Banque de France-TSE Partnership


Since 2007, the Banque de France and TSE have run a long-term scientific partnership based on exchanges, research and joint publications. The aim of the partnership is to support and complement the scientific expertise of the Banque de France, and develop joint research projects in the fields of microstructure, financial intermediation, risk, and macroeconomic analysis. The research projects are organised as a cycle of workshops, seminars and conferences that are open to the public and attract the finest specialists in the field. Researchers from TSE also provide scientific supervision for research projects at the Banque de France, in particular during visits to the Institution. The partnership draws on the skills of highly qualified research teams and enjoys an international reputation.

The Banque de France is a member of the TSE Partners Club and supports the TSE Sustainable Finance Center.

Research topics

  • Monetary economics: Macroeconomic analysis of fluctuations and growth, monetary, fiscal and budgetary policies. Financial intermediation and crisis prevention.
  • Financing the economy: corporate debt financing, profitability of financial institutions (low interest rate, digital transition, etc.).
  • Financial stability: risk premia, credit risks, international policy coordination. Impact of public debt/public guarantee as a consequence of economic crises such as COVID-19.
  • Market finance and microstructure: organisation and functioning of market and post-market infrastructures, market transparency, price formation processes, volatility. 
  • Sustainable finance: responsible finance and long-term investment, financial technologies and digital markets, the economics of energy industries, the economics of natural resources and the environment.