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Trésor-Eco

Trésor-Economics No. 189 - Composition and allocation of the distributable surplus in France since the crisis

Rédigé par : DG Trésor 18 janvier 2017

The analysis of the distributable surplus examines how the benefits of growth are shared. The distributable surplus is the share of GDP growth available for improving the real remuneration of the factors of production. It is therefore the share of growth not used to remunerate the increase in the volume of factors of production. The surplus is composed of productivity gains and the change in the a... Lire la suite

Trésor-Eco

Trésor-Economics No. 188 - Unemployment benefits in France compared to European practices

Rédigé par : DG Trésor 29 décembre 2016

Unemployment insurance is not necessarily the only protection against involuntary loss of employment. Indeed, in many European countries, unemployment benefits are only part of the replacement income for the jobseekers. These benefits may be supplemented with other social transfers, such as housing benefits and family allowance, and/or specific tax reductions.Cross-country comparisons of public fi... Lire la suite

Trésor-Eco

Trésor-Economics No. 187 - Economic analysis of the Paris Agreement

Rédigé par : DG Trésor 21 décembre 2016

While traditional economic approaches in international climate agreements differ in some respects, they are all based on three main principles:- Universality: Because the causes and consequences of climate change are global, all countries must participate in efforts to reduce greenhouse gas emissions, with no free riders.- Efficiency: To achieve the greenhouse gas (GHG) reduction objective at leas... Lire la suite

Trésor-Eco

Trésor-Economics No. 186 - Economic risks and rewards for first-time sovereign bond issuers since 2007

Rédigé par : DG Trésor 28 novembre 2016

(Update on June 15, 2017)Back in 1989, the Brady Plan enabled developing countries to extricate themselves from a solvency crisis that had severely hampered their growth throughout the 1980s. Under the Plan bank loans to these countries were exchanged for bonds with lower face values and longer maturities. The success of the Plan marked a turning point for middle-income countries (MICs). They star... Lire la suite

Trésor-Eco

Trésor-Economics No. 185 - The financial sector facing the transition to a low-carbon climate-resilient economy

Rédigé par : DG Trésor 15 novembre 2016

The significant economic growth and the profound structural changes that occurred since the end of the 19th century have proceeded hand-in-hand with an unprecedented rise in temperatures as well as broader changes to global climate. At COP21 in Paris, the common realization that continuous global warming could lead to irreversible damage to the planet led the international community to confirm and... Lire la suite

Trésor-Eco

Trésor-Economics No. 184 - Japan's response to deflation: an assessment of Abenomics

Rédigé par : DG Trésor 09 novembre 2016

Japan’s fall into deflation is explained by two sets of factors. The first were structural, such as the fading of the positive effects of technological catch-up and population ageing. The second were more cyclical like the economic downturns following the burst of the real-estate and stock-market bubble and the end-1997 economic crisis of the Asian countries. Since then, Japan has never experience... Lire la suite

Trésor-Eco

Trésor-Economics No. 183 - France and the internationalisation of business R&D

Rédigé par : DG Trésor 26 octobre 2016

The tendency towards international expansion of the value chain over the past three decades has gradually spread to research and development (R&D) activities, formerly located close to decision making centres. The trend appears to be stabilizing in most European countries, though it is impossible to say whether this slowdown is cyclical or structural. One channel for internationalisation is foreig... Lire la suite

Trésor-Eco

Trésor-Economics No. 182 - The debate on secular stagnation: a status report

Rédigé par : DG Trésor 11 octobre 2016

The concept of secular stagnation was introduced in 1938 by Alvin Hansen, who was concerned that investment might be too low to achieve full employment. After being forgotten for decades, the concept was revived in November 2013 by Larry Summers, who defined it as a situation in which the economy is unable to approach its potential growth rate, for reasons that include the difficulty of sufficient... Lire la suite

Trésor-Eco

Trésor-Economics No. 181 - The world economy in summer 2016: moderate but gradually accelerating growth

Rédigé par : DG Trésor 21 septembre 2016

World growth in 2016 is showing fresh of weakness, having contracted in 2015 on a slowdown in emerging economies. Global activity has been affected by a soft patch in the United States in the first half year. The pace is expected to quicken in 2017 as the US economy gathers momentum and Brazil and Russia gradually pull out of recession.The uncertainty generated by the UK referendum on remaining in... Lire la suite

Trésor-Eco

Trésor-Economics No. 180 - Fighting corruption: positive impacts on economic activity, including in developed countries

Rédigé par : DG Trésor 20 septembre 2016

Corruption has negative consequences for the economy because it affects the level, structure and calibre of public revenue and spending as well as private sector productivity.Indices that measure perceptions of corruption can be used to establish a rich – albeit imperfect and incomplete – country-by-country overview of the situation. Developed countries have lower levels of perceived corruption th... Lire la suite