Banque de France Research Paper Series最新文献

{"title":"Estimation of 10-year JGB yields: From 1961 to 1984","authors":"Takahiro Hattori","doi":"10.2139/ssrn.3734887","DOIUrl":"https://doi.org/10.2139/ssrn.3734887","url":null,"abstract":"For historical reasons, 10-year Japanese government bond (JGB) yields, which are often used as the risk-free rate, are not available consistently. This paper estimates 10-year JGB yields from 1961 to 1984. Then, by merging our estimated yields with the official yield data provided by the Japanese government, a 10-year yield series is available for economists from 1961 to the present, which is the same period as the seminal paper presented by Gurkaynak et al. (2007). The yield estimates from this paper are available at: https://sites.google.com/site/hattori0819/data.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122776202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"China’s Debt Relief Actions Overseas and Macroeconomic Implications","authors":"Gatien Bon, Gong Cheng","doi":"10.2139/ssrn.3746174","DOIUrl":"https://doi.org/10.2139/ssrn.3746174","url":null,"abstract":"This paper explores a novel database of 140 cases of debt restructurings that China conducted between 2000 and 2019 in 65 debtor countries. It uncovers a number of salient features of the restructuring terms that China has offered and the ways in which China has interacted with other creditors and the International Monetary Fund (IMF). The majority of debt relief operations have been executed through debt forgiveness rather than debt rescheduling through maturity extension or/and interest rate reduction. Interestingly, a large number of Chinese debt relief operations took place within a two-year timeframe of debt relief agreements with Paris Club or private sector creditors and in the context of financial assistance from the IMF. Using local projections, this paper sheds light on the negative impact of China’s debt relief operations on growth and development prospects in debtor countries, especially when China provides debt rescheduling and does not treat the stock of nominal debt. Subdued domestic fixed capital investment and fiscal policy tightening seem to be the main drag on economic growth in debtor countries after a restructuring.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121515807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Revisiting the Literature Review on Ethical Leadership and Humanocracy","authors":"Professor Alain Ndedi, Florence Nisabwe","doi":"10.2139/ssrn.3704240","DOIUrl":"https://doi.org/10.2139/ssrn.3704240","url":null,"abstract":"Bureaucratic organisations are inertial, incremental, and dispiriting. In a bureaucracy, the power to initiate change is vested in a few senior leaders. When those at the top fall prey to denial, arrogance, and nostalgia, as they often do, the organization falters. That’s why deep change in a bureaucracy is usually belated and convulsive. Bureaucracies are also innovation-­phobic. They are congenitally risk averse, and offer few incentives to those inclined to challenge the status quo. In a bureaucracy, being a maverick is a high-­risk occupation. Worst of all, bureaucracies are soul crushing. Deprived of any real influence, employees disconnect emotionally from work. Initiative, creativity, and daring—requisites for success in the creative economy — often get left at home. (Hamel and Zanini, 2020) The main purpose of this research paper is to understand ethical leadership and humanocracy, a word coined by Gary Hamel and Michele Zanini in 2020. Ethical leaders possess diverse thinking about long term consequences, limitations and benefits of the decisions they are required to make within the organization. The main job of the ethical leaders is, they should take into consideration, norms, principles, values, standards and ethics, when they are carrying out various job duties and convey the same to the other members. Ethical leaders set high standards and carry out tasks and activities in accordance to them. They convey to the other members, how to implement ethics in their work, hence, they themselves need to be professional and skilled in their conduct. They influence ethical values of the organization through their behaviour. Leaders serve as role models for their followers and show them the behavioural boundaries set within an organization. They are perceived as honest, truthful, trustworthy, responsible, reliable, courageous, fair and authentic. \u0000 \u0000In this paper, thankfully, bureaucracy isn’t the only way to organize human activity at scale. Around the world, a small but growing band of post-bureaucratic pioneers are proving it’s possible to capture the benefits of bureaucracy — control, consistency, and coordination — while avoiding the penalties — inflexibility, mediocrity, and apathy. When compared to their conventionally managed peers, the vanguard are more proactive, inventive, and profitable. \u0000 \u0000These companies were built, or in some cases rebuilt, with one goal in mind — to maximize human contribution. This aspiration is the animating spirit of humanocracy, and stands in stark contrast to the bureaucratic obsession with control. Both goals are important, but in most organizations, the effort spent on ensuring conformance is a vast multiple of the energy devoted to enlarging the capacity for human impact. This gross imbalance is dangerous for organizations, a drag on the economy, and ethically troubling. \u0000 \u0000Bureaucracy as Hamel and Zaninin (2020) put it is particularly problematic for large companies. As an organization grows, layers get","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129664508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic Adjustment during the Great Recession: The Role of Managerial Quality","authors":"G. Cette, Jimmy Lopez, J. Mairesse, G. Nicoletti","doi":"10.2139/ssrn.3738232","DOIUrl":"https://doi.org/10.2139/ssrn.3738232","url":null,"abstract":"This study investigates empirically how managerial practices have affected macroeconomic adjustment during the Great Recession after the 2008 economic crisis. We start by constructing a country*industry balanced panel data over the 2007-2015 period for eighteen industries in ten OECD countries, and complementing it by two indicators: an indicator of management quality at the country level based on the managerial practices categorical scores at firm level from Bloom et al. (2012); and an indicator at the industry level for the shocks stemming from the 2008 economic crisis. We then rely on the local projection method pioneered by Jorda (2005) to estimate the direct impacts of country management quality indicators and industry economic shocks as well as their joint impacts, on five variables of interest: value-added, employment, labor productivity, wage per employee and labor share during the Great Recession. We find that, in countries where management quality is higher, production and employment are more resilient during the Great Recession, with less production losses and employment damages, no effects on productivity, wage moderation and a slight increase in the labor shares. It appears, moreover, that this resilience is increasing with the size of industry shocks.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125033907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of Banks’ Liquidity: A French Perspective on Interactions between Market and Regulatory Requirements","authors":"O. de Bandt, celine lecarpentier, C. Pouvelle","doi":"10.2139/ssrn.3707993","DOIUrl":"https://doi.org/10.2139/ssrn.3707993","url":null,"abstract":"The paper investigates the impact of solvency and liquidity regulation as well as market shocks on banks’ balance sheet structure It contributes in particular to the debate on the use of liquidity buffers by banks, as initiated by Goodhart (2008)s “last taxiǥ argument The volatility of long-term markets observed during the Covid-19 pandemic shows that periods of sharp increase in risk aversion still result in liquidity strains for banks The latter react differently depending on the diversity of their funding sources and their risk profile Indeed, during a crisis, due to interactions between funding and market liquidity, as well as regulatory constraints, one may wonder whether banks may increase or decrease liquidity According to a simple portfolio allocation model banks'liquidity increases when the regulatory constraint is binding, as banks hoard extra liquidity, while they do not if the regulatory constraint is not binding We show that in times of crisis, measured by large deviations of a financial variable capturing international markets’ risk aversion, French banks actually decreased the liquidity coefficient, with our results mostly driven by less liquid banks However, while we do find that the solvency ratio has a weakly significant effect on the liquidity coefficient, we were not able to establish a firm causal relationship between the two variables on the basis of Granger causality tests © 2020 Elsevier B V","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123997832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Associating MFIs with SMEs to Assist Post Pandemic Economic Resilience in Bangladesh","authors":"Md. Aminul Karim, T. Tanisa, K. Sakib","doi":"10.2139/ssrn.3659434","DOIUrl":"https://doi.org/10.2139/ssrn.3659434","url":null,"abstract":"Small and Medium Enterprises (SMEs) are one of the major sources of economic growth. Recent economic growth and development of Bangladesh have been highly linked with the flourishment of SMEs. Access to formal finance is one of the major impediments for the growth of SMEs. The recent economic slowdown due to the COVID-19 pandemic causes the SMEs to suffer to remain in the business. Supply chain disruption, unsold products, lack of product demand, liquidity crisis become more severe in this case. The government of Bangladesh is trying to help SMEs by providing funds through the banking sector but previous studies show the banking sector is not as effective for SME financing. Besides recent banking sector performance seems to be very poor. Therefore, to ensure the best use of funds we need an alternative channel. Mico-Finance Institutions (MFIs) can play a better role in this case. Several studies have shown microfinance was a successful tool to recover small businesses after natural disasters. This paper aims to address the role of microfinance to post-disaster SME financing and identifies the current gap between these two.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114945744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Financing of Investment: Firm Size, Asset Tangibility and the Size of Investment","authors":"Mathias Lé, F. Vinas","doi":"10.2139/ssrn.3664080","DOIUrl":"https://doi.org/10.2139/ssrn.3664080","url":null,"abstract":"How do firms finance their investment? To what extent does the financing mix depends on the nature or the size of investment? To what extent does the funding mix of investment vary along firm size? Relying on a unique database of firms covering 72% of the value added in France over three decades, this paper addresses those questions and provides a comprehensive picture of the financial resources used by firms to finance their investment. We uncover significant cross-sectional heterogeneity in the financing mix of investment along firm size, asset tangibility and investment size. In particular, we show that the commonly held view that \"firms strongly rely on bank credit in a bank-based economy\" weakens significantly as we consider larger firms or when it comes to finance intangible investments or relatively small investments.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116322567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"La prévention du défaut de paiement des entreprises par les Etablissements de crédit Camerounais (Prevention of Corporate Default by Cameroonian Credit Institutions)","authors":"Professor Alain Ndedi, Jules Banaken","doi":"10.2139/ssrn.3583516","DOIUrl":"https://doi.org/10.2139/ssrn.3583516","url":null,"abstract":"French Abstract: Le défaut de paiement désigne une entreprise qui n’est pas en mesure d’honorer ses paiements envers un tiers à la date d’échéance de la facture pour les marchandises délivrées ou des services rendus. La littérature sur le phénomène du défaut de paiement des entreprises bénéficiant des financements bancaires est presqu’inexistante, au profit d’une foisonnante littérature sur la faillite des entreprises, cette dernière étant essentiellement vue sous l’angle juridique. En effet, si pendant longtemps les chercheurs ont ignoré le phénomène du « défaut de paiement » des entreprises en le qualifiant d’effet de mode, donc marginale, pour faire la part belle à celui de la faillite, la réalité quotidienne nous replace devant les conséquences néfastes sur les banques et autres établissements de crédit, du défaut de paiement des entreprises : dépôts de bilan des banques, licenciements massifs, restructuration, interventions financières de l’Etat afin de limiter les effets systémiques. Le présent article aborde le sujet en se focalisant sur le contexte camerounais d’autant plus que plusieurs établissements de crédits au Cameroun ont été placés par le régulateur sous « administration provisoire » à cause de leurs actifs de crédits très sinistrés. Dans cette perspective, la question centrale de notre recherche consiste alors à se demander dans quelle mesure et avec quelle efficacité la modélisation du phénomène de « défaut de paiement » des entreprises peut répondre aux soucis permanents des banques camerounaises et contribuer par ricochet à la réduction du volume de leurs créances en souffrance. English Abstract: Failure to pay means a company that is unable to honor its payments to a third party by the due date of the invoice for the goods delivered or services rendered. The literature on the phenomenon of default of companies benefiting from bank financing is almost nonexistent, to the benefit of an abundant literature on business bankruptcy, the latter being mainly seen from the legal angle. Indeed, if for a long time researchers have ignored the phenomenon of corporate “default” by describing it as a fad, therefore marginal, to give pride of place to that of bankruptcy, everyday reality puts us back in front of the adverse consequences for banks and other credit institutions, corporate default: bankruptcy filing, mass layoffs, restructuring, state financial intervention to limit systemic effects. This article tackles the subject by focusing on the Cameroonian context, especially since several credit institutions in Cameroon have been placed by the regulator under \"provisional administration\" because of their very damaged credit assets. In this perspective, the central question of our research then consists in wondering to what extent and with what effectiveness the modeling of the phenomenon of “default of payment” of the companies can answer the permanent concerns of the Cameroonian banks and contribute by ricochet to the reduction of the","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129904741","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Aggregate Implications of Credit Relationship Flows: a Tale of Two Margins","authors":"Yasser Boualam, C. Mazet-Sonilhac","doi":"10.2139/ssrn.3840196","DOIUrl":"https://doi.org/10.2139/ssrn.3840196","url":null,"abstract":"This paper documents the aggregate properties of credit relationship flows within the commercial loan market in France from 1998 through 2018. Using detailed bank-firm level data from the French Credit Register, we show that banks actively and continuously adjust their credit supply along both intensive and extensive margins. We particularly highlight the importance of gross flows associated with credit relationships and show that they are (i) volatile and pervasive throughout the cycle, and (ii) can account for up to 48 percent of the cyclical and 90 percent of the long-run variations in aggregate bank credit.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133270967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Export Structure and Economic Performance in Transition Economies","authors":"Davit Belkania","doi":"10.35808/ersj/1564","DOIUrl":"https://doi.org/10.35808/ersj/1564","url":null,"abstract":"Purpose: The current paper assesses the effects of export product structure on the economic growth in transition economies. Design/methodology/approach: The preferred estimation methods are Pedroni/Kao panel cointegration, along with FMOLS and Granger causality tests. The employed dataset corresponds to 11 transition economies over the period of 1997-2017. Findings: The results of empirical estimation showed that manufactured exports are not always the source of high economic growth as suggested by a vast literature. It appeared that the growth in transition economies has a higher response to the changes in exports of primary goods rather than manufactures. Practical Implications: Considering current trade patterns and the high demand elasticity attached to manufactured exports, the study concludes that selected transition economies should incorporate somewhat balanced trade policy fostering both exports of primary commodities and manufactures, where earnings from commodities should be facilitated to support rise of manufactures as it exhibits larger demand and potential to deploy technology/knowledge spillovers, thus, further complement economic growth. Originality/value: The paper represents valuable addition to the empirical literature concerning the exports and economic growth, especially for the selected sample corresponding to the remaining transition economies after massive transformation in 2004/2007 when several European states successfully completed the transition process.","PeriodicalId":101534,"journal":{"name":"Banque de France Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121004605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}