Tresor-Economics

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Trésor-Economics No. 89 - A prospective study of second-generation biofuels: an analysis of their economic and environmental efficiency

Biofuels are currently the primary substitutes for fossil fuels. As the first generation of biofuels, made from food crops, have come under heavy fire in recent years, attention has turned towards second-generation biofuels, mainly biodiesel and bioethanol, which are made from various kinds of plant matter (e.g. whole plants, lignin or perennial grasses, agricultural and forestry residue). As thes... Lire la suite

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Trésor-Economics No 88 - Implicit tax rate on corporate income in France

Corporate income tax (CIT) is usually seen as a tax levied at the statutory rate of 33.33%. However, assessment rules, reduced rates, tax smoothing procedures, and other variations in the tax base do require a more comprehensive study of other indicators to estimate the true tax burden on businesses. One of the most telling indicators, particularly for international comparisons, is the implicit ta... Lire la suite

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Trésor-Economics No. 87 - Emerging countries' foreign exchange reserves and accumulation strategies

The emerging countries' net foreign assets have been expanding faster than those of the developed countries, since 2004, thanks to larger trade surpluses and capital inflows than previously. Today they represent two thirds of world foreign exchange reserves. China and the other emerging Asian economies, with fairly rigid exchange regimes, hold the bulk of these reserves.These reserves have enabled... Lire la suite

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Trésor-Economics No. 86 - Neither deflation nor inflationary spiral in the United States: what can be learnt from a sectoral model of core inflation

Opinions on the inflation outlook diverge in the United States. The economic recovery, rising energy prices, and the current monetary policy of the Federal Reserve (Fed) now lead some observers to predict an "inflationary spiral." For others, the under-utilization of productive capacity, high unemployment, household debt reduction, and a still-troubled real-estate market suggest the opposite scena... Lire la suite

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Trésor-Economics No. 85 - «Regulating» emerging markets capital inflows?

Capital flows to the emerging countries have been trending upwards since 2003, driven by the significantly greater growth potential of these countries relative to the developed countries.  Since spring 2009, indeed, capital inflows have recovered the peaks registered in 2007-2008, when they became so massive that several emerging countries took steps to regulate them more effectively. They exceede... Lire la suite

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Trésor-Economics No. 84 - Explanatory factors for recent trends in French business failures: an econometric analysis

The monthly index of business failures released by INSEE (France's National Statistical Institute) measures the number of enterprises for which a court-ordered reorganization has been initiated. Although it does not cover all terminations, the index-besides supplying information on business demography-acts as a reliable barometer of the financial health of firms. In particular, it helps to identif... Lire la suite

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Trésor-Economics No. 83 - Impact of the crisis on employment and wages in France

In 2009, France experienced its deepest recession since World War II, with a GDP contraction of 2.6% (versus 0.9% in 1993). This issue of Trésor-Economics describes the labor-market adjustment during the recent crisis, highlighting the characteristics of the persons most affected.The recession entailed large job losses mainly in the non-farm market sector, where they rose from 183,000 in 2008 to 3... Lire la suite

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Trésor-Economics No. 82 - Convergence and "deconvergence" of living standards in the New Member States of the European Union

Living standards in the New Member States of the European Union (NMSs) converged very rapidly towards the average European standard of living over the first decade of the new century. In many countries in the region, such as the Baltic countries and Bulgaria, GDP per capita adjusted for purchasing power parities (PPP), which is an indicator for comparing living standards between countries, increas... Lire la suite

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Trésor-Economics No. 81 - The global economic outlook in autumn 2010: how are the components of recovery lining up?

Since the first stirrings of spring, the advanced economies have entered a phase of moderate recovery. As expected, the first half of 2010 was more buoyant than the latter half of 2009 for most of the world's leading economies, for the eurozone especially. The pickup in activity since summer 2009 rested largely on the recovery in global trade, and in particular on growth in trade with China and em... Lire la suite

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Trésor-Economics No. 80 - Toward a more balanced world growth: the possible contributions of the United States, China, Germany and Japan

From a macroeconomic standpoint, the 2000s witnessed a significant rise in global imbalances. Between 1998 and 2007, the total of G20 current account deficits and surpluses rose by nearly two trillion dollars. These imbalances have contributed to the seriousness of the economic crisis.At the September 2009 Pittsburgh Summit, the G20 heads of state decided to create a "Framework for Strong, Sustain... Lire la suite