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Papers by Virginie Coudert

We assess the extent to which capital buffers (the capital banks hold in excess of the regulatory... more We assess the extent to which capital buffers (the capital banks hold in excess of the regulatory minimum) exacerbate rather than reduce the cyclical behavior of credit. We empirically study the relationships between output gap, capital buffers and loan growth with firm-level data for French banks over the period 1993—2009. Our findings reveal that bank capital buffers intensify the cyclical

Energy Studies Review, 2007

Revue de l'OFCE, 1989

[eng] The article presents the first medium-term projection of the world economy made using MIMOS... more [eng] The article presents the first medium-term projection of the world economy made using MIMOSA, a model built jointly by the CEPII and the OFCE. After the unexpectedly good performance of the world economy in 1988, a period of slow down could take place in 1989/1990, resulting in part from strong anti-inflationary policies. Growth in OECD countries would settle at

Revue de l'OFCE, 1990

[eng] Mimosa, a macroeconomic model of the world economy, jointly built by the CEPII and the OFCE... more [eng] Mimosa, a macroeconomic model of the world economy, jointly built by the CEPII and the OFCE, is now operational. This article presents its main features and describes some monetary and fiscal multipliers. The economies of the six bigger industrialised countries are described in great detail by neo-keynesian models : a five product disaggregation distinguishes the energy sector, agriculture, the

Credit growth rates as high as 30% or 50% a year were observed in some Central Eastern European c... more Credit growth rates as high as 30% or 50% a year were observed in some Central Eastern European countries (CEECs) in 2006-2007, such as the Baltic States, Bulgaria or Romania. This strong credit growth could have been due to the catching-up process but could also have been excessive, paving the way to the credit crunch that followed the crisis in 2008-2009. We try to assess the excessiveness of credit by applying a number of methods. First, we consider the gap between current credit and its long-term trend and we find some signs of credit booms, in several CEECs in 2005-2007. Second, we assess the “normal” growth of credit with regard to fundamentals through econometric estimations. Credit growth is also shown to have been excessive in several countries just before the 2008-2009 financial crisis.

Revue économique, 1998

... qt est le taux de change reel d'equilibre associe a la position exterieure nette desiree... more ... qt est le taux de change reel d'equilibre associe a la position exterieure nette desiree Ft. II est donne par la relation : r*- qt = Zt + -Ft (1) Ce resultat suggere l'existence d'une relation de long terme entre le taux de change reel, l'indicateur de la competitivit6 hors prix et la position ...

Review of International Economics, 2009

Journal of Asian Economics, 2007

The huge positions on the credit default swaps (CDS) have raised concerns about the ability of th... more The huge positions on the credit default swaps (CDS) have raised concerns about the ability of the market to settle major entities’ defaults. The near-failure of AIG and the bankruptcy of Lehman Brothers in 2008 have revealed the exposure of CDS’s buyers to counterparty risk and hence highlighted the necessity of organizing the market, which triggered a large reform process.

We analyse the links between credit default swap (CDS) and bond spreads and try to determine whic... more We analyse the links between credit default swap (CDS) and bond spreads and try to determine which one is the leading market in the price discovery process. To do that, we construct a sample of CDS premia and bonds spreads on a generic 5-year bond, for 17 financials and 18 sovereigns. First, we run VECM estimations, showing that the CDS

Has the General Motors (GM) and Ford crisis in 2005 spread to the whole credit default swap (CDS)... more Has the General Motors (GM) and Ford crisis in 2005 spread to the whole credit default swap (CDS) market? To answer this question, we study the correlations between CDS premia, by using a sample of 226 CDSs on major US and European firms. We show that correlations significantly increased during the crisis, especially in the first week. We also test

Nanotechnology, 2007

We report here on the self-patterned growth of nanostructured epitaxial oxide thin films using a ... more We report here on the self-patterned growth of nanostructured epitaxial oxide thin films using a bottom-up approach. Different stepped (0001) sapphire surfaces have been used as templates to grow different nanostructured thin films of yttria-stabilized zirconia elaborated by a chemical solution deposition technique, namely sol-gel dip-coating. For such films, a morphological instability occurs during post-deposition thermal annealing that forces the

Energy Studies Review, 2007

Revue française d'économie, 1997

We assess the extent to which capital buffers (the capital banks hold in excess of the regulatory... more We assess the extent to which capital buffers (the capital banks hold in excess of the regulatory minimum) exacerbate rather than reduce the cyclical behavior of credit. We empirically study the relationships between output gap, capital buffers and loan growth with firm-level data for French banks over the period 1993—2009. Our findings reveal that bank capital buffers intensify the cyclical

Energy Studies Review, 2007

Revue de l'OFCE, 1989

[eng] The article presents the first medium-term projection of the world economy made using MIMOS... more [eng] The article presents the first medium-term projection of the world economy made using MIMOSA, a model built jointly by the CEPII and the OFCE. After the unexpectedly good performance of the world economy in 1988, a period of slow down could take place in 1989/1990, resulting in part from strong anti-inflationary policies. Growth in OECD countries would settle at

Revue de l'OFCE, 1990

[eng] Mimosa, a macroeconomic model of the world economy, jointly built by the CEPII and the OFCE... more [eng] Mimosa, a macroeconomic model of the world economy, jointly built by the CEPII and the OFCE, is now operational. This article presents its main features and describes some monetary and fiscal multipliers. The economies of the six bigger industrialised countries are described in great detail by neo-keynesian models : a five product disaggregation distinguishes the energy sector, agriculture, the

Credit growth rates as high as 30% or 50% a year were observed in some Central Eastern European c... more Credit growth rates as high as 30% or 50% a year were observed in some Central Eastern European countries (CEECs) in 2006-2007, such as the Baltic States, Bulgaria or Romania. This strong credit growth could have been due to the catching-up process but could also have been excessive, paving the way to the credit crunch that followed the crisis in 2008-2009. We try to assess the excessiveness of credit by applying a number of methods. First, we consider the gap between current credit and its long-term trend and we find some signs of credit booms, in several CEECs in 2005-2007. Second, we assess the “normal” growth of credit with regard to fundamentals through econometric estimations. Credit growth is also shown to have been excessive in several countries just before the 2008-2009 financial crisis.

Revue économique, 1998

... qt est le taux de change reel d'equilibre associe a la position exterieure nette desiree... more ... qt est le taux de change reel d'equilibre associe a la position exterieure nette desiree Ft. II est donne par la relation : r*- qt = Zt + -Ft (1) Ce resultat suggere l'existence d'une relation de long terme entre le taux de change reel, l'indicateur de la competitivit6 hors prix et la position ...

Review of International Economics, 2009

Journal of Asian Economics, 2007

The huge positions on the credit default swaps (CDS) have raised concerns about the ability of th... more The huge positions on the credit default swaps (CDS) have raised concerns about the ability of the market to settle major entities’ defaults. The near-failure of AIG and the bankruptcy of Lehman Brothers in 2008 have revealed the exposure of CDS’s buyers to counterparty risk and hence highlighted the necessity of organizing the market, which triggered a large reform process.

We analyse the links between credit default swap (CDS) and bond spreads and try to determine whic... more We analyse the links between credit default swap (CDS) and bond spreads and try to determine which one is the leading market in the price discovery process. To do that, we construct a sample of CDS premia and bonds spreads on a generic 5-year bond, for 17 financials and 18 sovereigns. First, we run VECM estimations, showing that the CDS

Has the General Motors (GM) and Ford crisis in 2005 spread to the whole credit default swap (CDS)... more Has the General Motors (GM) and Ford crisis in 2005 spread to the whole credit default swap (CDS) market? To answer this question, we study the correlations between CDS premia, by using a sample of 226 CDSs on major US and European firms. We show that correlations significantly increased during the crisis, especially in the first week. We also test

Nanotechnology, 2007

We report here on the self-patterned growth of nanostructured epitaxial oxide thin films using a ... more We report here on the self-patterned growth of nanostructured epitaxial oxide thin films using a bottom-up approach. Different stepped (0001) sapphire surfaces have been used as templates to grow different nanostructured thin films of yttria-stabilized zirconia elaborated by a chemical solution deposition technique, namely sol-gel dip-coating. For such films, a morphological instability occurs during post-deposition thermal annealing that forces the

Energy Studies Review, 2007

Revue française d'économie, 1997