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La Politique de Dette SubordonnŽe comme alternative au III Pilier de B‰le II : est-elle faisable?

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Author Info
Adrian POP (Laboratoire dÕEconomie dÕOrlŽans)
Abstract

Les rŽcentes propositions de rŽforme de la rŽglementation bancaire, initiŽes tant par la Banque des Rglements Internationaux que par le Systme des RŽserves FŽdŽrales amŽricain, incluent des ŽlŽments de discipline de marchŽ qui compltent naturellement les instruments rŽglementaires traditionnels. Plus prŽcisŽment, une politique par laquelle les grandes banques sont forcŽes d'Žmettre rŽgulirement un certain montant minimal de dette subordonnŽe (sous forme de titres homognes) peut s'avŽrer efficace pour attŽnuer les effets de l'alŽa moral. Cet article se focalise sur la structure d'incitations des crŽanciers subordonnŽs et ses implications en termes de Politique de Dette SubordonnŽe. En particulier, le but de notre analyse est de mettre en lumire le dualisme du comportement des crŽanciers subordonnŽs : d'une part, comme Ç alliŽs È des rŽgulateurs, en protŽgeant leurs investissements par une surveillance active et une punition immŽdiate des stratŽgies excessivement risquŽes, d'autre part, comme Ç ennemis È des rŽgulateurs, en favorisant d'une manire similaire aux actionnaires l'adoption d'une politique aventurŽe en matire de risque.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2005023.

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Length: 30
Date of creation: 01 Jun 2005
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Handle: RePEc:ctl:louvre:2005023

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Related research
Keywords: RŽglementation bancaire; discipline de marchŽ; dette subordonnŽe;

Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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  1. Douglas D. Evanoff & Larry D. Wall, 2001. "Sub-debt yield spreads as bank risk measures," Working Paper Series WP-01-03, Federal Reserve Bank of Chicago. [Downloadable!]
    Other versions:
  2. Anthony Saunders, 2001. "Comments on Evanoff and Wall/Hancock and Kwast," Journal of Financial Services Research, Springer, vol. 20(2), pages 189-194, October. [Downloadable!] (restricted)
  3. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June. [Downloadable!] (restricted)
  4. Black, Fischer & Cox, John C, 1976. "Valuing Corporate Securities: Some Effects of Bond Indenture Provisions," Journal of Finance, American Finance Association, vol. 31(2), pages 351-67, May. [Downloadable!] (restricted)
  5. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-70, May. [Downloadable!] (restricted)
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  6. Kareken, John H, 1986. "Federal Bank Regulatory Policy: A Description and Some Observations," Journal of Business, University of Chicago Press, vol. 59(1), pages 3-48, January. [Downloadable!] (restricted)
  7. Nivorozhkin, Eugene, 2001. "An Analysis of Subordinated Debt in Banking: The Case of Costly Bankruptcy," Working Papers in Economics 44, Göteborg University, Department of Economics, revised 15 Oct 2001. [Downloadable!]
  8. Gorton, Gary & Santomero, Anthony M, 1990. "Market Discipline and Bank Subordinated Debt," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(1), pages 119-28, February. [Downloadable!] (restricted)
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