Séminaires de recherche ACPR

La Direction d'Études et d'Analyse des Risques de l’ACPR organise une série de séminaires académiques où des chercheurs invités ou membres de l’ACPR présentent leurs derniers travaux, sur des thématiques de régulation ou de risque financier. Ces séminaires sont ouverts à tous.

L’inscription par mail à seminaire-recherche-acpr@banque-france.fr  est gratuite mais obligatoire pour y assister. Si vous souhaitez être informés des prochains évènements, merci d’envoyer un mail à la même adresse.

L’ACPR héberge également les séminaires mensuels de la Chaire ACPR : la page dédiée aux séminaires de la Chaire ACPR est accessible ici.

 

PROchain évènement

Mercredi 13 octobre 2021 à 10h : Jean-Paul Renne (Université de Lausanne) 

"Climate Linkers: Rationale and Pricing", co-écrit par Pauline Chikhani  

Discutant : Roméo Tedongap (ESSEC Business School)

Attention ce séminaire aura lieu en vidéoconférence.

Pour recevoir le lien de connexion, l'inscription (gratuite) est obligatoire par mail à 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.

Dernier évènement

Jeudi 15 octobre 2020 à 14h00 : Paul Beaumont, Huan Tang et Eric Vansteenberghe (ACPR)

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

Attention ce séminaire aura lieu en vidéoconférence.

Pour recevoir le lien de connexion, l'inscription (gratuite) est obligatoire par mail à 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 Séminaires de recherche ACPR
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...

  • Publié le 22/09/2021
  • FR
  • PDF (439.93 Ko)