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[fre] Une grande importance a été accordée au secteur d'activité et à la taille dans l'analyse du crédit commercial. De fait, le commerce emprunte plus qu'il ne prête, à... more
[fre] Une grande importance a été accordée au secteur d'activité et à la taille dans l'analyse du crédit commercial. De fait, le commerce emprunte plus qu'il ne prête, à l'inverse de la plupart des autres secteurs. De même la charge du crédit pèse surtout sur les entreprises moyennes, au profit des petites et des grandes. Pourtant, la dispersion des situations
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[eng] Intercompany Credit Benefits Large Companies More Than SMEs . Terms of payment entail a substantial redistribution of funds among firms, involving some 740 billion French francs in 1 996. Net intercompany credit flows gravitate... more
[eng] Intercompany Credit Benefits Large Companies More Than SMEs . Terms of payment entail a substantial redistribution of funds among firms, involving some 740 billion French francs in 1 996. Net intercompany credit flows gravitate mainly toward large retail distribution and automotive companies. However, they come essentially from SMEs operating in a large number of different activity sectors. Since the
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How different is the regulatory capital from the economic capital: the case of business loans portfolios held by the major banking groups in France
[eng] Intercompany Credit Benefits Large Companies More Than SMEs . Terms of payment entail a substantial redistribution of funds among firms, involving some 740 billion French francs in 1 996. Net intercompany credit flows gravitate... more
[eng] Intercompany Credit Benefits Large Companies More Than SMEs . Terms of payment entail a substantial redistribution of funds among firms, involving some 740 billion French francs in 1 996. Net intercompany credit flows gravitate mainly toward large retail distribution and automotive companies. However, they come essentially from SMEs operating in a large number of different activity sectors. Since the
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... ou « emprunts » apparaissent tout à fait arbitraires et sans signification économique dans un modèle néo-classique du type ... des autres formes de placement, ce qui entraîne une augmentation des primes de risque, et donc des taux... more
... ou « emprunts » apparaissent tout à fait arbitraires et sans signification économique dans un modèle néo-classique du type ... des autres formes de placement, ce qui entraîne une augmentation des primes de risque, et donc des taux réels, demandés par les investisseurs. ...
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this paper, we focus on two countries, France and Spain, and we try to deepenthe analysis of the influence of the environment conditions on the cost efficiency of theFrench and Spanish banking industries. As pointed out by Berger and... more
this paper, we focus on two countries, France and Spain, and we try to deepenthe analysis of the influence of the environment conditions on the cost efficiency of theFrench and Spanish banking industries. As pointed out by Berger and Humphrey (1996),this issue is not addressed in the international banking efficiency literature. From our pointof view, cross-country comparison of efficiency requires
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The banking industry in the world is under highly competitive pressure. The markets structure has changed due to deregulation and new and improved technologies. This new environment has generated an intensified competitive environment in... more
The banking industry in the world is under highly competitive pressure. The markets structure has changed due to deregulation and new and improved technologies. This new environment has generated an intensified competitive environment in developed countries with a great movement of restructuring and mergers in their financial system. In the emerging countries, the banking system has been progressively deregulated over
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A st raightforward method to enhance market disc ipline in banking is the mandatory Sub-Debt Policy (SDP), i.e. a requirement by which some large banks are forced to regularly issue a certain minimum amount of subordinated and... more
A st raightforward method to enhance market disc ipline in banking is the mandatory Sub-Debt Policy (SDP), i.e. a requirement by which some large banks are forced to regularly issue a certain minimum amount of subordinated and non-guaranteed debt. If the decision of issuing sub-debt is endogenous and/or subordinated creditors are really able to influence bank managers' behavior, we should be able to detect empirically a positive correlation between the amount of sub-debt held in bank balance sheets and banking performance. By conducting statistical tests on a panel dataset comprising the largest European banks, we find that: (i) the sub-debt issues are made generally by the most profitable banking organizations; (ii) voluntary sub-debt issues allow banks to reduce their Tier 1 ratios, while improving their overall capitalization (Tier 1 + Tier 2 ratios); (iii) as far as the risk profile is concerned, the amount of sub-debt held in bank balance sheet is negatively correlated wit...
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[eng] The closure rule of banks : the advantages of the constructive ambiguity. . This paper surveys recent theoretical and empirical works dealing with the closure rule of banks. First, we discuss the reasons why some countries have... more
[eng] The closure rule of banks : the advantages of the constructive ambiguity. . This paper surveys recent theoretical and empirical works dealing with the closure rule of banks. First, we discuss the reasons why some countries have implemented reforms of the closure rule, in order to reinforce the stringency of the rule and to introduce early closure and prompt corrective action. The main reason of these reforms was to reduce moral hazard. Then, we show that the introduction of ambiguity in the rule gives a good alternative to these reforms. Indeed, the ambiguity gives banks additional incentives to avoid excessive risk taking. [fre] La règle de fermeture des banques. L'intérêt de l'ambiguïté constructive. . Au cours des récentes années, les difficultés bancaires ont conduit certains législateurs à réformer la règle de fermeture des banques. Généralement, ces réformes ont conduit à rendre les règles plus strictes et plus contraignantes pour les autorités elles-mêmes. On montre ici qu'introduire de l'ambiguïté dans la règle offre une alternative à de telles réformes. L'ambiguïté de la règle de fermeture permet en effet de diminuer la prise de risque, vérifiant la pertinence de la notion d'« ambiguïté constructive » souvent utilisée par les autorités bancaires.