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Trésor-Economics No. 35 - Real exchange rate appreciation in the emerging countries

Rédigé par : DG Trésor

The catching up economies have experienced sharp productivity gains, and their currencies are under pressure to appreciate in real terms against the developed countries' currencies. Until July 2007, in most cases these resulted in significant nominal appreciations, while at the same time we saw rising inflationary pressures. This process, which is essentially structural in origin, has been amplifi... Lire la suite

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Trésor-Eco

Trésor-Economics No. 34 - "Large contracts" signed by French firms in the emerging countries

Rédigé par : DG Trésor

A transaction is considered to be a "large" contract when the French share of it exceeds €3 million. Large civil contracts signed by French firms in the emerging countries are reported on a quarterly basis by the international network of Economic Missions of the Ministry for Ministry forthe Economy, Industry and Employment. These major contracts have a direct impact on French exports, and in parti... Lire la suite

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Trésor-Eco

Tresor-Economics No. 33 - The carry trade and recent yen movements

Rédigé par : DG Trésor

The existence of a strong Japanese current account surplus against a background of relative yen weakness in recent years raises questions, and is contributing to the persistence of international balance of payments imbalances.Over and beyond the role played by macroeconomic policy in Japan (with very low key rates especially), a decline in Japanese households' preference for domestic securities (k... Lire la suite

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Trésor-Eco

Trésor-Economics No. 32 - Do rising food prices pose a risk of persistent inflationary pressure?

Rédigé par : DG Trésor

Prices of agricultural commodities rose sharply in 2006 and 2007. The causes of the trend are both cyclical and structural, which means prices could remain durably high and very volatile. Several exporting regions, especially Australia and Europe, have recently suffered climate events. Cereal and dairy production have fallen as a result, reducing inventories and causing tension in world markets. M... Lire la suite

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Trésor-Eco

Trésor-Economics No. 31 - How does the National Minimum Wage compare with the SMIC?

Rédigé par : DG Trésor

The British National Minimum Wage (NMW) was introduced in 1999 and rapidly rose to a level close to that of its French equivalent, the Salaire Minimum Interprofessionnel de Croissance, or SMIC. However the NMW has not affected the operation of the labour market in the same way as the SMIC. At first sight, the proportion of workers covered by this minimum wage is distinctly lower in the United King... Lire la suite

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Trésor-Eco

Trésor-Economics No. 30 - The long-term economic consequences of climate change

Rédigé par : DG Trésor

In 2006 the UK Treasury published a study on the economic consequences of climate change (the "Stern Review on the Economics of Climate Change"). The main novelty of the "Stern Review" was to introduce economic analysis right into the heart of the climate debate, vigorously arguing that the damage caused by global warming could be 5 to 20 times greater than the sacrifices demanded of our economies... Lire la suite

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Trésor-Eco

Trésor-Economics No. 29 - Implementation of the Markets in Financial Instruments Directive: what is at stake?

Rédigé par : DG Trésor

The Markets in Financial Instruments Directive (the MiFID) came into force on 1 November 2007. Under this directive, States can no longer require investors' orders to be concentrated on the regulated exchanges only. As a result of this rule, applied with variable rigour from one European country to another, the great majority of orders have hitherto been routed through regulated markets, and in pa... Lire la suite

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Trésor-Eco

Trésor-Economics No. 28 - The conditions for a positive contribution of sovereign wealth funds to the world economy

Rédigé par : DG Trésor

The so-called Sovereign Wealth Funds (SWFs), set up by governments enjoying fast growing external revenues in order to manage sovereign wealth separately from official foreign reserves, are already surpassing the hedge fund industry in terms of assets under management. Their aggregate asset portfolio is still much lower than total assets under private management (2 to 3 trillion $ versus 53 trilli... Lire la suite

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Trésor-Eco

Trésor-Economics No. 27 - Competition within sectors in France

Rédigé par : DG Trésor

Relative lack of competition is regularly pointed out as a main factor behind weak economic growth. In this study, we build an indicator measuring competition in a given sector of the economy. We then give an estimation of the potential gain in growth and jobs resulting from an alignment of competition in certain sectors with that observed in the best-performing European countries.We can assess th... Lire la suite

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Trésor-Eco

Trésor-Economics No. 26 - Trends in French public spending: a retrospective survey

Rédigé par : DG Trésor

The share of public spending in GDP has risen sharply in France over the past fifty years, rising from 35 % at the beginning of the 1960s to over 50 % since the 1990s.The rise has not been a steady one, being especially pronounced when fiscal policy was called upon to stimulate the economy (after the fiscal stimuli of 1974 and 1981). Over the long run, the main driver has been the rapid growth in... Lire la suite

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