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Economic and financial debates

Working papers calling for a reflection on issues related to the economics of banking and insurance, and their regulation

Publication Economic and financial debates no. 20:
Cheap Credit, Unaffordable Houses ?

We use variations in the Interest Free Loan policy (“IFL” hereafter) in France to assess the causal relationship between credit availability, housing prices and homeownership. The IFL subsidy varies at the municipality level and has been reformed three...

  • Published on 12/07/2015
  • FR
  • PDF (817.24 KB)
Publication Economic and financial debates no. 19:
MERCURE : A Macroprudential Stress Testing Model developed at the ACPR

The French Supervisory Authority got involved into macro stress testing exercises stress since the first Financial Stability Assessment Program (“FSAP”) led by the IMF in France in 2004. Along “bottom up” exercises led at the national or international...

  • Published on 10/09/2015
  • FR
  • PDF (2.13 MB)
Publication Economic and financial debates no. 18:
The Competitive Effects of a Bank Megamerger on Access to Credit

This paper examines how the merger between two megabanks affects bank concentration and firms' access to credit. We find that in local markets in which the merger leads to a large increase in bank concentration, the merged bank decreases the...

  • Published on 10/07/2015
  • FR
  • PDF (448.36 KB)
Publication Economic and financial debates no. 17:
Main determinants of profit sharing policy in the French life insurance industry

We use a brand new data-set built from French supervisory reports to investigate the drivers of the participation rates (equivalent to annual yields) served on eurodenominated life-insurance contracts over the period 1999-2013. Our analysis confirms...

  • Published on 08/07/2015
  • FR
  • PDF (624.05 KB)
Publication Economic and financial debates no. 16:
Banks' supply of long term credit after a liquidity shock : Evidence from 2007 2009

We study the real effect on banks’ credit supply after a negative liquidity shock. Controlling for demand effects, we take advantage of the exogenous international interbank market freeze in 2007-2008 to assess the causal relation between French banks’...

  • Published on 02/07/2015
  • FR
  • PDF (324.2 KB)