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

  • Mireille Jaeger
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    [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.

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    File URL: http://dx.doi.org/doi:10.3406/rfeco.1996.1008
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    File URL: http://www.persee.fr/doc/rfeco_0769-0479_1996_num_11_4_1008
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    Article provided by Programme National Persée in its journal Revue française d'économie.

    Volume (Year): 11 (1996)
    Issue (Month): 4 ()
    Pages: 37-82

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    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1996_num_11_4_1008
    Note: DOI:10.3406/rfeco.1996.1008
    Contact details of provider: Web page: http://www.persee.fr/collection/rfeco

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    1. 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.
    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. 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 457-68, November.
    4. 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.
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