France: Financial Sector Assessment Program-Technical Note-Nonfinancial Corporations and Households Vulnerabilities

October 29, 2019

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Format: Chicago

France: Financial Sector Assessment Program-Technical Note-Nonfinancial Corporations and Households Vulnerabilities, (USA: International Monetary Fund, 2019) accessed November 21, 2024

Summary

This technical note on nonfinancial corporations and households vulnerabilities on France analyzes the structure of nonfinancial corporate financing in the French economy, potential vulnerabilities of the corporate sector, and their possible channels of transmission through interconnections with the financial system. The objective of this paper is to document the evolution of French corporate debt since the global financial crisis, analyze the riskiness of this debt, the quality of allocation of this debt, and uncover potential heterogeneity across sectors and firms which may have implications at the macroeconomic level. This paper also complements existing studies by the Institut National de la Statistique et des Études Économiques, the Haut Conseil de Stabilité Financière and the Banque de France by undertaking a cross-country comparative analysis. Empirical analysis suggests that corporate debt may be allocated efficiently across publicly listed companies, but the picture is less clear among nonpublicly listed firms.

Subject: Banking, Financial crises, Financial institutions, Financial statements, Global financial crisis of 2008-2009, Housing, Housing prices, Loans, National accounts, Prices, Public financial management (PFM)

Keywords: Bank credit, CR, Debt financing, Financial condition, Financial crisis, Financial statements, Global, Global financial crisis of 2008-2009, Household debt, Housing, Housing loan, Housing prices, Interest rate, ISCR, Loans, Real GDP, Return on assets

Publication Details

Pages:

66
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/321
Stock No:

1FRAEA2019004
ISBN:

9781513517759
ISSN:

1934-7685

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