France
IMF paper identifies countries that ‘pass through’ spillovers
Individual countries can amplify, absorb or block spillovers, depending on their economic and structural characteristics, researchers at the IMF find
Noyer: IMF’s decision on SDR not politically motivated
Banque de France governor Christian Noyer acknowledges ‘symbolism’ of the IMF’s currency basket, but stressed the composition is based on technical work and not politics
BIS economists say investor behaviour key to understanding EM challenges
Hyun Song Shin and Philip Turner consider implications of shift in financial intermediation for emerging markets; part of wider Banque de France review on the subject
French paper models flattening Philips curve
Working paper develops a two-country, new-Keynesian model to replicate the flattening of the curve in developed countries over the past 25 years, a trend widely attributed to globalisation
IMF researchers add eurozone detail to fund’s global projection model
Working paper adds ‘blocks’ for Germany, France, Italy and Spain to the model in an effort to capture the dynamics in the eurozone in greater detail
French first deputy defends real estate picture
Anne Le Lorier says French banks are ‘well-guarded’ against any real estate downturn; accepts the authorities must improve data on commercial property
Banque de France paper studies welfare cost of uncertainty
Banque de France working paper finds that the term structure of welfare costs ‘varies substantially, predictably and with a volatility that decreases with maturity’
French paper considers impact of TLTROs on funding costs
Banque de France economist examines the funding conditions attached to the ECB’s targeted long-term refinancing operations; sees potential benefits for banks
Banque de France ‘significantly’ improves research output
External review of central bank research finds ‘significant rise in quantity and quality’ in past six years; suggests improvements in communication with policy-makers
European economists analyse global value chains
Bank of Portugal working paper analyses the global value chains in the eurozone and underlines the core role of Germany in production linkages
PBoC designates renminbi clearing banks for France and Luxembourg
Bank of China and Industrial and Commercial Bank of China to serve countries' offshore RMB markets
French paper warns buffers ‘may not be sufficient’ to avoid credit crunch
Banque de France working paper finds an increase in market pressure to hold more capital can ‘limit the ability of banks to expand credit’ and trigger a crisis
French economists find UMP had ‘significant’ impact on sovereign yield spreads
Working paper breaks down the determinants of sovereign yield spreads in OECD countries; size of ECB’s balance sheet effects spreads differently across eurozone member states
French paper constructs credit risk indicators for eurozone
Working paper published by Banque de France builds credit risk indicators that are ‘highly robust’ leading indicators for economic activity and the growth of bank lending
More bank capital means banks lend more, paper finds
More capital means more credit - but greater supervisory capital constraints mean bank credit grows more slowly than when banks are less constrained
Banque de France ‘is active’ in onshore renminbi market
French central bank has invested in Chinese government bonds through the onshore renminbi market; Bank of England angles for London clearing bank
Robert Pringle's Viewpoint: The eurozone’s unfinished business
Economic adjustment and financial sector reform must go hand in hand – with the ECB due to play a central role
Banque de France's Christian Noyer on bank runs, the euro crisis and a Fed-like ECB
Christian Noyer explains how he has restructured the Banque de France to enable it to become the Eurosystem’s ‘New York Fed’, while facing down a bank run and tackling the euro crisis
Banque de France official: Sepa delays incur 'collective cost'
Denis Beau says the market participants that missed the February 1 deadline for migration to the new credit transfer and direct debit schemes should switch as soon as possible
Christian Noyer overruled by finance minister on savings rate
Banque de France governor Christian Noyer proposes cutting the interest rate paid on the country’s most popular savings account; Pierre Moscovici rejects the move to ‘protect spending power’
Banque de France paper explains new GDP forecast model
New model aims to eliminate 'systematic upward predictive bias' since the crisis
Financial literacy in France is correlated with political engagement, study finds
Working paper finds middle-aged men are the most financially literate demographic; little difference between different political orientations, but the disengaged score worse on the test
Financial crisis caused significant shift in the euro area Beveridge curve
ECB paper finds that labour market consequences of the crisis have been heterogeneous across countries, with Spain and Germany diverging the most
UK-French paper examines monetary policy implications of wage changes
Researchers find that wage changes are clustered at the beginning of the year in many European countries, but this makes ‘little difference’ to the optimal policy response across quarters