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

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Listed:
  • Adrian POP

    (Laboratoire d’Economie d’Orléans)

Abstract

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.

Suggested Citation

  • Adrian POP, 2005. "La Politique de Dette Subordonnée comme alternative au IIIè Pilier de Bâle II : est-elle faisable?," Discussion Papers (REL - Recherches Economiques de Louvain) 2005023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  • Handle: RePEc:ctl:louvre:2005023
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    File URL: http://sites.uclouvain.be/econ/DP/REL/2005023.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    Réglementation bancaire; discipline de marché; dette subordonnée;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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