The IMF remains, as it has been since 2020, a central player in crisis response. Since its creation in 1944, it has been able to rethink its historical instruments such as the Special Drawing Rights and evolve its toolkit to respond to the shifting crises affecting its membership. Today, to continue to ensure the stability of the international monetary system, the IMF is seeking to strengthen its... Lire la suite
Bond debt of non-financial corporations (NFCs) has risen sharply since the 2008 financial crisis, driven in particular by favourable financing conditions and tighter banking regulation. While bond debt allows NFCs to diversify their sources of financing, it can be a source of vulnerability in the current context of high inflation and economic slowdown. In China, the market is still not very libera... Lire la suite
L’endettement obligataire des sociétés non-financières (SNF) a fortement augmenté depuis la crise financière de 2008, porté notamment par des conditions de financement favorables et le renforcement de la régulation bancaire. Si l'endettement obligataire permet aux SNF de diversifier leurs sources de financement, il peut être source de vulnérabilités dans le contexte actuel d'inflation élevée et de... Lire la suite
The global economy is facing headwinds, including higher energy prices and tighter monetary policies. It benefits from fiscal support and the gradual easing of supply pressures. As a result, global growth is expected to moderate in 2022 and 2023. The advanced economies would slow down but remain in growth. China would be penalised by the "zero Covid" strategy and Russia would record a sharp drop i... Lire la suite
L’économie mondiale fait face à des vents contraires, notamment la hausse des prix de l’énergie et le resserrement des politiques monétaires. Elle bénéficie des soutiens budgétaires et du relâchement progressif des tensions d’offre. La croissance mondiale serait ainsi modérée en 2022 et en 2023. Les économies avancées ralentiraient mais resteraient en croissance. La Chine serait pénalisée par la s... Lire la suite
After twenty years of dazzling development, the Chinese property sector is facing a major crisis. However, beyond its cyclical aspects, this crisis reflects a loss of steam in the Chinese growth model, which is based on a profoundly unbalanced property sector. The authorities are now faced with a dilemma, between the two imponderables of the structural clean-up of the sector and the cyclical recov... Lire la suite
Après vingt ans de développement fulgurant, le secteur immobilier chinois est confronté à une crise majeure. Or, au-delà de ses aspects conjoncturels, cette crise traduit un essoufflement du modèle de croissance chinois, fondé sur un secteur immobilier profondément déséquilibré. Les autorités font aujourd’hui face à un dilemme, entre les deux impondérables que constituent l’assainissement structur... Lire la suite
The concentration of personal data by digital platforms raises questions about the cross-fertilisation of privacy and competition policies, particularly when personal data becomes a source of market power that can lead to abuse. Faced with these intersecting issues, competition authorities and data regulators are developing collaborations and reflections are emerging on new regulatory methods.... Lire la suite
La concentration des données personnelles par les plateformes numériques conduit à s’interroger sur les effets croisés entre la politique de la protection de la vie privée et celle de la concurrence, notamment lorsque ces données personnelles deviennent source de pouvoir de marché pouvant conduire à des abus. Face à ces enjeux croisés, les autorités de concurrence et les régulateurs de données dév... Lire la suite
Crypto-assets refer to a multitude of heterogeneous assets, which, although they are used relatively little as a means of payment, constitute an increasingly widespread asset class, supported by the development of a financial ecosystem and the emergence of decentralised finance. However, they present various limitations and risks for investors, highlighted by the violent correction episodes that h... Lire la suite