‘The Great Recession’ was preceded by a prolonged period of high growth accompanied by low and stable inflation, the so called ‘Great Moderation’. During that period, potential growth estimates were trending upwards and output gaps remained small. However, other imbalances were...

[eng] Intercompany Credit Benefits Large Companies More Than SMEs . Terms of payment entail a substantial redistribution of funds among firms, involving some 740 billion French francs in 1 996. Net intercompany credit flows gravitate mainly toward large retail distribution and automotive...

[fre] Le jeu des délais de paiement combiné à celui des acomptes place l'entreprise soit en situation de prêteur, soit en situation d'emprunteur de crédit interentreprises. Dans le premier cas, des emplois supplémentaires apparaissent à l'actif et doivent être financés. Dans le second...

On 11-12 November 2008, SUERF and Banque Centrale du Luxembourg organized a conference on Productivity in the Financial Services Sector on the occasion of the tenth anniversary of the Banque Centrale du Luxembourg.The conference addressed three main themes: first, stylized facts on banks'...

Major structural changes have affected the French banking industry during the second half of the 1980s, what suggests that the French banks were operating with a significant level of inefficiencies before this period. The purpose of this study is to present estimates of X‐Efficiencies and...