Banque de France (BdF)
Noyer: IMF’s decision on SDR not politically motivated
Banque de France governor Christian Noyer acknowledges ‘symbolism’ of the IMF’s currency basket, but stressed the composition is based on technical work and not politics
Eurozone moving towards ‘single market for collateral’, say central bankers
Panellists from Belgian, French and Dutch central banks discuss moves towards harmonised collateral markets in Europe at conference in Brussels
BIS economists say investor behaviour key to understanding EM challenges
Hyun Song Shin and Philip Turner consider implications of shift in financial intermediation for emerging markets; part of wider Banque de France review on the subject
Bank of Portugal launches mobile app
Users can access key statistical indicators for Portugal and the eurozone, calculate foreign exchange rates and obtain interest rate simulations, in the first Portuguese central bank app
French paper models flattening Philips curve
Working paper develops a two-country, new-Keynesian model to replicate the flattening of the curve in developed countries over the past 25 years, a trend widely attributed to globalisation
Banque de France paper tackles ‘elasticity of poverty’
Researchers examine the extent to which growth in different sectors translates into a reduction in poverty for countries in Africa; commodity-driven economies particularly bad for the poor
Are central banks the ‘Figaro’ of the financial markets?
Central banks continue to play a vital position in the functioning of markets. While this raises significant concerns about moral hazard it is not an unfamiliar role from an historical perspective
Banque de France paper says asset purchases may struggle to anchor rates
Working paper suggests asset purchases could be a way to anchor interbank rates, but the policy faces a number of difficulties; absorbing excess liquidity another option
Oil price forecast errors impact wider inflation estimates, Banque de France study finds
When there is ‘large’ volatility in oil prices, the pass-through of forecast errors to inflation estimates increases, research finds
Spain ‘decoupled’ from other eurozone economies, says Banque de France paper
Working paper warns Spanish economy’s convergence with eurozone is ‘sluggish and incomplete’, with the sharpest decoupling beginning a year before the sovereign debt crisis
French first deputy defends real estate picture
Anne Le Lorier says French banks are ‘well-guarded’ against any real estate downturn; accepts the authorities must improve data on commercial property
Banque de France paper studies welfare cost of uncertainty
Banque de France working paper finds that the term structure of welfare costs ‘varies substantially, predictably and with a volatility that decreases with maturity’
French paper considers impact of TLTROs on funding costs
Banque de France economist examines the funding conditions attached to the ECB’s targeted long-term refinancing operations; sees potential benefits for banks
Banque de France and HKMA ink renminbi deal
Central banks seek closer ties to help develop renminbi business in Hong Kong and Paris; Christian Noyer hails the two cities as ‘among the most important’ for offshore renminbi trade
French paper examines impact of ECB policy changes on asset prices
Working paper considers how ‘policy shocks’ affected short-term interest rates, as well as the expected future path of short-term interest rates, between 2002 and 2013
Banque de France ‘significantly’ improves research output
External review of central bank research finds ‘significant rise in quantity and quality’ in past six years; suggests improvements in communication with policy-makers
People: BoE legal adviser to retire in April 2015; Banque de France appoints new deputy director
BoE loses chief legal adviser next year; Banque de France promotes its director of risk operations; Czech National Bank names new deputy director; and more
PBoC designates renminbi clearing banks for France and Luxembourg
Bank of China and Industrial and Commercial Bank of China to serve countries' offshore RMB markets
ECB appoints supervisory heavyweights to new review board
Governing council appoints five members to board, tasked with conducting reviews into ECB’s supervisory actions, including former central bankers from France, Germany, Italy and Spain
Limits to foreign lending would cut bail-out risks, Banque de France paper claims
Paper examines why countries bail each other out, and argues a tax on lending to foreign countries would stop investors betting on an implicit guarantee
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Banque de France's Le Lorier says good communication can ‘substitute' for rate decisions
First deputy says comms can complement decisions in non-crisis times by revealing variables that inform monetary policy; argues monetary and macro-pru mandates can be reconciled
French paper warns buffers ‘may not be sufficient’ to avoid credit crunch
Banque de France working paper finds an increase in market pressure to hold more capital can ‘limit the ability of banks to expand credit’ and trigger a crisis
France and Luxembourg join race to become Europe's renminbi hub
France and Luxembourg next in line for clearing banks after striking deals with PBoC over the weekend; French institutional investors also granted permission to invest in China