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Wealth Effects on Consumption Plans: French Households in the Crisis
Arrondel, L.; Savignac, F.; Tracol, K. - Banque de France - 2011
This paper analyzes the wealth effect on consumption in France by relying on two original household surveys. First, it … on household self-assessed changes in future consumption (survey PATER). Besides the direct wealth effect, our results … provides the first estimate of the marginal propensity to consume out of wealth based on micro data for France (Enquête …
Persistent link: https://www.econbiz.de/10009352245
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The “housing bubble” and financial factors: Insights from a structural model of the French and Spanish residential markets.
Antipa, P.; Lecat, R. - Banque de France - 2009
Over the last decade, France and Spain have experienced property price and residential investment increases which were among the strongest and the lengthiest in the euro area. Although the quality of the underlying data limits the precision of the estimates, the present paper aims at analysing...
Persistent link: https://www.econbiz.de/10008503204
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Wealth effects: the French case.
Chauvin, V.; Damette, O. - Banque de France - 2010
This paper studies the relationship between consumption and wealth based on the concept of cointegration. The analysis … Propensity to Consume out of wealth (MPC) and in terms of Elasticity of consumption to wealth. Three concepts of consumption are … increase (decrease) in total wealth of one euro would lead to an increase (decrease) of 1 cent in total consumption. In terms …
Persistent link: https://www.econbiz.de/10008503198
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Housing finance in France in 2013.
Point E.; Le Quéau E. - Banque de France - 2014
The French housing market showed some recovery in 2013 amid furthermoderate price falls in the Paris area, Île de France and the rest of the country,at -1.5%, -1.6% and -1.4% respectively, and as interest rates stabilised athistorically low levels. The volume of transactions for existing homes,...
Persistent link: https://www.econbiz.de/10010928890
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Housing finance in France in 2012.
Point E.; Capitaine G.; Clerc V.; LE Quéau L. - Banque de France - 2013
In a context of declining housing sales and decreasing prices, the annual survey on housing finance carried out by the Autorité de Contrôle prudentiel et de Résolution (ACPR) recorded a 27.6% decrease in loans extended in 2012. Outstanding loans experienced their lowest annual growth since...
Persistent link: https://www.econbiz.de/10010929736
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Do LTV and DSTI caps make banks more resilient?
Dietsch, M.; Welter-Nicol, C. - Banque de France - 2014
This study provides responses to the question of the effectiveness of Loan-To-Value (LTV) and Debt Service-To-Income (DSTI) caps to contribute to financial stability. Using a lender’s risk management perspective, the paper provides a new methodology extending the standard asymptotic single...
Persistent link: https://www.econbiz.de/10010929761
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Surplus Consumption Ratio and Expected Stock Returns.
Ghattassi, I. - Banque de France - 2013
expected returns, not explained by the consumption-wealth ratio. Moreover, this paper shows that the (C)CAPM with habit …Based on CAMPBELL and COCHRANE [1999] Consumption-Based Asset Pricing Model (C)CAPM with habit formation, this paper … surplus consumption ratio is a strong predictor of excess returns at long-horizons and that it captures a component of …
Persistent link: https://www.econbiz.de/10010815980
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Stress-testing banks’ corporate credit portfolio
Bandt, O. de; Dumontaux, N.; Martin, V.; Médée, D. - Banque de France - 2013
The paper describes the methods used by the French Banking Supervision Authority (ACP) to run stress tests for the corporate credit portfolio, through credit migration matrices (or transition matrices). This approach is currently used for “top-down” stress tests exercises. Developed for...
Persistent link: https://www.econbiz.de/10010929765
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Stress-testing banks’ corporate credit portfolio
Bandt, O. de; Dumontaux, N.; Martin, V.; Médée, D. - Banque de France - 2013
The paper describes the methods used by the French Banking Supervision Authority (ACP) to run stress tests for the corporate credit portfolio, through credit migration matrices (or transition matrices). This approach is currently used for “top-down” stress tests exercises. Developed for...
Persistent link: https://www.econbiz.de/10010929766
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Bank risks, monetary shocks and the credit channel in Brazil: identification and evidence from panel data.
Ramos-Tallada, J. - Banque de France - 2015
Using a large database of bank financial statements, this paper investigates the determinants of the bank lending channel (BLC) of monetary transmission in Brazil between 1995 and 2012. I extend the standard empirical approach in two main ways. First, I apply a micro-founded strategy for...
Persistent link: https://www.econbiz.de/10011269008