ACPR research seminars

The ACPR Studies Department organizes a series of academic seminars where invited or ACPR-affiliated researchers present their work on regulatory or financial risk issues. The seminars are open to everyone.

Registration by email at seminaire-recherche-acpr@banque-france.fr is free but compulsory in order to attend. If you wish to be informed of upcoming events, please send an email to the same address.

The ACPR also hosts the monthly seminars of the ACPR research Initiative: the page dedicated to the ACPR seminars is available here.

 

NEXT EVENT

Wednesday 13 October 2021 at 10.00 am: Jean-Paul Renne (University of Lausanne) 

"Climate Linkers: Rationale and Pricing", co-authored by Pauline Chikhani  

Discussant : Roméo Tedongap (ESSEC Business School)

Please note that this seminar will be taking place online.

To receive the invitation to the web platform, (free) registration is compulsory by email at SEMINAIRE-RECHERCHE-ACPR@acpr.banque-france.fr

 

Abstract :

This paper makes a case for climate linkers. We define climate linkers as long-dated financial instruments (bonds, swaps, and options) with payoffs indexed to climate-related variables, e.g. temperatures or carbon concentrations. Such instruments would facilitate the sharing of long-term climate risks. Another key benefit would be informational, as the price of such instruments would reveal real-time market expectations regarding future climate. We develop a tractable climate-risk pricing framework and exploit it to study climate-linked instruments’ cost and risk characteristics. We examine, in particular, climate risk premiums: because of the insurance provided by a bond (positively) indexed on temperature, investors would demand a lower average return on such a bond than on conventional bonds. Our findings highlight the sensitivity of climate premiums to the assumptions regarding damages associated with temperature increase and feedback between temperatures and carbon emissions.

 

LASt EVENT

Thursday 15 October 2020 at 2.00 pm: Paul Beaumont, Huan Tang and Eric Vansteenberghe (ACPR)

"The Role of FinTech in Small Business Lending: Evidence from France"  

Please note that this seminar will be taking place online.

To receive the invitation to the web platform, (free) registration is compulsory by email at SEMINAIRE-RECHERCHE-ACPR@acpr.banque-france.fr

Abstract :

This paper investigates the role of FinTech lending in credit markets for small-to-medium size firms (SMEs). Using administrative data from France, we document three main findings. First, we find that SMEs borrowing from FinTech platforms are of similar age and size to SMEs borrowing only from banks; they have less cash and tangible assets, but innovate and invest more. Second, FinTech credit and bank credit serve as complements for firms. Following a FinTech loan grant, firms experience an increase in long-term loans extended by both relationship and new banks. This pattern holds after we control for credit demand. We present evidence on a novel channel: FinTech platforms help relax small firms’ collateral constraints by offering unsecured medium-term loans, which are commonly used for investments in tangible assets. Last, we find that the credit expansion brought about by Fintech platforms have an adverse impact on the probability of bankruptcies at the extensive margin, but spurs growth in firm size, sales and employment at the intensive margin. These results suggest that FinTech lending may allow SMEs to pursue risky but innovative projects.

Publication Seminars
Climate Linkers: Rationale and Pricing

This paper makes a case for climate linkers. We define climate linkers as long-dated financial instruments (bonds, swaps, and options) with payoffs indexed to climate-related variables, e.g. temperatures or carbon concentrations. Such instruments would...

  • Published on 09/22/2021
  • FR
  • PDF (439.93 KB)
Publication Seminars
Digital currencies and bank competition
  • Published on 05/27/2021
  • FR
  • PDF (329.28 KB)