Victor Lequillerier

Think Tank @bsi_economics / Economiste @Bpifrance / RT = No endorsement

[Peterson Institute @PIIE]

New Chinese data imply that foreign firms operating in China are not only declining to reinvest their earnings but—for the first time ever—they are large net sellers of their existing investments to Chinese companies & repatriating the funds.
Read here: https://t.co/9nctRNG5Vd

[Le Grand Continent @Grand_Continent]

La Chine de Xi Jinping a un projet planétaire.

Pour le comprendre il faut lire le discours clef, prononcé par Xi devant Poutine et Orbán, en ouverture du 3e Forum des Nouvelles routes de la soie.

Nous le traduisons pour la première fois en français.
https://t.co/E5aPmrgKZ4

[Olivier Blanchard @ojblanchard1]

A remarkable study of redistribution in France by INSEE: https://t.co/5M9kcE9MaE…Bottom line. Before redistribution, ratio of income of highest income people (10% of pop) to lowest income people (13% of pop) is 18 to 1. After redistribution, 3 to 1.

[Robin Brooks @robin_j_brooks]

Dollarization in Ecuador is being romanticized in Argentina, so this article by ⁦@LuisIJacome1⁩ - a former President of Ecuador’s central bank - is required reading. It reviews the pros and cons, including a loss of competitiveness and weak growth… https://t.co/YkfzgFHaJu

[Gita Gopinath @GitaGopinath]

The global economy is gradually recovering from the pandemic and Russia’s invasion of Ukraine, but downside risks dominate. Our latest #WEO projects 2.8% global growth for this year and 3% for 2024. https://t.co/JZdagPn6ni

[Financial Times @FT]

Crude prices jump after Saudi Arabia announces oil production cut https://t.co/ZqB1ZUzQa6

[Robin Brooks @robin_j_brooks]

There is NO deposit flight out of US banks. Small banks (rhs) saw INFLOWS of +$6 bn in the week ending Mar 22, after outflows of -$196 bn in the week ending Mar 15. Big banks (lhs) are seeing outflows, but those predate SVB and are small (around -1%) vs the stock of deposits...

[Bpifrance @Bpifrance]

Intervient ensuite @landais_camille sur les enjeux des politiques publiques et de leur évaluation en France 👇

[Financial Times @FT]

EU seeks to tighten oversight of trade in sensitive technologies with China https://t.co/ovtMI0ZIRo

[Marc-O. STRAUSS-KAHN @MarcStraussKahn]

“Eviter une nouvelle crise de la dette : ingénierie financière ou dynamique de développement?” 7.4.23 14h-17:30 (visio & presentiel) @banquedefrance (+ #Ferdi #FDL) S’INSCRIRE 👉 https://t.co/5tzUZgGP1R Intro @agnesbq1 @PatrickGuillaumont #BDFeco @BrunoCabrillac @OlivierGarnier_

[Gregory Daco @GregDaco]

⚠️New #Fed dot plot only implies another 25bps of tightening to a terminal rate of 5.1%

▶️Suggests final 25bps rate hike in May

📊Median fed funds rate expectations:
▶️2023: 5.1% (was 5.1%)
▶️2024: 4.3% (was 4.1%)
▶️2025: 3.1% (was 3.1%)
▶️Long-run: 2.5%

[Grégoire Favet @GregoireFavet]

Le poids des AT1 dans le capital requis des banques et la sensibilité des profits à une hausse du coût de cette source de financement

[Reuters Asia @ReutersAsia]

After SVB failure, US acts to shore up banking system confidence https://t.co/aW3hbMjPKb

[Brad Setser @Brad_Setser]

The outline of the US government's response to the failure of Silicon Valley Bank is now clear, and the US didn't mess around. Clearly there was real concern about deposit flight and funding driven contagion.

The response has three legs --

1/

https://t.co/YwzJaFxamR

[FT Europe @ftbrussels]

ECB scraps dividend after rising interest rates wipe out profits https://t.co/Vi4tZNizWI

[Frederik Ducrozet @fwred]

🇪🇺 Important (geeky) speech from ECB's chief economist Philip Lane on monetary policy lags. Rate hikes are expected to lower inflation by 1.8% in 2024. The negative impact on growth would be around 1.5% on average over three years. https://t.co/2xze3yXNyZ

[Marc-O. STRAUSS-KAHN @MarcStraussKahn]

“Central Bank digital currencies in Africa: catching up” @BIS_org @suerf_org 👉https://t.co/GhwLKCb2zM #EAlberola & #IMattei “Cross-border cooperation … crucial … the choices made by large economy central banks could constrain the options available to smaller countries…”

[Mariana Mazzucato @MazzucatoM]

Consultancies know less than they claim, cost more than they seem to, and — over the long term — prevent the public sector developing in-house capabilities.

From my @FT interview with @henrymance on my new book with @RosieCollingto - The Big Con.
https://t.co/AQElqDSjPJ

[Brad Setser @Brad_Setser]

China is reducing its holdings of U.S. Treasuries. But it isn't actually shifting out of U.S. bonds. Rather it is moving into Agencies -- and not for the first time.

https://t.co/a8Y6jRjvr3

[Vincent Lequertier @VLequertier]

Impact d1% de PIB chinois sur les autres zones (source : Goldman)