Tresor-Economics - Trésor Info | Direction générale du Trésor

Trésor-Eco

Trésor-Economics No. 112 - The world economy in the spring of 2013: a brighter outlook?

Rédigé par : DG Trésor 04 avril 2013

At the end of 2012, international trade and global economic growth stalled, partly because of temporary factors. The main reason growth remained flat in the United States was the fall in military spending and the impact that hurricane Sandy had on output and inventories, which cancelled out the growth of private expenditure. The dip in the United Kingdom's fourth-quarter growth offset the stronger... Lire la suite

Trésor-Eco

Trésor-Economics No. 111 - How should one assess short-term economic uncertainty?

Rédigé par : DG Trésor 03 avril 2013

Economic activity in the major European Union countries and the United States has been heavily affected on several occasions since 2008 by the decline in confidence among economic players. Uncertainty in the financial markets, measured by market volatility indexes or government-bond spreads, rose sharply in the summers of 2011 and 2012.In cyclical turnarounds, short-term economic growth is often h... Lire la suite

Trésor-Eco

Trésor-Economics No. 110 - How have the Hartz reforms shaped the German labour market?

Rédigé par : DG Trésor 20 mars 2013

Since 2005, the German economy has created 2.5 million jobs, mostly part-time positions or work on fixed-term or temporary (agency) contracts. This job growth has reduced the unemployment rate by 5 points to the historic low of 5.3% according to the International Labour Office (ILO) definition of unemployment.Germany's structural labour market reforms in the early 2000s are frequently cited as one... Lire la suite

Trésor-Eco

Trésor-Economics No. 109 - Asia in 2020: growth models and imbalances

Rédigé par : DG Trésor 19 février 2013

Asia has been by far the most dynamic region of the world over the past decade, powered most notably by China's rapid growth, to the point where it now accounts for more than two-thirds of world growth.In most Asian countries, income levels are progressively converging with those of the advanced economies, and these countries are developing their physical and financial infrastructure. Considerable... Lire la suite

Trésor-Eco

Trésor-Economics No. 108 - The shortage of international trade finance during the 2008 crisis: findings and perspectives

Rédigé par : DG Trésor 14 janvier 2013

International trade finance facilitates more than 80% of flows of trade in merchandise, and is central to the smooth functioning of world trade at a time when manufacturing processes are fragmented across many different countries.In 2009, trade volumes declined for the first time since 1982, as a result of the economic and financial crisis. One of the explanations advanced to account for this cont... Lire la suite

Trésor-Eco

Trésor-Economics No. 107 - Short-time working schemes in France and Germany: how do they differ?

Rédigé par : DG Trésor 20 novembre 2012

Large-scale use of short-time working (Kurzarbeit) is frequently advanced as an explanation of German jobs miracle («Jobwunder») during the crisis of 2008-2009. Germany succeeded in holding unemployment to 7.5%, a rise of just 0.2% between 2008 and 2009, whereas in France it rose by 1.6 points to 9.4% in 2009. This system concerned nearly 1.5 million salaried workers in Germany in 2009, as against... Lire la suite

Trésor-Eco

Trésor-Economics No. 106 - Should the monetary authorities react to oil price swings?

Rédigé par : DG Trésor 08 octobre 2012

Oil prices have been rising since June of this year, after falling in the second quarter of 2012 against a background of slowing economic activity and increased supply. The price of Brent has risen 50% since 2007, to $115 per barrel in October 2012.The steep increase in the price of oil in 2008, and again in 2010-2011, has sparked discussion on how the importing countries' monetary authorities mig... Lire la suite

Trésor-Eco

Trésor-Economics No. 105 - Lessons for today from Sweden's crisis in the 1990s

Rédigé par : DG Trésor 18 septembre 2012

Sweden experienced a serious crisis in the early-1990s, with banks collapsing, a sharp drop in GDP, soaring public debt, loss of the country's triple A rating, and a jump in unemployment not seen since the 1930s.This crisis came after a period during which wages and prices had spiralled out of control throughout the 1970s and 1980s, rectified by frequent devaluations. A mismanaged deregulation of... Lire la suite

Trésor-Eco

Trésor-Economics No. 104 - The world economy in the summer of 2012: a fragile recovery

Rédigé par : DG Trésor 15 juillet 2012

The world economic outlook in the summer of 2012 hinges on the resolution of the crisis in the euro area. Monetary policy decisions made at the end of 2011 significantly reduced financial tensions and stabilised growth in early 2012. Recent developments in Spain and in Greece, in the run-up to the elections, have revived some fears and weakened the short-term outlook for the euro area, particularl... Lire la suite

Trésor-Eco

Trésor-Economics No. 103 - Does financial globalization affect the external adjustment of national economies?

Rédigé par : DG Trésor 28 juin 2012

The net external position (NEP) of a country's economy is the difference between total foreign receivables held by residents and total claims on residents by foreign creditors. An economy with a negative NEP is therefore in debt to the rest of the world. Our study focuses on the adjustment mechanisms that enable an economy to rebalance its NEP.The international financial integration under way sinc... Lire la suite