Banque de France
Quarterly selection of articles - Bulletin de la Banque de France
2015, Issue 37
- 5-16 Monetary and credit developments in 2014
by J. Morenas. & Y. Wicky.
- 17-33 The financial position and funding of French non-financial corporations
by G. Cette. & J.-P. Villetelle.
- 35-47 The state of corporate finances: Summary of the symposium held by the Banque de France on 21 November 2014
- 49-63 Overvaluation in the housing market and returns on residential real estate in the euro area: insights from data in euro per square metre
by M. Dujardin. & A. Kelber. & A. Lalliard.
- 65-82 Preparing France’s balance of payments in accordance with the new international standards: a statistical response to economic globalisation
by B. Collès. & J. Pavot. & J. Uri.
2014-2015, Issue 36
- 5-16 Change in French households’ financial investment flows between June 2013 and June 2014 and the impact on bancassurance groups
by G. Fegar.
- 17-37 New housing loans to households: trends up to mid-2014
by A. Bachellerie. & G. Ferrero. & J.-P. Feller.
- 39-61 Financial situation of France’s major listed groups in H1 2014: a combination of prudence and deleveraging
by L. Carlino. & G. Dairay. & F. Servant.
- 63-93 The performance of French firms in 2013: supported by large enterprises, profitability recovered
by L. Carlino. & D. Lefilliatre.
- 95-109 The euro area Beveridge curve in the post-crisis period: increase in structural unemployment since 2010
by A. Maravalle. & M.-E. de la Serve. & G. Verdugo.
- 111-129 US labour market and monetary policy: current debates and challenges
by L. Ferrara. & G. Sestieri.
2014, Issue 35
- 5-20 The Banque de France company rating system:a tool to facilitate companies’ access to bank credit
by L. Schirmer.
- 21-43 The decline in profitability has affected the investment of SMEs
by L.-M. Harpedanne de Belleville. & D. Lefilliatre
- 45-54 Non-resident holdings of shares in French CAC 40 companies at end-2013
by P. Bui Quang.
- 55-73 Is the rise in student loan debt in the United States a source of economic fragility?
by C. Mistretta-Belna.
- 75-95 Four instruments to strengthen financial integration in sub-Saharan Africa
by A. Sy.
- 97-105 Summary of the conference of 27 May “Promoting financial integration in Africa”
by S. Guérineau. & L. Jacolin
2014, Issue 34
- 5-20 Monetary and credit developments in 2013
by C. Roero.
- 21-45 Major French groups were less profitable in 2013, but their cash position was stable and their financial structure strong
by L. Carlino. & G. Dairay. & C. Mangin. & F. Servant.
- 47-67 Labour productivity in Europe: allocative efficiency of labour or performance of firms?
by A. Berthou. & C. Sandoz.
- 69-94 How do house prices affect wages? A comparison between France and Germany
by J. Carluccio.
- 95-108 Euro banknotes and coins in France in 2013
by G. Torre.
2014, Issue 33
- 5-23 International adjustment and rebalancing of global demand:where do we stand?
by Y. Kalantzis. & P. Towbin. & S. Zignago.
- 25-37 International workshop on algorithmic and high-frequency trading:a brief summary
by A. Bernales. & J. Dugast.
- 39-42 The labour market: institutions and reforms Summary of the 2nd labour market conference organised by the Aix-Marseille School of Economics and the Banque de France on 16 and 17 December 2013
2013-2014, Issue 32
- 5-27 How do VAT changes affect inflation in France?
by E. Gautier. & A. Lalliard.
- 29-47 Securitisation in France: recent developments
by O. Birouk. & F. Darves.
- 49-75 Financial situation of the major listed groups in H1 2013: faltering growth coupled with debt reduction
by C. Mangin. & L. Rhein. & M. Roche-Toussaint.
- 77-112 The performances of French firms deteriorated in 2012 but they consolidated their financial structures
by D. Lefilliatre. & L. Rhein.
- 113-135 Innovation at work: introducing the first banknote in the Europa series
by A. Marchand. & E. Palazzeschi.
2013, Issue 31
- 5-18 Non-residents holdings of French CAC 40 shares at end-2012
by J. Le Roux.
- 19-44 The economic slowdown took a toll on SMEs’ profits and investments in 2012
by J.-L. Cayssials. & J. Rhein.
- 45-62 Insurance institutions’ investments at end-2012
by O. Birouk. & A.-N. Bouloux. & G. Hauton.
- 63-85 The IMF and management of capital flows: the long road towards a pragmatic approach
by J. Ramos-Tallada.
- 87-95 Globalisation and labour market outcomes: an overview of the conference organised by the Banque de France on 16 and 17 May 2013
by J. Carluccio. & V. Vicard.
2013, Issue 30
- 5-19 Profits of CAC 40 companies: what contribution does foreign direct investment income make? An assessment of the period 2005-2011
by D. Nivat.
- 21-33 Access to credit of SMEs and MTEs: decline in supply or lower demand? Lessons learned from a new quarterly business survey
by F. Guinouard. & E. Kremp. & M. Randriamisaina.
- 35-44 Firm competitiveness: summary report on the CompNet conference - Banque de France – 20 and 21 September 2012
by A. Berthou. & P. Bourgeon. & V. Vicard.
- 45-69 French investment funds during the crisis (2008-2012)
by A.-N. Bouloux. & G. Fourel.
- 71-91 Wage dynamics and current account rebalancing in the euro area
by A. Berthou. & G. Gaulier.
2013, Issue 29
- 5-21 Monetary and credit developments in 2012 - Credit distribution grew more quickly in France than in the euro area
by K. Masselier.
- 23-37 France’s inward foreign direct investment from 2005 to 2011
by D. Nivat. & B. Terrien.
- 39-48 Assisted microcredit - Summary of the symposium organised by the Banque de France on 12 December 2012
by D. Gabrielli. & B. Raoult-Texier. & A.-C. Vandermolen.
- 49-55 Oil and the macroeconomy - Summary of the Banque de France workshop on 14 November 2012
by S. Delle Chiaie.
2012-13, Issue 28
- 5-40 French companies in 2011: expanding activity but shrinking profits
- 41-63 The financial situation of the major listed groups remained sound in the first half of 2012 despite a difficult environment
by J.-L. Cayssials. & S. Khalfoune. & C. Mangin-Soubret.
- 65-86 Securitisation in France
by O. Birouk. & L. Cassan.
- 87-100 Equilibrium exchange rate and competitiveness within the euro area
by C. Durand. & C. Lopez.
- 101-109 Macroeconomic and financial vulnerability indicators in advanced economies Summary of the conference of 13-14 September 2012 organised by the Banque de France and the University of Strasbourg
by C. Bouthevillain. & V. Borgy. & G. Dufrenot.
- 111-120 The labour market: institutions and reforms Summary of the conference of 15-16 November 2012 organised by Aix-Marseille School of Economics (AMSE) and the Banque de France
by D. Della Gaspera. & R. Lecat. & G. Verdugo.
2012, Issue 27
- 5-26 Current account imbalances in the euro area: competitiveness or demand shock?
by G. Gaulier. & V. Vicard.
- 27-39 Non-residents’ equity holdings in French CAC 40 companies at end-2011
by J. Le Roux.
- 41-56 New housing loans to households: recent trends
by F. Delamarre.
- 57-83 Insurance institutions’ investments at end-2011
by G. Hauton. & O. Birouk. & A.-N. Bouloux.
2012, Issue 26
- 5-24 Holdings of French investment funds
by K. Masselier. & R. Calleja.
- 25-52 SMEs in Europe: disparities between countries and sectors were greater in 2010 than before the crisis
- 53-64 Analysis of banking activity by business line
by E. Crété.
- 65-78 18th International Panel Data Conference: a Brief Synthesis
by D. Fougère. & P. Sevestre.
- 79-82 Firms’ financing and default risk during and after the crisis (Summary of a conference hosted by the Banque de France and OSEO on 9 and 10 February 2012)
by G. Horny,. & F. Savignac. & P. Sevestre.
2012, Issue 25
- 5-22 High-growth SMEs
by M. Brun. & F. Chai.
- 23-40 The financial situation of the major French groups remained sound in the first half of 2011
by J-L. Cayssials. & C. Mangin Soubret. & J.J. Rakotoarivelo.
- 41-52 Leveraged buy-outs in France: substantial differences between small and medium-sized targets
by S. Souissi.
- 53-62 Monetary and credit developments in 2011
by J. Montornès.
- 63-80 Has the 2008-2009 recession increased the structural share of unemployment in the euro area?
by S. Haincourt. & M. Mogliani.
- 81-84 The measurement of systemic risk. Summary of a lecture given by Robert F. Engle, winner of the Nobel Prize in Economics, Banque de France, 25 January 2012
by A. Bernales. & J-P. Renne.
- 85-88 United States then, Europe now. Summary of a lecture given by Thomas J. Sargent, winner of the Nobel Prize in Economics, Banque de France, 1 March 2012
by M. Vukotic.
2011, Issue 24
- 5-28 The cost of business credit by firm category
by F. Chai. & D-B.Nguyen.
- 29-68 Companies in France in 2010: a mixed picture
- 69-90 Payment periods in 2010: the efforts made since the implementation of the LME have lost momentum
by É. Kremp. & F. Servant.
- 91-100 France’s national economic wealth showed a marked rebound in 2010 due to higher land prices
by N. Couleaud. & F. Delamarre. & L. Mauro.
- 101-124 French overseas territories and the euro
by N. de Sèze. & R. Bardy. & A. Marchand.
- 125-134 Summary of the international workshop on microfinance organised by the Banque de France on 8 July 2011
by P. Loridant. & B. Raoult-Texier. & L. Jacolin. & J. Moulonguet.
- 135-144 Forecasting the business cycle. Summary of the 8th International Institute of Forecasters workshop hosted by the Banque de France on 1-2 December 2011 in Paris
by L. Ferrara.
- 145-154 Fiscal and monetary policy in the aftermath of the financial crisis. Summary of the BDF/EABCN/EJ/PSE conference on 8-9 December 2011
by M. Bussière. & P. Towbin.
2011, Issue 23
- 5-33 SMEs see a pick-up in business in 2010, but delay investment
by J.L. Cayssials. & F. Servant.
- 35-44 Companies after the crisis – Banque de France seminar, 28 June 2011
- 45-52 Fiscal and monetary policy challenges in the short and long run Summary of the Banque de France-Bundesbank conference held on 19 and 20 May 2011 in Hamburg
by L. Clerc. & H. Kempf. & X. Ragot.
- 53-58 After the collapse, the reshaping of international trade Summary of the Banque de France/PSE/CEPII conference of 25 and 26 May 2011
by P. Bourgeon. & J. C. Bricongne. & G. Gaulier.
- 59-77 Insurance companies’ investments at the end of 2010
by S. Gandolphe. & G. Hauton. & S. Viol. & O. Birouk. & A. N. Bouloux.
2011, Issue 22
- 5-18 Summary of the international symposium organised by the Banque de France “What is the appropriate regulatory response to global imbalances?”
by W.R. White.
- 19-31 The relationship between capital flows and financial development:a review of the literature
by J. Ramos-Tallada.
- 33-51 Households’ savings and portfolio choices: micro and macroeconomic approaches
by L. Arrondel. & V. Borgy. & F. Savignac.
- 53-66 National financial accounts in 2010:recovery in lending and ongoing rise in debt ratio
by F. Delamarre. & F. Sédillot.
- 67-78 Household savings behaviour in 2010
by A. Bachellerie.
2011, Issue 21
- 5-25 The impact of the earthquake of March 11th on the Japanese economy and the rest of the world
- 27-39 Monetary and credit developments in France: 2010, the year of the recovery
by Montornès, J.
- 42-72 Inventories in the crisis
by de Rougemont, P.
- 73-88 Structural reforms, crisis exit strategies and growth
by Fremann, P. M. & Lecat, R. & Lopez, J.
- 89-100 Structural analysis in times of crisis
- 101-119 The Banque de France in European and international organisations
by Debaye, M.
2010-2011, Issue 20
- 5-35 The position of firms in 2009: a decline in business and a reluctance to invest during the crisis
- 37-62 Payment periods in 2009 - one year on from the economic modernisation act
by Kremp, E. & Servant, F.
- 63-83 French outward and inward foreign direct investment in 2009 - New presentation
by Nivat, D. & Terrien, B.
- 85-94 The future of monetary policy Summary of the conference held in Rome on 30 September and 1 October 2010
by Clerc, L. & Loisel, O. & Mojon, B. & Ragot, X.
- 95-107 New challenges for public debt in advanced economies Summary of the conference held in Strasbourg on 16-17 September 2010
by Bouthevillain, C. & Dufrénot, G. & Frouté, P. & Paul, L.
2010, Issue 19
- 5-16 France’s national economic wealth declined in 2009 for the second year in a row
by Couleaud, A. & Delamarre, F.
- 17-29 Developments in regulated savings since the reform of the “A” passbook savings account distribution network
by Mérieux, A. & de Charette, A.
- 31-62 The financial position of SMEs in 2009: a financial structure that has proven resilient to the crisis
by Cayssials, J.L. & Kremp, E.
- 63-76 Post-crisis monetary policy strategies
by Bê Duc, L. & Clerc, L.
- 77-95 Cohesion policy and the new Member States of the European Union
by Kelber, A.
2010, Issue 18
- 5-16 National financial accounts in 2009: a shift in financing flows towards general government
by Sédillot, F.
- 17-26 Non-residents’ equity holdings in French CAC 40 companies at end-2009
by Le Roux, J.
- 27-44 SMEs in the manufacturing sector in France an intermediate position compared with eight other European countries
by Cayssials, J. L. & Kremp, E.
- 45-59 Developments in France’s foreign trade in services: analysis by sector and by country
by Cligny, L. & Usciati, B.
- 61-73 The Banque de France rating system: an asset for the Central Bank and a tool for commercial banks
by Stevant, C.
- 75-81 Economic linkages, spillovers and the fi nancial crisis
by Bussière, M.
2010, Issue 17
- 5-19 Firms’ wage policies during the crisis: survey findings
by Horny, G. & Montornès, J. & Sauner-Leroy, J-B. & Tarrieu, S.
- 21-37 The economic impact of business failures in 2008 and 2009
- 39-45 Housing markets after the crisis: lessons for the macroeconomy
by de Bandt, O. & Ferrara, F. & Vigna, O.
- 47-77 Borrowing requirements and external debt sustainability of Sub-Saharan African countries
by Chauvin, S. & Golitin, V.
- 80-98 Valuation of unquoted foreign direct investment stocks at market value: methods and results for France
by Nivat, D. & Topiol, A.
2009-2010, Issue 16
- 5-32 Measuring banking activity in France
by Fournier, J-M. & Marionnet, D.
- 33-51 Analysis of the scope of the results of the bank lending survey in relation to credit data
by Lacroix, R. & Montornès, J.
- 53-81 The position of firms in 2008
- 83-96 Credit Mediation
by Liebert, C.
- 97-115 Recent developments in the structure of insurers’ investments
by Lekehal, S. & Durant, D. & Guérin, J.
- 117-135 A new standard for compiling and disseminating foreign direct investment statistics
by Terrien, B.
2009, Issue 15
- 5-25 Government debt markets in African developing countries: recent developments and main challenges
by Cabrillac, B. & Rocher, E.
- 27-47 Payment periods and corporate trade credit between 1990 and 2008
- 49-57 National Financial Accounts in 2008: a further rise in non-financial sector debt
by Sédillot, F.
- 59-68 Non-residents’ equity holdings in French CAC 40 companies at end-2008
by Servant, F.
2009, Issue 14
- 5-17 Developments in money and credit in France in 2008
by Demuynck, J. & Montornes, J.
- 19-28 France’s national economic assets, 1978-2007: 30 years shaped by real estate and stock market capital gains
by Couleaud, N. & Delamare, F.
- 29-38 The position of firms in France at end-2008 — Recent developments
- 39-45 The impact of the financial crisis on transfer systems
by Lucas, Y.
- 47-54 Situations of overindebtedness: a typology
2008, Issue 13
- 5-19 France’s balance of payments and international investment position in 2007
- 21-30 Why calculate a business sentiment indicator for services?
by Brunhes-Lesage, V. & Darné, O.
- 31-47 OPTIM: a quarterly forecasting tool for French GDP
by Barhoumi, K. & Brunhes-Lesage, V. & Ferrara, L. & Pluyaud, B. & Rouvreau, B. & Darné, O.
- 49-61 The contribution of cyclical turning point indicators to business cycle analysis
by Ferrara, L.
- 63-102 Is credit growth in central and eastern European countries excessive?
by Coudert, V. & Pouvelle, C.
- 103-120 Migrant workers’ remittances: what is the impact on the economic and financial development of Sub-Saharan African countries?
by Rocher, E. & Pelletier, A.
2008, Issue 12
- 5-14 TARGET2 and European financial integration
by Lucas, Y.
- 15-22 Supplementing settlement functions with a decision-support system in TARGET2
by Bonnier, V.
- 23-30 Globalisation, inflation and monetary policy
by De Bandt, O. & Frey, L. & Loisel, O.
- 31-60 The Euro-Mediterranean economic and fi nancial partnership
by Magnan-Marionnet, F. & Contamine, P. & Bonzom, P.
- 61-77 Foreign investors’ participation in emerging market economies’ domestic bond markets
by Daniel, L.
- 79-105 The composition of household wealth between 1997 and 2003
by Girardot, P. & Marionnet, D.
2008, Issue 11
- 5-32 The macroeconomic impact of structural reforms
by de Bandt, O. & Vigna, O.
- 33-50 Recent trends in productivity: structural acceleration in the euro area and deceleration in the United States?
by Antipa, P. & Cette, G. & Frey, L. & Lecat, R. & Vigna, O.
- 51-64 Productivity decomposition and sectoral dynamics
by Antipa, P.
2007, Issue 10
- 5-23 Issues regarding euroisation in regions neighbouring the euro area
by Desecures, M. & Pouvelle, C.
- 25-41 France’s balance of payments and international investment position in 2006
- 43-78 The position of manufacturing fi rms in 2006
by Cayssials, J-L. & Golfier, C. & Kendaoui, L. & Kremp, E.
- 79-93 Labour market flexibility: what does Banque de France research tell us?
by Pfister, C.
2007, Issue 09
- 5-13 National Financial Accounts in 2006 Further increase in private sector debt, central government debt on the decline
by Marionnet, D.
- 15-23 The geographical breakdown of direct investment: a group-based approach
by Caussé, P.
- 25-46 DSGE models and their importance to central banks
by Avouyi-Dovi, S. & Matheron, J. & Fève, P.
2007, Issue 08
- 5-34 Debt retrenchment strategies and control of public spending
by Bouthevillain, C. & Paul, L. & Pavot, J.
- 49-56 The position of industrial firms in 2005
by Coffinet, G.
- 5-34 Estimating the sacrifice ratio for the euro area
by Coffinet, G. & Matheron, J. & Poilly, C.
2007, Issue 07
- 5-21 The credibility of monetary policy from a New Keynesian perspective
by Loisel, O.
- 23-33 Perspectives on productivity and potential output growth:a summary of the joint Banque de France/Bank of Canada workshop, April 2006
by Cette, G. & Coletti, D.
- 35-48 New borrowing post-debt relief: risks and challenges for developing countries
by Rocher, E.
2006-2007, Issue 06
- 5-18 Monetary policy making in the Euro area and in the US
by Loisel, O.
- 19-47 Adjustment scenarios for the US current account balance:an assessment based on different NiGEM calibrations
by Potier, L. & Saint-Guilhem, A.
- 49-71 Risk contagion through defaults on trade bills
by Bardos, M. & Stili, D.
2006, Issue 05
- 5-20 Are we heading towards a heightening of global infl ationary pressures?
by Frey, L. & Moëc, G.
- 21-36 A national central bank within a federal system
by Barontini, C. & Bonzom, P.
- 57-77 Are house prices in the USA and Europe sustainable?
by Moëc, G.
- 79-94 Banque de France scores: development, applications, and maintenance
by Bardos, M.
- 21-55 Progress towards the Single Euro Payments Area
by Beau, D. & Chabassol, C. & Collès, B.