The French investment fund industry is one of the biggest in the euro area. In response to the crisis and regulatory changes, money market funds have adjusted the structure of their portfolios, increasing the share of securities issued by financial institutions at the expense of those issued by...

TShifts in exchange rates may indicate macro-economic imbalances. However, estimating equilibrium exchange rates is problematical and several different approaches are described in the economic literature. The application of these methods to euro area countries as of 2000 shows that analysis of...

The financial crisis prompted closer supervision of securitisation as a mechanism for refinancing the economy. In France the principal underlying assets of securitisations are bank loans and credits to resident households and non-financial companies.

Overall, the export performance of euro area defi cit countries has not declined despite the losses in cost competitiveness recorded before the crisis. Capital infl ows into the non-tradable sectors of the economy are a better explanation of both the defi cits and the rise in relative prices.

On 13 and 14 September, the Banque de France and the University of Strasbourg co-organised a conference on macroeconomic and financial vulnerability indicators in advanced economies. The aim of the conference was to examine monitoring systems and vulnerability indicators designed to help...

We explore a framework that could be used to assign quantitative allocations of emissions of greenhouse gases (GHGs), across all countries, one budget period at a time, as envisioned at the December 2011 negotiations in Durban. Under the two-part plan: (i) China, India, and other developing...

Countries with oil, mineral or other natural resource wealth, on average, have failed to show better economic performance than those without, often because of undesirable side effects. This is the phenomenon known as the Natural Resource Curse. This paper reviews the literature, classified...