Banque de France fourth Financial Stability Review

23 June 2004

The Banque de France published its fourth issue of its Financial Stability Review. The Financial Stability Review is divided into two parts. The overview provides a detailed account of recent developments in the international environment and the financial system, addresses financial vulnerabilities and sheds light on the initiatives designed to enhance financial stability.

The five articles provide in-depth analysis on a wide range of topical issues focusing on credit and equity-markets related topics of particular relevance to financial stability. They include:

credit ratings and market dynamics

findings of the French market survey on credit risk transfer instruments

credit default swaps and their uses

the interdependence of European and US stock markets

issues arising from the accounting treatment of goodwill recorded in French groups' balance sheet

Full paper

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