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Have French residents invested so heavily in US bonds since 2023?
[Les Français ont-ils si massivement investi en obligations américaines depuis 2023 ?]

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  • Fabrice Bidaud

Abstract

According to US Treasury data, holdings of US debt securities by French residents have increased significantly over the past two years, but this figure is probably overestimated. Indeed, Banque de France data show that purchases have been much more moderate. That said, data on securities holdings are more reliable when measured from the perspective of the holding country. Selon les données du Trésor américain, la détention de titres de dette américaine par les résidents en France aurait beaucoup augmenté au cours des deux dernières années, mais cette hausse est vraisemblablement surestimée. Les données de la Banque de France montrent en effet des achats nettement plus modérés. Or les statistiques de détention de titres sont plus fiables lorsqu’elles sont mesurées depuis le pays détenteur.

Suggested Citation

  • Fabrice Bidaud, . "Have French residents invested so heavily in US bonds since 2023? [Les Français ont-ils si massivement investi en obligations américaines depuis 2023 ?]," Eco Notepad (in progress), Banque de France.
    • Handle: RePEc:bfr:econot:401
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    File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/have-french-residents-invested-so-heavily-us-bonds-2023
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    File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/les-francais-ont-ils-si-massivement-investi-en-obligations-americaines-depuis-2023
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