Banque de France (BdF)
Central banks and supervisors launch green finance group
Seven central banks and two supervisory authorities found network to tackle climate risks and promote green finance
ECB’s public sector asset purchases pushed down repo rate, BdF paper finds
Effect was particularly strong before January 2017, researchers say
Global factor playing bigger role in commodity prices, researchers say
“Single global factor” likely to be linked to demand, Banque de France paper finds
Tax cuts should focus on income from capital, French paper argues
Cutting taxation on labour is less effective in boosting growth, researchers say
People: French deputy takes on stock market oversight; Myanmar set for change
French deputy made chairman of stock market regulator; new board and three deputies appointed at Myanmar central bank; Svein Andresen to depart the FSB
France should broaden macro-prudential oversight – FSB report
Country should widen its outlook to include asset managers and other risky areas, a peer review finds; report recommends action to boost communication and disclosure
Madagascar launches high-denomination banknote
New banknote series will use new security features on a number of substrates, one of which has been created by Banque de France
French paper looks at impact of budget-neutral fiscal changes
Benefits and costs of budget-neutral changes “not equally distributed across agents”
French paper examines impact of ECB’s PSPP on bond yields
Researchers use data from the French market to examine bond shocks
Technology provider of the year (risk management): Calypso Technology
Calypso scored several prestigious client wins in Denmark, France, South Africa and Spain by tailoring its platform to the needs of central banks
Banque de France paper models ‘pandemic’ impact of shocks
Researchers build on other recent models of financial markets
People: Frank Smets to head ECB economics department; new Chilean board member
Long-serving ECB economist becomes director-general; Chilean senate ratifies the appointment of Rosanna Costa; new communications director for Banque de France
Farms, germs and loans: central banking in 19th century France
Researchers study Banque de France’s lender-of-last-resort operations
Villeroy de Galhau highlights factors behind slow growth
French governor highlights importance of wage-setting mechanisms
Measurement error a big part of ‘missing growth’ – Philippe Aghion
Statistics fail to capture creative destruction, French academic argues; US researchers say productivity in IT sector points to continued puzzle
ECB announces plans for instant payment system changes
Coming year will see “decisive” innovations to clearing and settlement systems, Yves Mersch says; French governor calls for more European competition in payment services
French central bank reveals details of blockchain experiment
Banque de France teams up with a fintech start-up to run distributed ledger tech through Sepa; the results of project expected to be presented at a conference in 2017
French governor sees outlines of possible Basel III deal
Internal models will still regulate some portfolios, governor predicts; output floors still a matter for “debate”
French paper presents macro-prudential early warning system
Authors advocate aggregating results of larger number of models
Eurozone reform projects are not delivering, French governor says
“Investment crunch” is biggest problem, not savings glut, Villeroy de Galhau says
Low rates and Solvency II raise ‘profound challenges’ for insurers – French governor
The move to unit-linked products is “not the only answer” to the need for diversification, de Galhau says; policy-makers must monitor the impact of the transition to Solvency II
Post-crisis banking regulations increase large firms’ funding advantage – paper
Banque de France working paper presents a large-scale DGSE model with large and small firms to analyse the impact of new banking regulations
Money market interactions can explain behaviour of interest rate spreads, researchers argue
Paper analyses the interplay of unsecured and collateralised money markets; information obtained “can explain behaviour of interest rate spreads”, authors say
Report calls for co-operation in appraising macroprudential tools
Research led by Anne Le Lorier for Basel Committee on the Global Financial System says governance arrangements should promote “wider co-operation”