Tresor-Economics

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Trésor-Economics No. 210 - Globalisation, growth and inequality: implications for economic policy

Trade globalisation has accelerated since the early 1980s, generating substantial economic gains globally. However, these gains have not been distributed evenly either across or within countries. Some emerging countries have notably benefited from globalisation and have narrowed their development gap with developed countries, reducing inequality globally.In the developed countries, high-income gro... Lire la suite

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Trésor-Economics No. 207 - France's trade in value added

Foreign trade can be analyzed in terms of the domestic value added contained in exchanges. This enables each economy’s own contribution to its exports to be pinpointed, excluding those of other countries involved in the manufacturing process. In the value added approach, the aggregate trade balances of each country are the usual trade balances, but bilateral balances between countries and secto... Lire la suite

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Trésor-Economics No. 206 - Potential growth in France

Economic assessment often relies on the estimates of potential growth and the output gap, an indicator which describes the position of the economy in the cycle. As these notions allow for the breakdown the general government balance into its structural and cyclical components, they also have a strong bearing on the steering of public finances. The uncertainty surrounding estimates of these conc... Lire la suite

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Trésor-Economics No. 205 - The global economic outlook in September 2017: signals remain upbeat

After a two year slowdown, global economic activity is set to gather pace in 2017, with 3.6 % growth, driven by both advanced and emerging economies, before continuing at the same pace in 2018. In the US, growth is likely to be stronger in 2017, thanks to a rebound in private investment, then again in 2018, assuming a fiscal stimulus package is implemented. In Japan, economic activity is expect... Lire la suite

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Trésor-Economics No. 204 - The Argentinian economy - achievements and challenges

Since President Mauricio Macri's election in late 2015, Argentina is once again gaining ground, following the 2001 economic crisis and a period dominated by a return to protectionism and creeping isolationism with respect to foreign investment. In a bid to deal with a particularly depressed macroeconomic climate and ward off a new currency crisis, the country successfully implemented difficult e... Lire la suite

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Trésor-Economics No. 203 - Sectoral regulations in France

Many business sectors are subject to government intervention in various forms, such as pricing regulations, professional qualification requirements, and State ownership or State control of companies. These regulations are necessary when free competition does not allow for efficient resource allocation. In these cases, government intervention aims to protect consumers and to ensure the circulati... Lire la suite

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Trésor-Economics No. 202 - Rationale for the new wage momentum in Germany

Since the end of the financial crisis, salaries in Germany have increased significantly and real wages are rising faster than productivity. The buoyancy of the German labour market explains this shift in wage dynamics compared to previous trends. The unemployment rate is at a twenty-five year low and is forcing wages upwards. Following fifteen years of wage restraint, the change also reflects... Lire la suite

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Trésor-Economics No. 201 - Will the recovery in French residential investment last?

Residential investment by French households grew strongly from 2000 to 2007, before dropping sharply during the 2008-2009 crisis. After a brief rebound in 2010-2011, it returned to a downward trend. By 2015, it had fallen back to its early 2000s level. This negative performance explains a large share of the GDP growth gap between France and Germany from 2008 to 2015. The 2000-2007 expansion mai... Lire la suite

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Trésor-Economics No. 200 - Clarifying the contributory component of social protection

In France, much of the high level of government expenditure (57.3% of GDP in 2014) can be explained by the size of government social protection systems. The benefits paid by these schemes account for half of government expenditure (€630bn in 2014, or 29.4% of GDP). Most of this expenditure takes the form of retirement pensions and healthcare insurance payments. Most of these schemes are contribu... Lire la suite

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Trésor-Economics No. 199 - Strétégies to expand the distribution of generic drugs

When a pharmaceutical company wants to market a new molecule, it applies for a patent. The patented drug, known as the "originator" drug, is generally protected for between 10 and 15 years. After the patent expires, the pharmaceutical company no longer has the monopoly on manufacturing the drug, and can face competition from generic pharmaceutical firms. In France, whether they are made by gener... Lire la suite