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La Politique de Dette Subordonnée comme alternative au IIIè Pilier de Bâle II : est-elle faisable?

  • Adrian POP

    (Laboratoire d’Economie d’Orléans)

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    Les récentes propositions de réforme de la réglementation bancaire, initiées tant par la Banque des Règlements Internationaux que par le Système des Réserves Fédérales américain, incluent des éléments de discipline de marché qui complètent naturellement les instruments réglementaires traditionnels. Plus précisément, une politique par laquelle les grandes banques sont forcées d'émettre régulièrement un certain montant minimal de dette subordonnée (sous forme de titres homogènes) peut s'avérer efficace pour atténuer les effets de l'aléa moral. Cet article se focalise sur la structure d'incitations des créanciers subordonnés et ses implications en termes de Politique de Dette Subordonnée. En particulier, le but de notre analyse est de mettre en lumière le dualisme du comportement des créanciers subordonnés : d'une part, comme « alliés » des régulateurs, en protégeant leurs investissements par une surveillance active et une punition immédiate des stratégies excessivement risquées, d'autre part, comme « ennemis » des régulateurs, en favorisant d'une manière similaire aux actionnaires l'adoption d'une politique aventurée en matière de risque.

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    File URL: http://sites.uclouvain.be/econ/DP/REL/2005023.pdf
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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
    Date of revision:
    Handle: RePEc:ctl:louvre:2005023
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    1. Timothy H. Hannan & Gerald A. Hanweck, 1986. "Bank insolvency risk and the market for large certificates of deposit," Working Papers in Banking, Finance and Microeconomics 86-1, Board of Governors of the Federal Reserve System (U.S.).
    2. Merton, Robert C., 1973. "On the pricing of corporate debt: the risk structure of interest rates," Working papers 684-73., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    3. Nivorozhkin, Eugene, 2001. "An Analysis of Subordinated Debt in Banking: The Case of Costly Bankruptcy," Working Papers in Economics 44, University of Gothenburg, Department of Economics, revised 15 Oct 2001.
    4. 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.
    5. 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.
    6. Kareken, John H, 1986. "Federal Bank Regulatory Policy: A Description and Some Observations," The Journal of Business, University of Chicago Press, vol. 59(1), pages 3-48, January.
    7. Calomiris, Charles W., 1999. "Building an incentive-compatible safety net," Journal of Banking & Finance, Elsevier, vol. 23(10), pages 1499-1519, October.
    8. Anthony Saunders, 2001. "Comments on Evanoff and Wall/Hancock and Kwast," Journal of Financial Services Research, Springer, vol. 20(2), pages 189-194, October.
    9. Merton, Robert C., 1997. "Applications of Option-Pricing Theory: Twenty-Five Years Later," Nobel Prize in Economics documents 1997-1, Nobel Prize Committee.
    10. Xavier Freixas, 2003. "An overall perspective on banking regulation," Economics Working Papers 664, Department of Economics and Business, Universitat Pompeu Fabra.
    11. Douglas D. Evanoff & Larry D. Wall, 2000. "Subordinated debt and bank capital reform," Working Paper 2000-24, Federal Reserve Bank of Atlanta.
    12. Mark Flannery, 2001. "The Faces of “Market Discipline”," Journal of Financial Services Research, Springer, vol. 20(2), pages 107-119, October.
    13. 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.
    14. 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.
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