[fre] La mesure du capital en actions non cotées est très problématique, en raison de l’importance des montants en cause et des difficultés théoriques et statistiques qu’elle soulève. L’enjeu de la comparabilité entre données nationales s’est greffé au cours des années 1990...

[eng] For decades, the valuation of unquoted shares has raised considerable difficulties for national accountants and national accounts users alike. While these shares represent huge amounts on the balance sheets of the main economic sectors, there is no objective way of determining their value...

The aim of this paper is to build and estimate a macroeconomic model of credit risk for the French manufacturing sector. This model is based on Wilson’s Credit Portfolio View model (1997a, 1997b); it enables us to simulate loss distributions for a credit portfolio for several macroeconomic...