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Optimal Monetary and Prudential Policies.
Collard, F.; Dellas, H.; Diba, B.; Loisel, O. - Banque de France - 2012
banks due to limited liability and deposit insurance. We characterize the conditions under which locally optimal (Ramsey …) policy dedicates the prudential instrument to preventing inefficient risk-taking by banks; and the monetary instrument to …
Persistent link: https://www.econbiz.de/10010816018
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The art of central banking of the ECB and the separation principle.
Clerc, L.; Bordes, C. - Banque de France - 2010
credit policy, which is driven by short-term imperatives and consists in supplying the banking system with liquidity in the …
Persistent link: https://www.econbiz.de/10008548998
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Is There a Bank lending Channel in France? Evidence From Bank Panel Data.
Loupias, C.; Savignac, F.; Sevestre, P. - Banque de France - 2002
estimated a dynamic reduced form model allowing for asymmetries in loan supply across banks, depending on their size, liquidity … and capitalization. We have used a panel of 312 French banks observed quarterly over the period 1993-2000. We find some … asymmetry between liquid and illiquid banks, the latter being more sensitive to a monetary policy tightening. This result is in …
Persistent link: https://www.econbiz.de/10005056537
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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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Monitoring the European CDS Market through Networks: Implications for Contagion Risks.
Clerc, L.; Gabrieli, S.; Kern, S.; El Omari, Y. - Banque de France - 2014
spreaders” of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them …
Persistent link: https://www.econbiz.de/10010753778
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Asset-price boom-bust cycles and credit: what is the scope of macro-prudential regulation?
Borgy, V.; Clerc, L.; Renne, J-P. - Banque de France - 2009
Over the recent months, several initiatives have taken place to develop macro-prudential regulation in order to prevent systemic risk and the built-up of financial imbalances. Crucial to the success of such policy is the ability of the macro-prudential authority to identify in due time such...
Persistent link: https://www.econbiz.de/10008503205
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Are Business and Credit Cycles Converging or Diverging? A comparison of Poland, Hungary, the Czech Republic and the Euro Area.
Avouyi-Dovi, S.; Kierzenkowski, R.; Lubochinsky, C. - Banque de France - 2006
This paper provides an analysis of co-movements between real and financial variables in three new EU member countries (the Czech Republic, Hungary and Poland) and the euro area. It focuses on the co-movement between real credit granted to firms and real industrial output on the one hand, and...
Persistent link: https://www.econbiz.de/10004998815
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L’évolution des crédits à l’habitat en France : une grille d’analyse en termes de cycles
Kierzenkowski, R.; Oung, V. - Banque de France - 2007
This article puts forward a framework based primarily on probabilistic tools to analyse the nature of housing loan cycles in France. The continued high growth rate of housing loans may indeed raise concerns as to the duration and determinants of the cycle which currently prevails. The results...
Persistent link: https://www.econbiz.de/10004998836
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Prices and volumes of options: A simple theory of risk sharing when markets are incomplete
Le Grand, F.; Ragot, X. - Banque de France - 2010
We present a simple theory of business-cycle movements of option prices and volumes. This theory relies on time-varying heterogeneity between agents in their demand for insurance against aggregate risk. Formally, we build an infinite-horizon model where agents face an aggregate risk, but also...
Persistent link: https://www.econbiz.de/10008692970
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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