Banque de France
BDFPaper
Real estate pledgeability drives sectoral credit misallocation
A new Banque de France working paper by Aurélien Espic shows that differences in asset pledgeability cause sectoral credit misallocation.
Focus
BDFPaper
Red Sea closure costs Egypt 3 percent as global trade adapts
A Banque de France study reveals that a permanent Red Sea closure lowers real income for major economies by less than 0.02 percent.
BDFData
Second-quarter French GDP growth estimated at 0.2 percent
The Banque de France estimates second-quarter GDP growth at 0.2 percent following a June rebound across manufacturing, services, and construction.
Latest
BDFPaper
Hybrid regimes prove more vulnerable to sanctions than autocracies
A new Banque de France working paper analyzes 309 sanctions episodes from 1990 to 2018 and finds that hybrid regimes are significantly more vulnerable to external pressure than closed autocracies.
BDFPaper
High public debt amplifies fiscal risks via liquidity channel
A new Banque de France working paper shows that high public debt amplifies the deterioration of fiscal sustainability after fiscal expansions.
BDFPaper
Real wage rigidity drives policy pivot for persistent supply shocks
A Banque de France working paper by Stéphane Dupraz examines why central banks adopt tighter monetary policies during persistent supply shocks.
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BDFDecoder
High carbon emissions raise French corporate debt costs
A Banque de France study of 1,777 companies shows that reporting higher greenhouse gas emissions leads to less favorable financing conditions.
BDFPaper
Monetary policy affects labour hoarding asymmetrically
A new Banque de France working paper reveals that monetary policy influences firms' labour hoarding behavior, with restrictive policy reducing it 2-3 times more than accommodative policy increases it.
BDFPaper
Regulation fosters Bitcoin price convergence, deters illicit use
A Banque de France working paper finds that cryptocurrency regulation significantly impacts Bitcoin price deviations across countries.
BDFPaper
France's potential growth still affected by Covid crisis
France's potential GDP still bears slight negative effects from the Covid crisis in level terms, but its pre-crisis growth rate returned by end-2025.
BDFSpeech
Villeroy de Galhau: Monetary policy faces three core challenges
Banque de France Governor François Villeroy de Galhau reflected on a turbulent decade of monetary policy in his final speech, clarifying three core challenges to its mandate, instruments, and independence.
BDFSpeech
Villeroy warns of growing Europe-China imbalances
Banque de France Governor François Villeroy de Galhau discussed the evolving economic relationship between Europe and China, highlighting growing global imbalances.