About the blog
Eco Notepad publishes educational posts showcasing BdF research and economic expertise. The Blog targets an informed public of students, professionals, journalists and academic economists. The views expressed are those of the authors and do not necessarily reflect the position of the Banque de France or the Eurosystem.
Follow us
Pick a topic
(5)
(3)
(1)
Most recent
Most read
Archives
- June 2017 (3)
- May 2017 (5)
- April 2017 (3)
- March 2017 (4)
- February 2017 (4)
- January 2017 (2)
- December 2016 (2)
Useful links
Confidentiality policy
Eco Notepad editors asks authors submitting a post to the blog to confirm that they have no conflicts of interest. If one of the authors of a blog benefits of an external financing, he should state the sources of financial support for the particular research it describes.
Comment guidelines
Comments, queries and suggestions (limited to 1 500 characters) may be proposed on our blog entries. They will be reviewed by a moderator for possible publication.
27/06/2017
The surge in Chinese corporate debt, against the backdrop of declining industrial profitability, is worrying for financial stability in China and beyond its borders. However, the risk of a banking crisis appears to be contained at this stage, although we should remain vigilant.
le
27/06/2017 13:02
Comments (0)
16/06/2017
Thomas Grjebine, Urszula Szczerbowicz and Fabien Tripier
The Capital Markets Union project (CMU) recommends diversifying the financing of companies, in particular through debt securities in addition to bank loans. Is the choice of debt instrument important in economic recoveries? In fact, companies replace bank financing by bond financing in a recovery phase. In addition, recoveries are more robust when the share of bond financing is high.
le
16/06/2017 15:51
13/06/2017
The Taylor rules provide guideline recommendations for policy interest rates based on the deviation between macroeconomic variables and their target or potential levels. They can be calculated for each of the euro area countries. Although significantly divergent at the height of the sovereign debt crisis, there has been a clear convergence since 2014, reflecting the resynchronisation of business cycles in the euro area.
le
13/06/2017 08:51
30/05/2017
Economic history and wine may contribute to understanding contemporaneous economic issues. The wine crisis caused by phylloxera in the late 19th century helps identify the causal impact of refinancing operations of central banks (CBs) on firms’ defaults. The geographical distribution of the branches of the French CB meant that varying ease of access to discounting bills of exchanges varied when the crisis struck. Regions that benefitted from easier access to central bank refinancing exhibited a lower increase in default rates during the crisis.
le
30/05/2017 11:22
22/05/2017
By M. Marx, B. Mojon and F. Velde
Risk-free rates have been falling since the 1980s while the return on capital has not (Figure 1). In the framework of an overlapping-generation model, Marx, Mojon, Velde (2017) show that these contrasted developments can be mainly explained by an increase in the (perceived) risk on productivity growth. This implies that real rates are likely to stay low for several years.
le
22/05/2017 17:34