February 2023

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Post n°306
Published on 02/27/2023

By Valentin Burban and Pavel Diev

In the context of the global monetary tightening cycle, we show that most emerging countries have reacted in line with their price stability objectives. But three major emerging market economies - China, Russia and Türkiye - are currently in an easing phase for idiosyncratic reasons.

Chart 1: Deviation of inflation from target levels at the start of the normalisation phase (percentage points)
Chart 1: Deviation of inflation from target levels at the start of the normalisation phase (percentage points) Source: Consensus Economics, national sources and Banque de France
Post n°305
Published on 02/20/2023

By Laurent Clerc, Timothée Dufour, Pierre Harguindeguy and Stefano Ungaro

The customer base of digital financial players is rapidly expanding. The sector is characterised by a wide variety of business models. Among the players analysed over the 2018-20 period, the "100% digital" ones have become profitable because of their specialisation approach and their ability to develop strategic partnerships, while the traditional players have instead sought to diversify their customer base.

Chart 1 - New customers and number of accounts opened with digital finance players, 2018-20.
Chart 1 - New customers and number of accounts opened with digital finance players, 2018-20. Source: ACPR, based on data from qualitative questionnaires submitted to a sample of 15 digital financial players providing banking services.
Post n°304
Published on 02/13/2023

The French bancassurance model stems from the growth of the life insurance market. Based on the results of a model of 800 French banks on a non-consolidated basis over the 1993-2021 period, being part of a financial conglomerate enhances the resilience of groups due to the fact that they are exposed to certain external shocks in an asymmetric manner.

Chart 1: Changes in the Z-score, a measure of default risk, for banking entities belonging to a financial conglomerate and other banking entities
Chart 1: Changes in the Z-score, a measure of default risk, for banking entities belonging to a financial conglomerate and other banking entities Source: ACPR
Post n°303
Published on 02/06/2023

By Mathias Lé and Frédéric Vinas

We analyse how French firms financed their investment over the 1992-2016 period. We show that the funding mix varied significantly according to the size of the firms, whether or not they were listed on the stock exchange and the nature of the investments undertaken. These results suggest that the Capital Market Union could foster business investment by developing equity financing.

Chart 1: Breakdown of investment financing by listed and unlisted companies (% of total financing)
Chart 1: Breakdown of investment financing by listed and unlisted companies (% of total financing)