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Trésor-Economics No. 129 - Unionisation in France: paradoxes, challenges and outlook

Rédigé par : DG Trésor

France is unusual in that it has one of the lowest rates of union membership in the OECD (8% in 2010) with one of the highest rates of collective bargaining coverage (93% in 2008). This paradox points up the particularity of the French model of industrial relations, where the collective bargaining extension procedure means that unions and employer associations negotiate for all sector workers rath... Lire la suite

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Trésor-Eco

Trésor-Economics No. 128 - What next for globalisation?

Rédigé par : DG Trésor

One of the most remarkable features of the global economy since the early-1990s has been the rapid integration, and consequently growing importance, of the emerging economies, China especially, in the global trading system. This issue of Trésor Economics considers the main medium-term issues and challenges arising from future developments in these economies' supply side on the one hand, and in the... Lire la suite

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Trésor-Eco

Trésor-Economics No. 127 - Gauging the impact of the french public seed-fund programme launched in 1999

Rédigé par : DG Trésor

Technology firms' creation requires specific financing tools to take into account the high level of risk associated with their activity. "Tech" start-ups could not significantly rely on bank funding and generally turn to sources such as the entrepreneur's family and friends ("love money"), business angels, or investors who have pooled their capital in funds run by management firms. Seed-funds repr... Lire la suite

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Trésor-Economics No. 126 - The global economy in the spring of 2014: stronger growth, but new risks

Rédigé par : DG Trésor

In 2013 global economic growth gradually picked up, but divergences between major economic zones persisted. The growth differential between advanced countries was still stark, with the Anglo-Saxon countries and Japan on one side, and the euro area countries on the other. Growth remained fairly firm in the United States and recovered substantially in the United Kingdom and Japan, on the strength of... Lire la suite

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Trésor-Economics No. 125 - Are business surveys equally successful to forecast economic activity in France?

Rédigé par : DG Trésor

As the first available economic indicators, business surveys are at the core of short term economic forecasting. However, since mid-2012, business climate indices and composite indicators, which summarize answers given to survey's various questions (about past activity, further prospects, employment etc.), did not move in concert with French growth. Indeed, while French GDP has been quite resilien... Lire la suite

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Trésor-Economics No. 124 - Challenges facing the French manufacturing sector

Rédigé par : DG Trésor

Developed economies are experiencing de-industrialisation due to higher productivity gains in industry and the structural shift in demand towards services. However, its pace varies across countries, partly reflecting manufacturing sector's competitiveness gaps vis-à-vis foreign competitors. Although it possesses a diversified manufacturing base and flourishing multinationals, France is de-industri... Lire la suite

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Trésor-Economics No. 123 - Emerging economies: heading for persistently slower growth than before the crisis

Rédigé par : DG Trésor

Economic activity in emerging economies has slowed significatly since 2011, after resisting fairly well to the financial crisis. Stimulus measures in 2009 enabled their activity to bounce back in 2010, but momentum began to flag in 2011. Growth was around 5.5% in 2011-2012, versus 7.5% in the period 2003-2007.This slowdown is partly cyclical, due to a combination of domestic and external factors.... Lire la suite

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Trésor-Economics No. 122 - What is the "non-price" positioning of France among advanced economies?

Rédigé par : DG Trésor

It seems hard to explain the divergent export dynamics of advanced economies solely on the basis of global demand and price competitiveness. "Non-price" determinants such as quality, innovation, design, brand image and distribution networks also help to explain export performance.However, standard measures of "non-price" competitiveness - for example, qualitative indicators and econometric methods... Lire la suite

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Trésor-Economics No. 121 - Yuan internationalisation. A measured pace strategy

Rédigé par : DG Trésor

The internationalisation of the yuan refers to the process by which both residents and non-residents can use the yuan outside of mainland China for trade and financial purposes. For residents' to acquire yuan-denominated securities outside of China, greater investment opportunities inside mainland China are needed. This in turn means (i) opening up China's capital account, which is still closed fo... Lire la suite

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Trésor-Economics No. 120 - A budget for the euro area

Rédigé par : DG Trésor

The sovereign debt crisis that started in 2010 was a reminder of the euro area's design flaws: the area comprises a central monetary pillar (the ECB), but no unified "fiscal pillar", as in a federal state. Although its aggregate fundamentals are fairly sound by comparison with other currency areas, the euro area has experienced an episode of severe macroeconomic and financial instability unseen an... Lire la suite

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