France: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 390

Publication date: October 2006

ISBN: 9781451813692

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Taxation - General , ISCR , CR , employer , consumption , firm , USA supply shock , consumer confidence , terms of trade , exchange rate , U , S , -driven demand shocks , monetary policy , current account , housing loan , home equity , Mortgages , Consumption taxes , Labor taxes , Employer contributions , Supply shocks , Global , Europe

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Summary

U.S. shocks explain a large part of French output common components. This paper analyzes the economic implications of two alternative welfare financing reforms: a reduction in payroll taxes funded by an increase in consumption taxes, and the other funded by a new levy on business value added. The importance of financial market constraints and whether the recent mortgage market reform is likely to ease these constraints is assessed. Rechargeable mortgages are attractive and encourage collateralization, but bolder measures are needed to limit legal and other fees.