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

Thursday 20 January 2022 at 3 pm: Théo Nicolas (ACPR/DEAR) 

"Bank Market Power and Interest Rate Setting: Do Consolidated Banking Data Matter?"

Discussant: Laurent Weill (Strasbourg University)

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 :

The literature on the effects of bank market power on access to credit has produced many results that are sometimes contradictory. Yet, this paper draws attention to a problematic aspect of traditional measures of bank market power, which are based on unconsolidated data and ignore the national market power of groups. This results in an underestimation that I propose to correct. Using a panel of more than 55,000 French covering the period 2006-2017, I consider a set of both unconsolidated and consolidated measures of bank market power (structural and non-structural). My results strongly support the market power hypothesis which emphasizes the virtues of competition on interest rate setting. While unconsolidated measures of bank market power do not affect the cost of credit, I find that consolidated measures increase the interest rate charged. This effect is stronger for small and opaque firms and is concentrated on long-term loans. These findings highlight the need to take into account bank capital linkages to fully assess the implications of bank market power.

 

LASt 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.

Publication Seminars
The role of Fintech in small business lending: evidence from France

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...

  • Published on 12/17/2021
  • 36 pages
  • EN
  • PDF (1.21 MB)
Publication Seminars
Information Technology and Bank Competition
  • Published on 12/10/2021
  • FR
  • PDF (2.05 MB)
Publication Seminars
Pricing Climate Change Exposure
  • Published on 11/10/2021
  • FR
  • PDF (514.76 KB)
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)