This technical note on balance sheet risks and financial stability on France discusses that macroprudential policy setting faces the challenge of identifying growth of financial and macroeconomic variables above and below potential. A macro-financial structural model is presented that captures:...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band....

This paper describes economic developments in France during the 1990s. The recovery of activity that took hold in the second half of 1993 slackened markedly in early 1995. The slowdown was initially evident in domestic demand, particularly private consumption. This was followed by a weakening in...

This Selected Issues paper addresses the question of what policy changes in France are needed under European Monetary Union (EMU), as regards the role of fiscal policy in stabilizing the economy. The fiscal strategy over the past two and a half decades is reviewed, and, against this background,...