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Financial Stability Review

This 20th edition of the Financial Stability Review (FSR) analyses the new situation created by the digital era of the financial system for financial institutions, markets and regulators: development of information systems, incoming of electronic platforms, sharp increase in algorithm-based transactions, creation of virtual currencies, widespread access for online financial services and online banks.

The financial world has not been only altered by the financial crisis, it has also profoundly mutated under the influence of digital innovations. These changes have an impact on financial stability, a positive impact for some aspects (transparency, efficiency…) but also generating new risks (cyber-vulnerability, regulation arbitrage…). Regulators need to take these changes on board and adapt to them. Modifications have already been decided or even implemented in many areas, in particular as regards payment systems and market infrastructures.

This new issue of the FSR provides opportunity to gather views on these topics from international institutions, regulators, scholars and market participants involved in analyses and initiatives related to the digital innovations.

April

Télécharger en PDF F S R n°20: Financial stability in the digital era

Introducing speech by François Villeroy de Galhau, Governor of the Banque de France
"Financial stability in the Age of Digital Industry"
Paris EUROPLACE New York International Financial Forum - 18 April 2016

FSR n°20 : Full text

Abstracts

Panel

- Introduction

Constructing the possible trinity of innovation, stability and regulation for digital finance
François VILLEROY DE GALHAU, Banque de France

- New risks for financial stability

Digital banking and market disruption: a sense of déjà vu?
Jean DERMINE, INSEAD, Singapore

Digital risk: a strategic challenge and a growth opportunity for insurers
Nicolas SCHIMEL , Aviva France

Systemic risk in payments
Georges PAUGET, Économie Finance et Stratégie

Financial institutions and cyber-crime – Between vulnerability and security
Quentin GAUMER, Stéphane MORTIER and Ali MOUTAIB, École de guerre économique, Paris

Where are the risks in high frequency trading?
Thierry FOUCAULT, HEC Paris

- Regulation and policies to address these new risks

Making Europe’s financial market infrastructure a bulwark of financial stability
Yves MERSCH, European Central Bank

Beyond technology – Adequate regulation and oversight in the age of fintechs
Andreas R. DOMBRET, Deutsche Bundesbank

The rise of fintechs and their regulation
Serge DAROLLES, Université Paris-Dauphine

The migration to online lending and the rise of private regulation of online financial transactions with business customers
G. Philip RUTLEDGE, Bybel Rutledge LLP, BPP Law School

- The digital transformation of the financial sector: some concrete examples

Money and payments in the digital age: innovations and challenges
François VELDE, Federal Reserve Bank of Chicago

Future evolution of electronic trading in European bond markets
Elizabeth CALLAGHAN, International Capital Market Association

Emergence of big data: how will it impact the economic model of insurance?
Thierry DEREZ, Covéa

Big data challenges and opportunities in financial stability monitoring
Mark D. FLOOD, US Department of the Treasury, H. V. JAGADISH, University of Michigan and Louiqa RASCHID, University of Maryland

Implementation of real-time settlement for banks using decentralised ledger technology: policy and legal implications
Karen GIFFORD and Jessie CHENG, Ripple

High-frequency trading, geography concerns and the curvature of the earth
Fany DECLERCK, Toulouse School of Economics

April

Télécharger en PDF F S R n°19 : Financing the economy: new avenues for growth

FSR n°19 : Full text

Press kit

Panel

- Introduction

The financing of the economy in the post‑crisis period: challenges and risks for financial stability
Christian NOYER, Banque de France

- The new framework for financing the economy

Completing the single market in capital
Benoît COEURÉ, European Central Bank

What does the new face of international financial intermediation mean for emerging market economies?
Hyun Song SHIN and Philip Turner, Bank for International Settlements

Financing solutions to sustain the growth of SMEs and MTEs and lay the foundations for future competitiveness
Arnaud CAUDOUX and Julien GEFFROY, Bpifrance

Reviving securitisation
Miguel SEGOVIANO, Bradley JONES, Peter LINDNER and Johannes BLANKENHEIM, International Monetary Fund

- The role of banking systems in supporting growth

Supporting sustainable growth: the role of safe and stable banking systems
Stefan INGVES, Sveriges Riksbank and Basel Committee on Banking Supervision

How a supplemental leverage ratio can improve financial stability, traditional lending and economic growth
Sheila C. BAIR, The Systemic Risk Council

Key initiatives to unlock bank lending to the European corporate sector
Philippe de FONTAINE VIVE, European Investment Bank

The impact of the new regulatory paradigm on the role of banks in financing the economy
Marie‑Laure BARUT, Nathalie ROUILLÉ and Marion SANCHEZ, Banque de France

- The constraints faced by banks in financing the economy

Impact of financial regulation on the long‑term financing of the economy by banks
Michel Pébereau, BNP Paribas

Global banks and the adoption of the new regulatory framework: effects on the financing of emerging markets and developing economies
Agustín Carstens, Banco de México

The opportunity cost of collateral pledged: derivatives market reform and bank lending
Guillaume VUILLEMEY, Science Po and Banque de France

- The contribution of insurance companies and asset managers for financing the economy

Long‑term savings: the case of life insurance in France
Christian GOLLIER, Toulouse School of Economics

The long‑term financing of the economy in the new regulatory environment
Denis KESSLER, SCOR Group

The role of investors in promoting sustainable long‑term growth
Barbara NOVICK, BlackRock

Reallocating savings to investment – The new role of asset managers
Yves PERRIER, Amundi

April

Télécharger en PDF F S R n°18 : Macroprudential policies

FSR n°18 : Macroprudential policies - Implementation and interactions

- Introduction

Macroprudential policy: from theory to implementation
Christian NOYER, Banque de France

- Macroprudential policies: rationale and objectives

Five questions and six answers about macroprudential policy
Jaime CARUANA and Benjamin H. COHEN, Bank for International Settlements

Governance of macroprudential policy
Klaas KNOT, De Nederlandsche Bank

From tapering to preventive policy
Charles GOODHART, London School of Economics, Financial Markets Group
and Enrico PEROTTI, University of Amsterdam and Centre for Economic Policy Research

Collective action problems in macroprudential policy and the need for international coordination
José VIÑALS and Erlend NIER, International Monetary Fund

A macroprudential perspective on regulating large financial institutions
Daniel K. TARULLO, Federal Reserve System

The impact of macroprudential policy on financial integration
Andreas DOMBRET, Deutsche Bundesbank

- Experiences regarding macro prudential policies

European macroprudential policy from gestation to infancy
Ignazio ANGELONI, European Central Bank

Macroprudential policy in France: requirements and implementation
Anne Le LORIER Banque de France

Implementing macroprudential policies: the Swiss approach
Jean‑Pierre DANTHINE, Swiss National Bank

The effects of macroprudential policies on housing market risks: evidence from Hong Kong
Dong HE, Hong Kong Monetary Authority

Macroprudential policies in Korea – Key measures and experiences
Choongsoo KIM, Bank of Korea

Framework for the conduct of macroprudential policy in India: experiences and perspectives
Kamalesh C. CHAKRABARTY, Reserve Bank of India

Learning from the history of American macroprudential policy
Douglas J. ELLIOTT, The Brookings Institution

Macroprudential policy and quantitative instruments: a European historical perspective
Anna KELBER and Éric MONNET, Banque de France

- Macroprudential policy interactions and transmission channels

Macroprudential policy beyond banking regulation
Olivier JEANNE and Anton KORINEK, Johns Hopkins University, Department of Economics

Principles for macroprudential regulation
Anil K KASHYAP, University of Chicago Booth School of Business,
Dimitrios P. TSOMOCOS, Said Business School, St Edmund Hall, University of Oxford
and Alexandros VARDOULAKIS, Federal Reserve System

Macroprudential capital tools: assessing their rationale and effectiveness
Laurent CLERC, Banque de France, Alexis DERVIZ, Czech National Bank,
Caterina MENDICINO, Banco de Portugal, Stéphane MOYEN, Deutsche Bundesbank,
Kalin NIKOLOV, Livio STRACCA, European Central Bank,
Javier SUAREZ, CEMFI, and Alexandros VAR DOULA KIS, Federal Reserve System

The housing market: the impact of macroprudential measures in France
Sanvi AVOUYI-DOVI, Rémy LECAT, Banque de France
and Claire LABONNE, Autorité de contrôle prudentiel et de résolution

Three criticisms of prudential banking regulations
Vivien LEVY-GARBOUA, Sciences Po and BNP Paribas
and Gérard MAAREK, EDHEC

Macroprudential policy and credit supply cycles
José‑Luis PEYDRÓ, Catalan Institution for Research and Advanced Studies, Universitat Pompeu Fabra

Interactions between monetary and macroprudential policies
Pamfili ANTIPA and Julien MATHERON, Banque de France

April

Télécharger en PDF F S R N°17 - OTC derivatives

F S R N°17 - OTC derivatives: new rules, new actors, new risks

Abstracts

Panel

Foreword

- Regulatory progress

Completing the G20 reform agenda for strengthening over‑the‑counter derivatives markets
Mark CARNEY, Bank of Canada and Financial Stability Board

Regulatory reforms for OTC derivatives: past, present and future
Stefan INGVES, Sveriges Riksbank and Basel Committee on Banking Supervision

Overview of international work towards OTC derivatives markets reform and remaining challenges
Masamichi KONO, International Organization of Securities Commissions, CPSS-IOSCO Steering Group and Financial Services Agency of Japan

- Consistency of international rules and extraterritoriality

International cooperation: a sine qua non for the success of OTC derivatives markets reform
Michel BARNIER, European Commission

Containing extraterritoriality to promote financial stability
Charles H. DALLARA, Institute of International Finance

International swaps market reform – Promoting transparency and lowering risk
Gary GENSLER, Commodity Futures Trading Commission

CPSS‑IOSCO Principles for financial market infrastructures: vectors of international convergence
Daniela RUSSO, European Central Bank

Full text
(247 pages)

- Trade repositories, transparency and prevention tools to mitigate systemic risk

A transparency standard for derivatives
Viral V. ACHARYA, New York University Stern School of Business

New infrastructures for a sounder financial system
Michael C. BODSON, The Depository Trust & Clearing Corporation

The importance of data quality for effective financial stability policies
Legal entity identifier: a first step towards necessary financial data reforms
Nigel JENKINSON and Irina S. LEONOVA, Financial Stability Board

Transparency and financial stability
Rodrigo BUENAVENTURA and Verena ROSS, European Securities and Markets Authority

- Credit default swaps and financial stability

Assessing contagion risks in the CDS market
Markus BRUNNERMEIER, Princeton University, Laurent CLERC, Banque de France,
and Martin SCHEICHER, European Systemic Risk Board

Why the Greek CDS settlement did not lead to the feared meltdown
Virginie COUDERT and Mathieu GEX, Banque de France

- Central counterparties

CCPs as instruments of stability and risk mitigation
Jacques AIGRAIN, LCH.Clearnet

Incentive compatible centralised clearing
Bruno BIAIS, Toulouse School of Economics
Florian HEIDER and Maria HOEROVA, European Central Bank

Access to central counterparties: why it matters and how it is changing
Timothy LANE, Jean‑Philippe DION and Joshua SLIVE, Bank of Canada

Central counterparties in evolving capital markets: safety, recovery and resolution
Paul TUCKER, Bank of England, Committee on Payment and Settlement Systems and Financial Stability Board Steering Group on Resolution

- Collateral

Collateral and new offers for an optimised management: an industrial revolution
Marc‑Antoine AUTHEMAN, Euroclear

Collateral scarcity and asset encumbrance: implications for the European financial system
Aerdt HOUBEN and Jan Willem SLINGENBERG, De Nederlandsche Bank

OTC derivatives market – regulatory developments and collateral dynamics
Manmohan SINGH, International Monetary Fund

- New challenges ahead

OTC derivatives: ensuring safe, efficient markets that support economic growth
Stephen O’CONNOR, International Swaps and Derivatives Association

Consequences of the new regulatory landscape on OTC derivatives trading
Frédéric OUDÉA, Société Générale

Will the new regulatory regime for OTC markets impede financial innovation?
Avinash D. PERSAUD, Intelligence Capital Limited, Gresham College and London Business School

- Published articles

April

Télécharger en PDF F S R - April 2012 - Public debt, Monetary policy and Financial Stability

Watch the video.

F S R - April 2012 - Public debt, Monetary policy and Financial Stability
Complete text (252 pages)

Abstracts

Panel

Complete text
(252 pages)

Articles

- Introduction

Central banking in a context of high public debt
CHRISTIAN NOYER, Banque de France

- Macro-economic, fiscal and operational context

Fiscal outlook and fiscal sustainability risks
CARLO COTTARELLI, International Monetary Fund’s Fiscal Affairs Department

When Western sovereign risk is in play
MOHAMED A. EL-ERIAN, PIMCO

The return of financial repression
CARMEN M. REINHART, Peterson Institute for International Economics

- Financial and regulatory aspects

A tale of two overhangs: the nexus of financial sector and sovereign credit risks
VIRAL V. ACHARYA, ITAMAR DRECHSLER AND PHILIPP SCHNABL,
New York University Stern School of Business

Banks, moral hazard, and public debts
RÉGIS BRETON, CAROLINE PINTO AND PIERRE-FRANÇOIS WEBER, Banque de France

Sovereign creditworthiness and financial stability: an international perspective
JAIME CARUANA AND STEFAN AVDJIEV, Bank for International Settlements

Stability, growth and regulatory reform
RANDALL S. KROSZNER, University of Chicago, Booth School of Business

Is sovereign risk properly addressed by financial regulation?
DANIÈLE NOUY, Prudential Supervisory Authority – Banque de France

- Monetary policy focus

Contagion and the European debt crisis
VÍTOR CONSTÂNCIO, European Central Bank

Monetary policy and public debt
CHARLES GOODHART, London School of Economics, Financial Markets Group

Does monetary cooperation or confrontation lead to successful fiscal consolidation?
TOMAS HELLEBRANDT, ADAM S. POSEN AND MARILYNE TOLLE, Bank of England

Fiscal challenges to monetary dominance in the euro area: a theoretical perspective
OLIVIER JEANNE, Johns Hopkins University

Central bank independence and sovereign default
NARAYANA KOCHERLAKOTA, Federal Reserve Bank of Minneapolis

The sovereign debt crisis and monetary policy
JULIEN MATHERON, BENOÎT MOJON AND JEAN-GUILLAUME SAHUC, Banque de France

Sustainability of government debt: preconditions for stability in the financial system and prices
MASAAKI SHIRAKAWA, Bank of Japan

- Regional and international dimensions

The importance of confidence in macroeconomic stabilisation efforts
AGUSTÍN CARSTENS, Banco de México

Policies on sovereign debt
JEAN-PIERRE LANDAU, Princeton University

Hazardous tango: sovereign-bank interdependence and financial stability in the euro area
SILVIA MERLER AND JEAN PISANI-FERRY, Bruegel and Université Paris-Dauphine

Rebuilding growth and optimism in a new fiscal era
THARMAN SHANMUGARATNAM, International Monetary & Financial Committee, and Government of Singapore

Gaps in the institutional structure of the euro area
CHRISTOPHER A. SIMS, Princeton University, Department of Economics

The euro crisis: some reflexions on institutional reform
JEAN TIROLE, Toulouse School of Economics

- Published articles

February

Télécharger en PDF F S R - February 2011 - Global imbalances and financial stability

F S R - February 2011 - Global imbalances and financial stability
Complete text (184 pages)

Press Conference Pictures

Articles

Global imbalances: the perspective of the Saudi Arabian Monetary Agency
DR MUHAMMAD AL-JASSER, Saudi Arabian Monetary Agency

International capital fl ows and the returns to safe assets in the United States, 2003-2007
BEN S. BERNANKE, Federal Reserve System

The challenge of high capital infl ows to fi nancial stability: an emerging market perspective
HENRIQUE DE CAMPOS MEIRELLES, Banco Central do Brasil

Global imbalances: the international monetary system and fi nancial stability
MARK CARNEY, Bank of Canada

Global imbalances: the perspective of the Banco de México
AGUSTÍN CARSTENS, Banco de México

Complementarity and coordination of macroeconomic and fi nancial policies to tackle internal and external imbalances
MARIO DRAGHI, Banca d’Italia

Global imbalances: common problem to solve for both advanced and emerging market economies
SERGEY IGNATIEV, Bank of Russia

Global balance and fi nancial stability: twin objectives toward a resilient global economic system
CHOONGSOO KIM, Bank of Korea

Global imbalances: the perspective of the Bank of England
MERVYN KING, Bank of England

Global imbalances and developing countries
MERCEDES MARCÓ DEL PONT, Banco Central de la República Argentina

A South African perspective on global imbalances
GILL MARCUS, South African Reserve Bank

Global imbalances, volatile capital infl ows and proposed further IMF roles
DARMIN NASUTION, Bank Indonesia

Global imbalances and fi nancial stability
CHRISTIAN NOYER, Banque de France

Global imbalances and current account imbalances
MASAAKI SHIRAKAWA, Bank of Japan

Global imbalances through the prism of savings and investment
GLENN STEVENS, Reserve Bank of Australia

Global imbalances: the perspective of the Reserve Bank of India
DR DUVVURI SUBBARAO, Reserve Bank of India

Intellectual challenges to fi nancial stability analysis in the era of macroprudential oversight
JEAN-CLAUDE TRICHET, European Central Bank

Securing stability and growth in a post-crisis world
PROFESSOR AXEL A. WEBER, Deutsche Bundesbank

Revisiting the Tinbergen Rule: use the macroprudential tools to maintain fi nancial stability
DURMUS YILMAZ, Central Bank of the Republic of Turkey

On savings ratio
DR ZHOU XIAOCHUAN, People’s Bank of China

Published articles

July

Télécharger en PDF F S R - July 2010 - Derivatives Financial Innovation and Stability

Launch conference of the FSR 14 (Paris, 8 July 2010)

F S R - July 2010 - Derivatives Financial Innovation and Stability
Complete text (200 pages)

Redesigning OTC derivatives markets to ensure financial stability
CHRISTIAN NOYER, Governor of the Banque de France

Texte intégral
(216 pages)

Articles

Credit default swaps: what are the social benefits and costs?
RONALD W. ANDERSON, London School of Economics

Fiat lux – Shedding new light on derivatives markets
MICHEL BARNIER, European Commission

Euro public debt and the markets: sovereign fundamentals and CDS market dynamics
LAURENCE BOONE, LAURENT FRANSOLET AND SØREN WILLEMANN, Barclays Capital

Derivatives: an insurer’s perspective
HENRI DE CASTRIES AND BENOÎT CLAVERANNE, AXA Group

Credit default swaps and financial stability
RAMA CONT, CNRS and Columbia University

Credit default swaps – Financial innovation or financial dysfunction?
SATYAJIT DAS, Risk consultant

Is there a case for banning short speculation in sovereign bond markets?
DARRELL DUFFIE, Stanford University

Over-the-counter derivative markets in India – Issues and perspectives
SHYAMALA GOPINATH, Reserve Bank of India

OTC derivatives and central clearing: can all transactions be cleared?
JOHN HULL, University of Toronto

21st century finance cannot do without a sound regulation of the OTC derivatives markets
JEAN-PIERRE JOUYET, Autorité des marchés financiers

An industrial organisation approach to the too-big-to-fail problem
JEAN-CHARLES ROCHET, Swiss Finance Institute, University of Zurich and Toulouse School of Economics

OTC derivatives: financial stability challenges and responses from authorities
DANIELA RUSSO, European Central Bank

Under-collateralisation and rehypothecation in the OTC derivatives markets
MANMOHAN SINGH, International Monetary Fund

Silos and silences Why so few people spotted the problems in complex credit and what that implies for the future
GILLIAN TETT, Financial Times

Mitigating systemic risk in OTC derivative markets
NOUT WELLINK, Basel Committee on Banking Supervision, De Nederlandsche Bank

What risks and challenges do credit default swaps pose to the stability of financial markets?
ORICE WILLIAMS BROWN, US Government Accountability Office

OTC derivatives market structure and the credit profi les of wholesale investment banks
ALEXANDER YAVORSKY, Moody’s Investors Service

What do network theory and endogenous risk theory have to say about the effects of central counterparties on systemic stability?
JEAN-PIERRE ZIGRAND, London School of Economics

Credit default swap and bond markets: which leads the other?
VIRGINIE COUDERT AND MATHIEU GEX, Banque de France

Concentration risk and the optimal number of central counterparties for a single asset
FABIEN RENAULT Payment Systems and Market Infrastructures Directorate, Banque de France

Published articles

September

Télécharger en PDF F S R - September 2009 - The future of financial regulation

Press conference (London, 4 September 2009) - Find videos

F S R - September 2009 - The future of financial regulation
Complete text (150 pages)

Regulating finance after the crisis
CHRISTIAN NOYER, Governor of the Banque de France

Texte intégral
(160 pages)

Articles

The shadow banking system: implications for financial regulation
TOBIAS ADRIAN, Federal Reserve Bank of New York
HYUN SONG SHIN, Princeton University
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude02_rsf_0909.pdf

Managing the transition to a safer financial system
SHEILA C. BAIR, Federal Deposit Insurance Corporation
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude03_rsf_0909.pdf

Reform of the global financial architecture: a new social contract between society and finance
HUGO BANZIGER, Deutsche Bank
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude04_rsf_0909.pdf

Implementing the macroprudential approach to financial regulation and supervision
CLAUDIO BORIO, Bank for International Settlements
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude05_rsf_0909.pdf

Minimising the impact of future financial crises:
six key elements of regulatory reform we have to get right
JAIME CARUANA, Bank for International Settlements
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude06_rsf_0909.pdf

On the efficacy of financial regulations
JON DANIELSSON, London School of Economics
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude07_rsf_0909.pdf

The treatment of distressed banks
MATHIAS DEWATRIPONT, ECARES, Université Libre de Bruxelles
JEAN-CHARLES ROCHET, Toulouse School of Economics
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude08_rsf_0909.pdf

Credit default swaps and financial stability: risks and regulatory issues
ANNE DUQUERROY, Banque de France
NICOLAS GAUTHIER, Banque de France
MATHIEU GEX, Banque de France
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude09_rsf_0909.pdf

The future of financial regulation
JEAN-PIERRE JOUYET, Autorité des Marchés Financiers
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude10_rsf_0909.pdf

The future of financial regulation: an exchange of views
ANIL KASHYAP, Booth School of Business, University of Chicago
BANQUE DE FRANCE
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude11_rsf_0909.pdf

Emerging contours of financial regulation: challenges and dynamics
RAKESH MOHAN, Reserve Bank of India
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude12_rsf_0909.pdf

Regulation-supervision: the post-crisis outlook
GEORGES PAUGET, Crédit Agricole S.A.
fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude13_rsf_0909.pdf

Beyond the crisis: the Basel Committee’s strategic response
NOUT WELLINK, Basel Committee on Banking Supervision, De Nederlandsche Bank

Published articles

February

Télécharger en PDF F S R - February 2008 - Special issue on Liquidity

F S R - February 2008 - Special issue on Liquidity
Complete text (190 pages, 2.98 Mo)

Overview
Liquidity in a time of financial turbulences

Articles

Academics and market participants

Liquidity and financial contagion
TOBIAS ADRIAN, Federal Reserve Bank of New York
HYUN SONG SHIN, Princeton University

Musical chairs: a comment on the credit crisis
RICARDO J. CABALLERO, Massachusetts Institute of Technology
ARVIND KRISHNAMURTHY, Northwestern University

Market liquidity and financial stability
ANDREW CROCKETT, JPMorgan Chase International

Ten questions about the subprime crisis
BARRY EICHENGREEN, University of California, Berkeley

What happened to risk dispersion?
PETER R. FISHER, BlackRock, Inc.

Liquidity risk management
CHARLES GOODHART, London School of Economics

Liquidity regulation and the lender of last resort
JEAN-CHARLES ROCHET, Toulouse School of Economics

Liquidity shortages: theoretical underpinnings
JEAN TIROLE, Toulouse School of Economics

Central banks and institutionals

Liquidity in global markets
JAIME CARUANA AND LAURA KODRES, International Monetary Fund

The impact on financial market liquidity of the markets in financial instruments directive (MiFID)
FRÉDÉRIC CHERBONNIER AND SÉVERINE VANDELANOITE,
French Ministry of the Economy, Finance and Employment

Market liquidity and banking liquidity: linkages, vulnerabilities and the role of disclosure
PETER PRAET AND VALÉRIE HERZBERG, National Bank of Belgium

Banque de France

Liquid assets, liquidity constraints and global imbalances
ALEXANDRE BACLET AND EDOUARD VIDON, Macroeconomic Analysis and Forecasting Directorate

Financial innovation and the liquidity frontier
ARNAUD BERVAS, Financial Stability Directorate

Financial market liquidity and the lender of last resort
CHRISTIAN EWERHART, University of Zürich
NATACHA VALLA, Research Directorate

Recent developments in intraday liquidity in payment and settlement systems
FRÉDÉRIC HERVO, Payment Systems and Market Infrastructure Directorate

Complete text
(190 pages, 2.98 Mo)

October

Télécharger en PDF F S R - October 2008 - Valuation issues at the heart of the current crisis

F S R - October 2008 - Valuation issues at the heart of the current crisis
Complete text (156 pages, 2.050 Mo)

Valuation challenges in a changing environment
CHRISTIAN NOYER, Governor of the Banque de France

Complete text
(156 pages, 2.050 Mo)

Articles

Should financial institutions mark-to-market ?
FRANKLIN ALLEN, Wharton School, University of Pennsylvania
ELENA CARLETTI, University of Frankfurt

Setting the right framework for modern financial markets -
Lessons learned from the recent crisis
HUGO BANZIGER, Deutsche Bank

Revisiting valuation practices throughout the business cycle :
some symmetry is needed
JAIME CARUANA, International Monetary Fund
CEYLA PAZARBASIOGLU, International Monetary Fund

Valuation and fundamentals
LAURENT CLERC, Banque de France

Taking into account extreme events in European option pricing
JULIEN IDIER, Banque de France, Université Paris I
CAROLINE JARDET, Banque de France
GAËLLE LE FOL, Banque de France, Université d'Evry, CREST
ALAIN MONFORT, Banque de France, CNAM, CREST
FULVIO PEGORARO, Banque de France, CREST

Fair value accounting and financial stability :
challenges and dynamics
SYLVIE MATHERAT, Banque de France

How should we respond to asset price bubbles ?
FREDERIC S. MISHKIN, Federal Reserve System

Regulation, valuation and systemic liquidity
AVINASH D. PERSAUD, Intelligence Capital Limited

Fair value accounting and financial stability
GUILLAUME PLANTIN, London Business School
HARESH SAPRA, Graduate School of Business, University of Chicago
HYUN SONG SHIN, Princeton University

Procyclicality of financial systems :
is there a need to modify current accounting and regulatory rules ?
JEAN-CHARLES ROCHET, Toulouse School of Economics

Valuation in insurance and financial crisis
PHILIPPE TRAINAR, SCOR Group

Bringing transparency to financial reporting :
towards an improved accounting framework in the aftermath of the credit crisis
DAVID TWEEDIE, International Accounting Standards Board

Improving fair value accounting
JOSE VINALS, Banco de Espana

April

Télécharger en PDF F S R - April 2007 - Special issue on Hedge Funds

F S R - April 2007 - Special issue on Hedge Funds
Complete text (199 pages, 1.242 Kb)

Complete text
(199 pages, 1.242 Kb)

Articles
	Hedge funds, credit risk transfer and financial stability ROGER T. COLE, GREG FELDBERG, DAVID LYNCH, Board of Governors of the Federal Reserve System The evolution and regulation of hedge funds ANDREW CROCKETT, JPMorgan Chase International Regulating hedge funds JÓN DANÍELSSON AND JEAN-PIERRE ZIGRAND, London School of Economics and Financial Markets Group Hedge funds and financial stability MARIO DRAGHI, Financial Stability Forum and Banca d’Italia Hedge funds and systemic risk ROGER FERGUSON AND DAVID LASTER, Swiss Re Hedge fund replication strategies: implications for investors and regulators WILLIAM FUNG, London Business School DAVID A. HSIEH, Duke University Hedge funds and prime broker dealers: steps towards a “best practice proposal” PHILIPP M. HILDEBRAND, Swiss National Bank Transparency requirements and hedge funds CALLUM MCCARTHY, UK Financial Services Authority Risks and return of banking activities related to hedge funds JEAN-PIERRE MUSTIER, Société Générale Corporate & Investment Banking ALAIN DUBOIS, Lyxor Asset Management Indirect supervision of hedge funds DANIÈLE NOUY, Commission bancaire (French Banking Commission) Hedge funds: what are the main issues? CHRISTIAN NOYER, Banque de France Monitoring hedge funds: a financial stability perspective LUCAS D. PAPADEMOS, European Central Bank The world of hedge funds: prejudice and reality – The AMF’s contribution to the debate on alternative investment strategies MICHEL PRADA, Autorité des Marchés . nanciers (French Securities Regulator) Financial conditions, alternative asset management and political risks: trying to make sense of our times RAGHURAM G. RAJAN, University of Chicago Hedge funds in emerging markets WILLIAM A. RYBACK, Hong Kong Monetary Authority Fund of hedge funds: origins, role and future PATRICK STEVENSON,, Atlas Capital Limited Hedge funds: a central bank perspective AXEL A. WEBER,, Deutsche Bundesbank
Bibliography Résumés Published articles

May

Télécharger en PDF F S R - May 2006

F S R - May 2006 Complete text (144 pages, 1.091 Kb) Editorial		Complete text (144 pages, 1.091 Kb)
Overview
	Contents Summary International environment and markets Financial sector
Articles
	Better capturing risks in the trading book OLIVIER PRATO International Affairs Division, General Secretariat of the Commission bancaire Market liquidity and its incorporation into risk management ARNAUD BERVAS Financial Stability and Market Research Division, Banque de France Productivity and stock prices SANVI AVOUYI-DOVI JULIEN MATHERON Research on Economy and Finance Division, Banque de France Corporate equity and financial stability: An approach based on net worth at risk FRANÇOIS MOURIAUX Companies Directorate, Banque de France SANDRA FOULCHER-DARWISH Inspection General Department, Banque de France Recent developments in monetary and financial integration in Asia SOPANHA SA International Monetary Relations Division, Banque de France JULIA GUÉRIN Macroeconomic Analysis and International Syntheses Division, Banque de France Implications of globalisation for financial stability ROGER FERGUSON Board of Governors of the Federal Reserve System JACOB A. FRENKEL Group of Thirty
Published articles

December

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F S R - December 2006 Complete text (132 pages, 990 Kb)		Complete text (132 pages, 990 Kb)
Overview
	Contents Introduction Are risks properly priced by financial markets? Are risk transfer mechanisms sufficiently robust?
Articles
	Commodities: an asset class in their own right? PHILIPPE MONGARS, CHRISTOPHE MARCHAL-DOMBRAT Market Operations Directorate, Market Making and Monitoring Division, Banque de France Do emerging market economies still constitute a homogenous asset class? IVAN ODONNAT Financial Stability Co-ordination Directorate, Banque de France IMÈNE RAHMOUNI-ROUSSEAU Financial Stability Co-ordination Directorate, Financial Stability and Markets Research Division, Banque de France Capital flows and credit booms in emerging market economies SOPANHA SA International Monetary Relations Division, International and European Relations Directorate, Banque de France Can risk aversion indicators anticipate financial crises? VIRGINIE COUDERT Financial Stability Co-ordination Directorate, Banque de France and University of Paris 13 MATHIEU GEX Financial Stability Co-ordination Directorate, Financial Stability and Markets Research Division, Banque de France and University of Grenoble 2 Bank liquidity and financial stability NATACHA VALLA, BÉATRICE SAES-ESCORBIAC General Economics and International Relations, Monetary Policy Research Division, Banque de France MURIEL TIESSET General Secretariat of the Commission bancaire, Banking Studies Division, Banque de France Microstructure of financial and money markets: lessons learned from the conference held in Paris on 6 and 7 June 2006 SANVI AVOUYI-DOVI, CAROLINE JARDET Research Directorate, Research on Economy and Finance Division, Banque de France The Basel II framework: the role and implementation of Pillar 2 PIERRE-YVES THORAVAL General Secretariat of the Commission bancaire
Published articles

November

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F S R - November 2005 Complete text (127 pages, 4 050 M0) Editorial		Complete text (127 pages, 4 050 Ko)
Overview
	Contents Summary International environment and markets Financial sector
Articles
	Prudential supervision and the evolution of accounting standards : the stakes for financial stability PATRICK AMIS ÉRIC ROSPARS Accounting Studies Division, General Secretariat of the Commission bancaire Regulatory capital and economic capital MURIEL TIESSET, Banking Studies Division, General Secretariat of the Commission bancaire PHILIPPE TROUSSARD International Affairs Division, General Secretariat of the Commission bancaire Significance and limitations of the VAR figures publicly disclosed by large financial institutions GUY LÉVY-RUEFF Financial Stability and Market Research Division, Banque de France The impact of stock market shocks on credit in France since the mid-1990s JOHN BAUDE Financial Accounts Division, Banque de France Sovereign debt (Re)structuring Where do we stand? PIERRE-FRANÇOIS WEBER International Monetary Relations Division, Banque de France
Published articles

June

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F S R - June 2005 Complete text (127 pages, 989 Ko) Foreword		Complete text (127 pages, 989 Ko)
Overview
	Contents Summary International environment and markets Financial sector
Articles
	The CDO market: Functioning and implications in terms of financial stability OLIVIER COUSSERAN Monetary Rechearch and Statistics Directorate, Banque de France IMÈNE RAHMOUNI Market and Financial Stability Rechearch Division, Banque de France Public debt sustainability and crises in emerging market countries: a presentation of the concepts and diagnostic tools ADELINE BACHELLERIE University of Paris I Panthéon-Sorbonne BERTRAND COUILLAULT International Monetary Relations Division, Banque de France Interest rate risk in the French banking system JEAN-LUC QUÉMARD International Affairs Division, General Secretariat of the Commission bancaire VALÉRIE GOLITIN Banking Studies Division, General Secretariat of the Commission bancaire Interest rate risk management by life insurance companies and pension funds VINCENT FLEURIET Market and Financial Stability Research Division, Banque de France CATHERINE LUBOCHINSKY University of Paris II Analysis, by simulation, of the impact of a technical default of a payment system participant EMMANUEL MAZARS, GUY WOEFEL Payment Systems and Market Infrastructure Directorate, Banque de France
Published articles

June

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F S R - June 2004 Complete text (141 pages, 1 961 Ko) Foreword		Complete text (141 pages, 1 961 Ko)
Overview
	Contents Summary International environment and markets Financial sector
Articles
	Contents Market dynamics associated with credit ratings: a literature review (FERNANDO GONZALEZ, European Central Bank FRANÇOIS HAAS, Banque de France RONALD JOHANNES, Bank of England MATTIAS PERSSON, Sveriges Riksbank LILIANA TOLEDO, Banco de España ROBERTO VIOLI, Banca d’Italia CARMEN ZINS, MARTIN WIELAND, Deutsche Bundesbank) Results of the French market survey of credit risk transfer instruments (Commission bancaire Commission de contrôle des assurances Autorité des marchés financiers) Techniques used on the credit derivatives market: credit default swaps (EMMANUELLE OLLÉON-ASSOUAN Foreign Exchange and Euro Market Operations Division, Banque de Francee) Equity market interdependence: the relationship between European and US stock markets (SANVI AVOUYI-DOVI, DAVID NETO Economic Analysis and Research Centre, Banque de France) Goodwill, balance sheet structures and accounting standards (SYLVIE MARCHAL, ANNIE SAUVÉ Companies Observatory, Banque de France)
Miscellaneous
	Published articles
Editorial Committee

November

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F S R - November 2004 Complete text (123 pages, 1 745 Ko) Foreword		Complete text (123 pages, 1 745 Ko)
Overview
	Contents Summary International environment and markets Financial sector
Articles
	Assessment of “stress tests” conducted on the French banking system Olivier DE BANDT Macroeconomic Analysis and Forecasts Division, Banque de France Vichett OUNG Banking Research Division, General Secretariat of the Commission bancaire Insurance and financial stability Philippe TRAINAR Director of International, Financial and Economic Affairs, French Federation of Insurance Companies (FFSA) Oversight of non-cash payment schemes: objectives and implementation procedures Marc ANDRIES, Carlos MARTIN Oversight of Non-cash Means of Payment Division, Banque de France The resilience of post market infrastructures and payment systems Denis BEAU, Guy WOELFEL Payment Systems Directorate, Banque de France Credit risk management and financial stability Laurent CLERC Monetary and Financial Policy Research Division, Banque de France
Published articles

June

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F S R - June 2003 Complete text (163 pages, 1 746 Ko) Foreword		Complete text (163 pages, 1 746 Ko)
Overview
	Contents Summary International environment and markets Financial sector
Articles
	Contents Stock market volatility: from empirical data to their interpretation Towards a « market continuum »? Structural models and interaction between credit and equity markets The changing incentive structure of institutional asset managers: implications for financial markets An analytical review of credit risk transfer instruments International accounting standardisation and financial stability Towards a voluntary Code of good conduct for sovereign debt restructuring
Miscellaneous
	Published articles Third Journées of the Foundation Banque de France
Editorial Committee

November

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F S R - November 2003 Complete text (163 pages, 1 746 Ko) Foreword		Complete text (163 pages, 1 746 Ko)
Overview
	Contents Summary International environment and markets Financial sector
Articles
	Contents Financial stability and the New Basel Accord (PIERRE-YVES THORAVAL, ALAIN DUCHATEAU General Secretariat of the Banking Commission General Banking System Supervision) Do asset price fluctuations constitute a risk to growth in the major industrialised countries? (IVAN ODONNAT, ANNE-MARIE RIEU Foreign Economies Research Division, Banque de France) Interactions between business cycles, stock market cycles and interest rates: the stylised facts (SANVI AVOUYI-DOVI, JULIEN MATHERON Economic Analysis and Research Centre, Banque de France) Challenges arising from alternative investment management (FRANÇOIS HAAS, Market and Financial Stability Research Division, Banque de France NOËL AMENC, EDHEC, Misys Asset Management Systems, MATHIEU VAISSIÉ, EDHEC) Protection of deferred net payment and securities settlement systems: the examples of SIT and Relit (CHRISTINE SAMPIC, FRÉDÉRIC HERVO Payment and Securities Settlement System Oversight Division, Banque de France) Vulnerabilities and surveillance of the international financial system (International Monetary seminar of the IBFI TALK BY ANNE KRUEGER, International Monetary Fund TALK BY MICHEL PRADA, Autorités des marchés financiers (Financial Markets Authority))
Miscellaneous
	Published articles
Editorial Committee

November

Télécharger en PDF F S R - November 2002

Financial Stability Review - November 2002 Complete text (160 pages, 2 810 Ko) Foreword
Overview
	Contents Summary International environment and markets Financial sector
Articles
	Contents The Eurosystem, the euro area and financial stability Credit derivatives: a new source of financial instability? How much credit should be given to credit spreads? The development of contingency clauses: appraisal and implications for financial stability Post-market infrastructures and financial stability The CLS system: reducing settlement risk in foreign exchange transactions International codes and standards: challenges and priorities for financial stability
Miscellaneous
	Published articles
Editorial Committee

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