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By Cristina Jude

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

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

by Benoît Nguyen

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

By V. Bignon and C. Jobst

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

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