Publication Rue de la Banque Down payment and indebtedness ratios:how French banks limit their mortgage risks 21 04/05/2017 16:40 emmanuel.olivier

anglais 396.73 Ko /node/246 Publication 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 effectiveness of these down payment and indebtedness ratios as tools to contain portfolio credit risk.
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/sites/default/files/medias/documents/rue-de-la-banque_20_2016-03_en.pdf
Publication Rue de la Banque Specialisation in international trade: facts, vulnerabilities and remedies 20 04/05/2017 16:44 emmanuel.olivier

anglais 592.75 Ko /node/247 Publication 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 imports, a country imports on average a third of all existing goods, while half of its expenditure covers 2% of imported goods. The degree of concentration is inversely proportional to the size of the economy: small countries specialise more than large countries. This specialisation creates vulnerabilities. It affects the structure of the economy and increases its dependence on the shocks that may impact the sectors and goods concerned. This risk can be mitigated by R&D investment aimed at raising productivity.
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/sites/default/files/medias/documents/rue-de-la-banque_19_2016-02_en.pdf
Publication Rue de la Banque Households’ real estate and financial asset holdings: what differences in investment behaviour within the euro area? 19 04/05/2017 16:49 emmanuel.olivier

anglais 462.94 Ko /node/248 Publication 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 wealth conducted using the Eurosystem Household Finance and Consumption Survey. These show that the differences in investment behaviour are explained by individual household characteristics (age, qualifications, income, household composition, inheritance), the effects of which vary according to the economic, institutional and financial environment of each country.
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/sites/default/files/medias/documents/rue-de-la-banque_18_2016-02_en.pdf
Publication Rue de la Banque The transmission of liquidity risk through international banks 18 04/05/2017 16:55 emmanuel.olivier

anglais 460.75 Ko /node/249 Publication 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 bank lending, especially for international lending. Results suggest that greater dependence on stable funding or liquidity provisions can be associated with higher lending growth. The negative effects of financial stress periods on bank lending are mitigated when banks have access to public liquidity. The quantitative importance of liquidity risk is more pronounced for foreign lending, which suggests that French banks’ business model and the strong domestic retail sector contribute to the stability of domestic credit.
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/sites/default/files/medias/documents/rue-de-la-banque_17_2016-01_en.pdf
Publication Rue de la Banque Monetary policy without interest rates. The French experience with quantitative controls (1948 to 1973) 17 04/05/2017 16:58 emmanuel.olivier

anglais 593.07 Ko /node/250 Publication 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 quantitative instruments rather than on interest rates. The specific effect of quantitative controls on money and credit has to be taken into account in order to identify correctly the stance of monetary policy. Using a narrative approach to assess the monetary policy stance suggests that quantitative instruments can have substantial effects. This experience shows that one major issue for unconventional policies based on quantitative controls is how to keep monetary policy effective without making central bank instruments and announcements excessively complex.
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/sites/default/files/medias/documents/rue-de-la-banque_16_2016-01_en.pdf
Publication Rue de la Banque Trade, wages, and collective bargaining 16 04/05/2017 17:11 emmanuel.olivier

anglais 535.94 Ko /node/251 Publication 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 positive impact on wages, but exports increase wages for all occupational categories, while the impact of an increase in offshoring is stronger for executives. The elasticity of wages with respect to exports and offshoring is positive and is higher for firms with collective bargaining. However, we find that collective bargaining reduces only moderately wage inequalities induced by offshoring.
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/sites/default/files/medias/documents/rue-de-la-banque_15_2015-12_en.pdf
Publication Rue de la Banque Euro area external adjustment and real exchange rate movements :the role of firm productivity distribution 15 04/05/2017 17:30 emmanuel.olivier

anglais 454.9 Ko /node/267 Publication External imbalances in the euro area require real exchange rate adjustments. This Rue de la Banque explores the consequences of the euro area external adjustment in a framework where (i) the extensive margin (new exporting firms) contributes to aggregate trade flows, and (ii) cross-country differences in terms of firms’ productivity distribution are taken into account. Surplus countries in the euro area have larger and more productive firms than deficit countries. When deficit countries adjust their external imbalances, the magnitude of the required real exchange rate depreciation may be larger than traditional calculations might suggest.
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/sites/default/files/medias/documents/rue-de-la-banque_14_2015-11_en.pdf
Publication Rue de la Banque Land prices, lending to companies and job creations 14 04/05/2017 17:33 emmanuel.olivier

anglais 547.21 Ko /node/268 Publication The fluctuations of the value of land held by French firms present a very similar pattern to the ones of both investment and employment. This Rue de la Banque presents a model explaining those joint dynamics by a collateral channel; access to credit for firms is enhanced by an increase in the value of collateralised assets. This model, supported by empirical evidence, helps to explain labor market dynamics in France.

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