The household saving ratio in France has undergone very sharp changes over the past two decades, falling dramatically in the first part of the 1980s before rising in more recent years. This paper emphasizes two factors in the evolution of private saving in France. The first relates to...

This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to...

Increasing use of life insurance instruments and company-sponsored funds in France suggests that French households may be inclined to a greater reliance on financial savings as a source of retirement income. This paper examines the challenges imposed by an aging population on the pay-as-you-go...