January 2023

Post n°302

Housing subsidies: a smaller upward impact on rents if supply adjusts

Published on 01/30/2023

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By Céline Grislain-Letrémy and Corentin Trevien (CREST-ENSAE)

We evaluate the long-term effect of housing subsidies on the price, quantity and quality of private rental accommodation in France. The overall upward effect on rents is accompanied by an increase in the total number of dwellings. These effects depend on the market segment. They have not proved long-lasting for small dwellings, which have increased in quantity.

Chart 1: Share of housing subsidies in French GDP
Chart 1: Share of housing subsidies in French GDP
Updated on 01/30/2023 08:29
Post n°301

Negotiated wage increases: what is the picture for 2022?

Published on 01/20/2023

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By Erwan Gautier

Industry-level wage bargaining for 2022 was impacted by the high inflation context. Over the year, close to 150 industries revised the agreements signed at the end of 2021 or beginning of 2022. Overall, at the end of the year, negotiated wage increases amounted to an average of 5% year-on-year (compared with 3% at the beginning of the year). However, this higher increase in negotiated wages does not, at this stage, point to the start of a wage-price spiral.

Chart 1: Changes in negotiated wages, the national minimum wage, the average wage per capita (adjusted for the effects of the job retention scheme) and inflation (year-on-year, %)
Chart 1: Changes in negotiated wages, the national minimum wage, the average wage per capita (adjusted for the effects of the job retention scheme) and inflation (year-on-year, %)
Updated on 02/03/2023 13:17
Post n°300

The stages in France’s European financial integration

Published on 01/12/2023

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By Iris Chagnaud, Jean-Baptiste Gossé, Florian le Gallo and Rémy Lecat

France’s European financial integration, measured by its capital flows to its main partners, accelerated strongly with the introduction of the euro and European measures designed to unify financial services. It fell back significantly with the global financial crisis and then the euro area debt crisis. Its recovery in 2018-19 has since been tested by the Covid-19 and energy crises.

Chart 1. France’s net capital flows abroad (1980-2021, % of GDP)
Chart 1. France’s net capital flows abroad (1980-2021, % of GDP) Source: BDF and BIS, authors’ calculations.
Updated on 01/12/2023 10:05