Les comptes financiers de la Nation en 2005 : nouvel essor de l’endettement des ménages, reprise de celui des entreprises.

Les ménages continuent de s’endetter, tout en accumulant des actifs financiers, et portent leur taux d’endettement à un niveau historique. Les sociétés non financières augmentent nettement leur recours aux crédits bancaires.Comptes financiers nationaux, compte financier provisoire, agents non financiers, ménages, sociétés non financières, administrations publiques, sociétés d’assurance et OPCVM, établissements de crédit, non-résidents, financements et placements, endettement, dépôts, refinancement interbancaire, titres de créance, crédits, actions, titres d’OPCVM, assurance-vie, bons du Trésor, obligations, obligations indexées, livret A, plan d’épargne logement, contrats en euros/unités de compte.

Évolution du taux d’intermédiation financière en France (1994-2004).

Taux d’intermédiation financière, agrégats d’intermédiation, marchés de capitaux/financements de marché, crédits/financements immobiliers, intermédiaires financiers, internationalisation/diversification géographique des placements, non-résidents, tarification/revenus d’intermédiation, services d’intermédiation financière indirectement mesurés (SIFIM), production des institutions financières.

Les statistiques financières permettent-elles d’appréhender les évolutions liées à la mondialisation ?

Les difficultés d’appréhension des diverses évolutions liées à la globalisation financière invitent à un examen critique des dispositifs statistiques existants.Mondialisation, statistiques financières, sociétés multinationales, écrans statistiques, hedge funds, marchés de gré à gré, contreparties, réglementation, centres offshore, obligations déclaratives (reporting requirements), balance des paiements, comptes nationaux financiers.

Firms and the global crisis: French exports in the turmoil.

The unprecedented drop in international trade during the last quarter of 2008 and the first quarter of 2009 has mostly been analysed at the macroeconomic or sectoral level. However, heterogeneous exporters in terms of productivity, size or external finance dependence should be hit differently by the crisis. This issue is examined here using data on monthly exports at the product and destination level for some 100,000 individual French exporters, up to 2009M4. We show that the drop in French exports is mainly due to the intensive margin of large exporters. Small and large firms are evenly affected when sectoral and geographical specialisations are controlled for. Lastly, firms (small and large) in sectors structurally more dependent on external finance are the most affected by the crisis.Financial crisis , international trade , firms heterogeneity , intensive and extensive margins.

From the financial crisis to the economic crisis The impact of the financial trouble of 2007-2008 on the growth of seven advanced countries

The financial crisis started in the United States in 2007 on the subprime mortgage market and, then, gradually spread to all financial markets and strongly impacted growth in the main advanced countries through the years 2008 and 2009. Given its scope and its subsequent uncertainty, we discuss the capacity of macroeconometric models estimated on the past to quantify its various transmission channels. We try to measure the total impact of the crisis on the economy of seven advanced countries and on the euro area as a whole using the macroeconomic multinational model NiGEM. During the years 2008 and 2009, Germany suffered from a particularly strong drop in world trade, which would explain more than a half of the effect of the crisis measured in this way in 2009. The United Kingdom and the United States may especially have been affected by wealth effects and a strong drop in their inner demand. This drop may partly have been due to credit tightening. Japan seems to be the most affected country in 2009: the drop in foreign trade was exacerbated by the appreciation of the yen and investment seems to have strongly over-reacted to the fall in activity. A contrario, the fact that France suffered from a less marked drop in output in 2009 might be explained by an absence of over-reaction in economic behaviours and less sensitivity to the fall in world trade.financial crisis, simulation, macroeconometric model, macro-financial linkages

Innovation and the creative destruction of trade : a study of the intensive and extensive margins of trade for French firms

Our study of French exporters examines the causal relationship between innovation and extensive and intensive margins of trade using a propensity score matching and difference‐in‐differences approach. Results show innovation has a positive impact on total exports driven primarily through the intensive margin. To understand the absence of an extensive margin effect, we show new and terminated product–country transactions increase at similar rates in the year of innovation for the treated and control groups but net trade creation for innovators outstrips that of non‐innovators in the following two years implying firms need to innovate in order to survive in export markets