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

_IMF Staff Country Reports, October 29, 2019_

## Source details

**Canonical URL:** [France: Financial Sector Assessment Program-Technical Note-Nonfinancial Corporations and Households Vulnerabilities](https://www.imf.org/en/publications/cr/issues/2019/10/28/france-financial-sector-assessment-program-technical-note-nonfinancial-corporations-and-48757)

## Other formats

- [Markdown version](/en/publications/cr/issues/2019/10/28/france-financial-sector-assessment-program-technical-note-nonfinancial-corporations-and-48757/index.md)
- [Structured JSON version](/en/publications/cr/issues/2019/10/28/france-financial-sector-assessment-program-technical-note-nonfinancial-corporations-and-48757/index.json)
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## Bibliographic details
- Published: October 29, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513517759.002

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### Scope and objectives
- Analyzes the structure of nonfinancial corporate financing in the French economy.
- Examines potential vulnerabilities of the corporate sector and their possible channels of transmission through interconnections with the financial system.
- Documents the evolution of French corporate debt since the global financial crisis.
- Analyzes the riskiness of corporate debt, the quality of allocation of this debt, and heterogeneity across sectors and firms with potential macroeconomic implications.
- 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.

### Major findings
- Empirical analysis suggests corporate debt may be allocated efficiently across publicly listed companies.
- The allocation picture is less clear among nonpublicly listed firms.
- The note focuses on vulnerabilities and transmission channels between corporate sector risks and the financial system (no further quantitative results provided on the landing page).

### Thematic coverage (subjects and keywords)
- Subjects: Banking; Financial crises; Financial institutions; Financial statements; Global financial crisis of 2008-2009; Housing; Housing prices; Loans; National accounts; Prices; Public financial management (PFM).
- Keywords: bank credit; CR; debt financing; financial condition; financial crisis; Financial statements; Global; Global financial crisis of 2008-2009; household debt; Housing; housing loan; Housing prices; interest rate; ISCR; Loans; real GDP; return on assets.

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_Source: https://www.imf.org/en/publications/cr/issues/2019/10/28/france-financial-sector-assessment-program-technical-note-nonfinancial-corporations-and-48757_