Employing cointegration techniques, the long-run determinants of Madagascar''s real exchange rate are examined from a stock-flow perspective. The long-run behavior of the real effective exchange rate is explained by the net foreign asset position and factors affecting trade flows. An index of...

This paper proposes a new way of computing a coincident indicator for economic activity in France using data from business surveys. We use the generalized dynamic factor model à la Forni and others (2000) to extract common components from a large number of survey observations. The results...

France's recent economic performance has been distinctly positive, supported by policy reforms over a number of years and a favorable monetary and external environment. The fiscal deficit has narrowed significantly in recent years. Improving long-term economic performance depends crucially on...

This paper runs the gamut of qualitative and quantitative analyses to examine the performance of French banks during 2006-2008 and the financial support measures taken by the French government. French banks were not immune but proved relatively resilient to the global financial crisis reflecting...

Recently, the export performance of France relative to its own past and relative to a major trading partner, Germany, deteriorated. That deterioration seems related to the geographical destination and product composition of trend exports. Faced with an increase in unit labor costs or in its...

For the time being—and possibly for a considerable time to come—developments and prospects for the euro area are quite favorable. This upbeat outlook is underpinned by buoyant activity indicators and a supportive policy mix. High household and business confidence, rising capacity utilization...

The Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into a new borrowing agreement (the 'Agreement') with the Banque de France (hereafter France), effective on February 1, 2018. This new borrowing agreement with France provides new resources to the...

This paper presents the first set of Poverty Reduction and Growth Trust (PRGT) borrowing agreements that have been signed to respond to the unprecedented demand for concessional financing during the COVID-19 pandemic. A fast-track loan mobilization round has been instrumental to allow the Fund...

This collection of studies analyzes developments in nonprice external competitiveness of France, Greece, Italy, Portugal, and Spain. While France, Italy, and Portugal have experienced substantial export market share losses, Greece and Spain performed relatively well. Export market share losses...