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Excès de liquidité monétaire et prix des actifs.
Gouteron, S.; Szpiro, D. - Banque de France - 2005
The recent rise of excess liquidity in the United States and in the euro zone did not result in a resurgence of … inflation. Excess liquidity, rather than heading towards the market of consumer goods, could have moved towards the asset … Kingdom and Japan, there's no element pointing out an effect of excess liquidity on asset prices: there is no common trend in …
Persistent link: https://www.econbiz.de/10005056539
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The Expectation Theory: Tests on French, German, and American Euro-Rates.
Jondeau, E.; Ricart, R. - Banque de France - 1996
This paper deals with tests of the expectations hypothesis of the term structure on French, German, UK and US short-term interest rates. Three tests are examined: the first is based on forward rates and the other two are based on the interest rates spread. First, we show that the puzzle...
Persistent link: https://www.econbiz.de/10005036221
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The Expectation Theory: Tests on French, German, and American Euro-Rates.
Jondeau, E.; Ricart, R. - Banque de France - 1996
This paper presents test of the expectations theory of the term structure on French, German and American interest rates.
Persistent link: https://www.econbiz.de/10005646669
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Can the Provision of Long-Term Liquidity Help to Avoid a Credit Crunch? Evidence from the Eurosystem's LTROs.
Andrade, P.; Cahn, C.; Fraisse, H.; Mésonnier, J-S. - Banque de France - 2015
provision of central bank liquidity to banks has on the credit supply to firms. We control for credit demand by examining firms …
Persistent link: https://www.econbiz.de/10011196012
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Financial stability in the EU new Member States, acceding and candidate countries.
Diev, P.; Pouvelle, C. - Banque de France - 2008
Rapid credit growth in the EU new Member States, acceding and candidate countries has raised the issue of financial stability in the region. This rapid credit growth has been accompanied by the deterioration in the current account balance and the large-scale distribution of foreign currency...
Persistent link: https://www.econbiz.de/10009391779
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Debt enforcement and the return on money
Rojas-Breu, M. - Banque de France - 2011
The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given that risk-free higher-return assets are available. As long as this question remains unresolved, most conclusions from monetary models which arbitrarily restrict the marketability...
Persistent link: https://www.econbiz.de/10009320820
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Bank Capital Adjustment Process and Aggregate Lending.
Duprey, T.; Lé, M. - Banque de France - 2014
This paper proposes a new micro-founded measure to quantify the aggregate capitalisation of banking sectors taking into account both market discipline and regulatory constraints. It allows studying the connection between micro capital shortfalls from an implicit bank specific capital target and...
Persistent link: https://www.econbiz.de/10010797657
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Macro-prudential policy and the conduct of monetary policy.
Beau, D.; Clerc, L.; Mojon, B. - Banque de France - 2011
In this paper, we analyse the interactions between monetary and macro-prudential policies and the circumstances under which such interactions call for their coordinated implementation. We start with a review of the interdependencies between monetary and macro-prudential policies. Then, we use a...
Persistent link: https://www.econbiz.de/10010815922
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Did the EBA Capital Exercise Cause a Credit Crunch in the Euro Area?
Mésonnier, J-S.; Monks, A. - Banque de France - 2014
We exploit a unique monthly dataset of bank balance sheets to document the lending behaviour of euro area banks that were subject to the EBA's 2011/12 Capital Exercise. This exercise was announced in October 2011 and required large European banking groups to meet a higher Tier 1 capital ratio by...
Persistent link: https://www.econbiz.de/10010815982
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Macro-Prudential Policy and the Conduct of Monetary Policy.
Beau, D.; Clerc, L.; Mojon, B. - Banque de France - 2012
In this paper, we analyse the interactions between monetary and macro-prudential policies and the circumstances under which such interactions call for their coordinated implementation. We start with a review of the interdependencies between monetary and macro-prudential policies. Then, we use a...
Persistent link: https://www.econbiz.de/10010816001