France: Financial Sector Assessment Program-Technical Note-Nonfinancial Corporations and Households Vulnerabilities

International Monetary Fund

No 2019/321, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note on nonfinancial corporations and households vulnerabilities on France analyzes the structure of nonfinancial corporate financing in the French economy, potential vulnerabilities of the corporate sector, and their possible channels of transmission through interconnections with the financial system. The objective of this paper is to document the evolution of French corporate debt since the global financial crisis, analyze the riskiness of this debt, the quality of allocation of this debt, and uncover potential heterogeneity across sectors and firms which may have implications at the macroeconomic level. This paper also complements existing studies by the Institut National de la Statistique et des Études Économiques, the Haut Conseil de Stabilité Financière and the Banque de France by undertaking a cross-country comparative analysis. Empirical analysis suggests that corporate debt may be allocated efficiently across publicly listed companies, but the picture is less clear among nonpublicly listed firms.

Keywords: ISCR; CR; financial crisis; real GDP; bank credit; return on assets; financial condition; housing loan; interest rate; household debt; debt financing; Loans; Housing; Housing prices; Global financial crisis of 2008-2009; Financial statements; Global (search for similar items in EconPapers)
Pages: 66
Date: 2019-10-29
New Economics Papers: this item is included in nep-fdg
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