Banque de France
Quarterly selection of articles - Bulletin de la Banque de France
2016, Issue 44
- 6-19 GDP-indexed bonds: what are the benefits for issuing countries, investors and international financial stability?
by B. Cabrillac & L. Gauvin & J.-L. Gossé
- 20-27 Green bonds: a solution for financing the energy transition or a simple buzzword?
by E. Buttin
- 28-39 The cost of equity for large non-financial companies in the euro area: an estimation over the last decade
by C. Mazet-Sonilhac & J.-S. Mésonnier
- 40-51 In the first half of 2016, the main French groups increased their profitability
by A. Boileau & L. Carlino & A. S. Lafon
- 52-63 France’s pharmaceutical industry in global value chains
by R. Cezar
2016, Issue 43
- 5-14 Exiting low interest rates in a situation of excess liquidity: the experience of the Fed
by V. Grossmann-Wirth & M. Vari
- 15-23 Extended eligibility of credit claims for Eurosystem refinancing Consequences for the supply of credit to companies
by V. Bignon & F. Boissay & C. Cahn & L.-M. Harpedanne de Belleville
- 25-34 Money and its counterparts in France and in the euro area
by J. Morenas & B. Rudelle
- 35-46 Non-resident holdings of French CAC 40 companies at end-2015
by C. Guette-Khiter
- 47-58 France’s trade integration measured in value added
by R. Cezar
- 59-70 Current account adjustments and productivity dynamics in Europe during the crisis
by A. Berthou
2016, Issue 42
- 5-23 Monetary policy measures in the euro area and their effects, since 2014
- 25-40 Strategies for internationalisation in Pharma
by J.-L. Cayssials & M. Ranvier
- 41-46 Impact of uncertainty shocks on the global economy Summary of the workshop 12-13 May organised by the Banque de France and University College of London
by L. Ferrara & K. Istrefi
- 47-55 The labour market: institutions and reforms Summary of the fourth Labour Market Conference held in Paris on 3-4 December 2015, organised by the Aix-Marseille School of Economics and the Banque de France
by C. Berson & C. Malgouyres & S. Roux
- 57-68 Euro banknotes and coins in France in 2015
by E. Ninlias & G. Torre
2016, Issue 41
- 5-15 Competition for global value added: domestic and export market shares
by R. Cezar. & A. Duguet. & G. Gaulier. & V. Vicard.
- 17-26 France’s international trade in services
by S. Castor. & H. Caradant. & V. Chauvin. & T. Mosquera Yon.
- 27-39 Corporate loans at particularly low rates in France
by S. Avouyi-Dovi. & R. Lecat. & C. O’Donnell. & B. Bureau. & J.-P. Villetelle.
- 41-49 France’s national economic wealth declined by 1.8% in 2014
by S. Humbertclaude. & R. Lecat. & F. Monteil.
- 51-65 Adjustments in consumer prices in France in periods of low inflation
by N. Berardi. & E. Gautier.
2015-16, Issue 40
- 5-16 Consumer credit: recent trends and profile of borrowers
by J. Coffinet. & C. Jadeau.
- 19-27 For 20 years, the Banque de France Foundation has supported economic research through grants, prizes, subsidies, and its Visiting Scholars Programme. This article reviews the activity of the Foundation and reports on the anniversary conference, which focused on the specificity of economists and the social utility of finance
by L. Bê Duc. & G. Horny.
- 29-34 The Banque de France, research and patronage
by H. Pagès.
- 35-44 Financial situation of France’s main listed groups in H1 2015: lower profitability but a forward-looking financial strategy
by L. Carlino. & A.-S. Lafon.
2015, Issue 39
- 5-16 Non-resident holdings of French CAC 40 shares at end-2014
by P. Bui Quang.
- 17-26 Companies in the crisis: initial findings from a European survey
by C. Jadeau. & E. Jousselin. & S. Roux. & G. Verdugo.
- 27-48 Insurance undertakings in France: investments in 2014
by P.-E. Darpeix. & E. Ferrero. & G. Hauton. & V. Potier.
- 49-60 G20 Seminar on assessing the impact of structural reforms (Banque de France, 1 June 2015)
by B. Cabrillac. & S. Haincourt. & S. Rivaud.
2015, Issue 38
- 5-21 France’s major listed groups continued to consolidate their finances and posted improved profitability in 2014
by L. Carlino. & A.-S.. Lafon.
- 23-42 International macroeconomic impacts of structural reforms
by S. Rivaud.
- 43-60 Labour markets: institutions and reforms Summary of the third Labour Market Conference held in Aix-en-Provence on 4 and 5 December 2014 by the Aix-Marseille School of Economics and the Banque de France
by C. Berson. & S. Roux. & G. Verdugo.
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 New housing loans to households: trends up to mid-2014
by G. Fegar.
- 17-37 Change in French households’ financial investment flows between June 2013 and June 2014 and the impact on bancassurance groups
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 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
- 39-42 International workshop on algorithmic and high-frequency trading:a brief summary
by A. Bernales. & J. Dugast.
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.
- 5-34 Estimating the sacrifice ratio for the euro area
by Coffinet, G. & Matheron, J. & Poilly, C.
- 49-56 The position of industrial firms in 2005
by Coffinet, G.
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.
- 21-55 Progress towards the Single Euro Payments Area
by Beau, D. & Chabassol, C. & Collès, B.
- 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.