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Les effets de la réglementation sur la valorisation des banques et leur incitation à la prise de risque

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  • Mireille Jaeger

Abstract

[fre] Après avoir rappelé le rôle d'assurance de liquidité imparti aux banques, on cherche à évaluer dans quelle mesure l'organisation et la réglementation bancaires affaiblissent la discipline de marché, et provoquent des distorsions qui valorisent les banques, mais en même temps sont à l'origine d'effets incitatifs positifs et les rendent prudentes, tandis que leur dévalorisation sous l'effet de la déréglementation est au contraire favorable à la prise de risque. L'étude empirique menée sur un panel de banques françaises cotées en bourse au travers, notamment, de leur ratio q de Tobin montre que leur valeur d'agrément s'est effritée en même temps que leur pouvoir de marché, ce qui peut expliquer leurs difficultés récentes et la dégradation de l'efficacité du dispositif français de solidarité de place.

Suggested Citation

  • Mireille Jaeger, 1996. "Les effets de la réglementation sur la valorisation des banques et leur incitation à la prise de risque," Revue Française d'Économie, Programme National Persée, vol. 11(4), pages 37-82.
  • Handle: RePEc:prs:rfreco:rfeco_0769-0479_1996_num_11_4_1008
    Note: DOI:10.3406/rfeco.1996.1008
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    References listed on IDEAS

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    1. Thierry Chauveau & Dhafer Saidane, 1991. "Le pouvoir des banques sur le marché du crédit : essai de comparaison internationale," Revue de l'OFCE, Programme National Persée, vol. 35(1), pages 135-166.
    2. Lindenberg, Eric B & Ross, Stephen A, 1981. "Tobin's q Ratio and Industrial Organization," The Journal of Business, University of Chicago Press, vol. 54(1), pages 1-32, January.
    3. Avery, Robert B & Belton, Terrence M & Goldberg, Michael A, 1988. "Market Discipline in Regulating Bank Risk: New Evidence from the Capital Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(4), pages 597-610, November.
    4. Gorton, Gary & Mullineaux, Donald J, 1987. "The Joint Production of Confidence: Endogenous Regulation and Nineteenth Century Commercial-Bank Clearinghouses," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 457-468, November.
    5. Buser, Stephen A & Chen, Andrew H & Kane, Edward J, 1981. "Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital," Journal of Finance, American Finance Association, vol. 36(1), pages 51-60, March.
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