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Financing and Risks of French Firms

This paper documents the role of capital markets in financing nonfinancial French firms since the adoption of the euro and analyzes its implications for risk using a structural model of credit risk. The analysis suggests that market financing has played a more important role in financing French firms than the euro area as a whole. The credit risk of French firms was reduced substantially between 2002 and the first half of 2007. The subsequent global turmoil has had a larger impact on smaller firms than larger ones.