Tresor-Economics - Trésor Info | Direction générale du Trésor

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

Trésor-Eco

Trésor-Economics No. 179 - What are the economic consequences of obesity and how to tackle them?

Rédigé par : DG Trésor 06 septembre 2016

Overweight and obese people make up just under half of the French population, but they account for a disproportionate share of healthcare expenditure (56% for outpatient care and probably more for inpatient care). Excess bodyweight has particularly negative consequences for human health, raising morbidity by the heightened risk of chronic disease, and raising mortality, as 13% of deaths recorded i... Lire la suite

Trésor-Eco

Trésor-Economics No. 178 - The October 2015 agreement on France's complementary pension schemes for private-sector employees (AGIRC and ARRCO)

Rédigé par : DG Trésor 30 août 2016

France has two points-based pay-as-you-go compulsory complementary pension schemes for private-sector employees: AGIRC covers managerial and executive staff (cadres), and ARRCO covers non-executives (non-cadres). The schemes were established in the second half of the twentieth century and are managed directly by the social partners (trade unions and employer organisations).Without adjustments, bot... Lire la suite

Trésor-Eco

Trésor-Economics No. 177 - How effective are hiring subsidies for boosting employment?

Rédigé par : DG Trésor 22 août 2016

A hiring bonus reduces labour costs and increases employment levels. Such bonuses are in line with earlier measures to reduce labour costs implemented in France over the last 20 years, including cuts in social contribution rates, the Competitiveness and Employment Tax Credit and reduced Social contributions under the Responsibility and Solidarity Pact. Unlike the previous measures, the hiring bonu... Lire la suite

Trésor-Eco

Trésor-Economics No. 176 - How would the external debt of five major emerging countries respond to financial tensions?

Rédigé par : DG Trésor 12 août 2016

The highly accommodative monetary policy implemented in the developed countries since the 2008 financial crisis has helped to stimulate large capital inflows into the emerging economies by investors seeking higher yields. These flows were reversed when the U.S. Federal Reserve raised interest rates and some emerging economies began to slow.The emerging countries seem to have become less vulnerable... Lire la suite