bluuebunny/crossref_metadata_2025_split huggingface dataset:
Equity markets and financial stability : regulatory issues
Authors: Fleuriet Vincent , Lubochinsky Catherine 
Published: April 2013

This article provides an overview of the specific features of equity markets in terms of the consequences of stock market crises, the structural developments underway in these markets, and the importance of regulations for financial stability. It sets out by discussing the difficulties involved in defining the concept of financial stability, and then analyses the regulatory authorities’ responses to the main stock market crises. It then examines, against this backdrop, the issues raised by the growing globalisation of markets and the changes in the transaction process brought about by the dynamics of consolidation and competition among exchanges.
JEL classification : G18, G28, G38
Les consolidations bancaires européennes
Authors: Jeffers Esther 
Published: April 2013

Une période de consolidation bancaire s’est ouverte au début des années 1990. Le nombre de fusions et acquisitions a brusquement augmenté, tant en Europe qu’aux États-Unis. Pourtant, les opérations de F&A en Europe ont été surtout domestiques, bien que la globalisation financière et le développement de l’Union européenne justifient une évolution différente, plus ouverte aux acquisitions transfrontières. La transformation du paysage bancaire européen semble avoir finalement décollé avec l’achat d’Abbaye par Santander. Nous avons attendu ce moment plus de 10 ans. Il y avait, en fait, de bonnes raisons à la relative tranquillité bancaire des années 1990. La principale était la fragmentation des secteurs bancaires nationaux. Les années 1990 et les premières années du XXIe siècle ont ainsi été consacrées à la consolidation bancaire au niveau national. Cette étape cruciale est maintenant derrière nous. D’importantes opérations transfrontières vont-elles maintenant survenir en Europe ?
Classification JEL : G21, G34
Intégration des marchés financiers européens : Priorité à la concurrence et à la diversité
Authors: Schackmann-Fallis Karl-Peter 
Published: April 2013

European financial market integration : priority for competition and diversity
Shaping the European financial markets remains an important political task. The political discussion on this issue has recently gained momentum at national and European levels. Therefore, stability and sustainability to safeguard smooth market development is of the utmost importance. The German Savings Banks Association is in favour of a design of the European financial markets that clearly focuses on diversity, competition and an organic process of harmonised supervision. Pluralist financial market conditions ensure efficient solutions for customers in Europe.
JEL classification : G15, G18, G21
Le dialogue réglementaire Union européenne – États-Unis
Authors: Schaub Alexander 
Published: April 2013

The US-EU financial markets regulatory dialogue
The European financial integration comes within a worldwide and evolutional context where the financial sphere plays a particular role. So the transatlantic relation between the European Union and the United States takes a prominent position in the financial integration. Due to new rules imposed by the growing economical globalization, Europe and the United States implemented last years a regulatory dialogue intended to better analyse common stakes. First, the author reminds the context in which this regulatory dialogue and the reasons of its establishment are set up. This article tries to highlight the consequences of such collaboration and assesses the first results and some future perspectives.
JEL classification : F36, F42, G18, G28
L’intégration des marchés de services financiers de détail en Europe : enjeux et méthodes
Authors: de La Martinière Gérard 
Published: April 2013

Integration of financial services market : the point of view of consumers
For consumers, financial services markets are too often characterised by opacity of offers, difficulties in obtaining clear and complete information, forced lack of mobility. These issues have an impact on the level of competition in the market, and on how regulation should be envisaged. Legislative efficiency should be the prime objective. Consumer protection is not an obstacle to integration. On the contrary, a high level boosts consumer confidence. Mutual recognition coupled with maximum harmonisation does not constitute a viable option. The choice of the legislative instrument must be done in a fair and balanced manner and shall not over-emphasize self regulation. Binding measures to deal with consumers’ « captivity », harmonisation of products « interfaces », provision of best possible advice, access to redress, provision of a basic bank account should be on the agenda.
Classification JEL : F36, G21, G28
Aller plus loin dans la construction de l’Europe financière
Authors: McCreevy Charlie 
Published: April 2013

A deeper European financial integration
The ambitious plan to construct a European internal market for financial services becomes every day more and more concrete. It is represented by the adoption and the realization of the Financial Services Action Plan (FSAP), adopted in 2005. FSAP allowed the development of a new approach for regulation, more opened, transparent and balanced. It is now necessary to use performed progresses to continue the European financial integration. A broad potential remains to exploit with more integration. It will reinforce competitiveness and effectiveness of the European financial area. Three types of efforts can allow to reach this objectives : consolidate European dynamics, better link the citizens to the successes of financial Europe and finally favour European industry in a globalized world.
JEL classification : F36, G18, G28
Fondements constitutionnels de l’indépendance des Banques centrales : des Pères fondateurs de la nation américaine à la Banque centrale européenne
Authors: Farvaque Étienne 
Published: April 2013

Cette note s’interroge sur les fondements de l’indépendance des Banques centrales. Nous montrons que l’origine du principe d’indépendance provient de la philosophie politique américaine, qui considère l’indépendance comme une condition essentielle du maintien de la démocratie. Nous considérons ensuite les conséquences d’une telle filiation pour la légitimité de la Banque centrale européenne.
Classification JEL : E58, N20
L’Union monétaire en Europe : de Bretton Woods à nos jours
Authors: Trichet Jean-Claude 
Published: April 2013

La création de la monnaie unique en janvier 1999 a marqué une étape d’une importance considérable dans la construction européenne. En 50 ans, selon un processus démocratique et volontaire, les nations qui composent l’Europe étaient passées d’une Union douanière à une monnaie unique couronnant elle-même le Marché unique européen. Ce papier présente les préparatifs qui ont présidé à la création de la monnaie unique dans leur dimension politique, économique et monétaire. Ensuite, il dresse un bilan des premières années d’existence de la nouvelle monnaie, présentant ses principaux succès et avantages. Enfin, sont exposés les défis qui restent à relever pour pouvoir tirer pleinement profit de la monnaie unique.
Classification JEL : F33, F36, N24
Les nouveaux modes de protection de l'épargne
Authors: Delmas-Marsalet Jacques 
Published: April 2013

New protection for savings
A major concern amongst financial regulators, the protection of household savings requires new methods to better accommodate today’s changing savings packages and, more particularly, the development of savings with disintermediated risk which generate the need for further information and advice. In this respect, the situation in France, as in other European countries, is not entirely satisfactory. It should be substantially improved by the application of the latest European directives on insurance intermediation and on the financial instruments markets which considerably heighten the information and advisory obligations of intermediaries.
Classification JEL : D18, E21, G18, G28
Le nerf de la guerre (économique) : Les faiblesses du budget européen
Authors: Le Cacheux Jacques 
Published: April 2013

The sinew of (economic) war : weaknesses of the European budget
The 50th anniversary of the Rome Treaties offers an opportunity to critically review the European budget. The exercise appears all the more necessary as, whereas the medium-term financial perspectives covering the period 2007-2013 have been adopted in the Spring of 2006, the Council, the Parliament and the Commission have all expressed dissatisfaction about the outcome and called for a mid-term review, to be based on reflections starting in 2008. This paper surveys the major evolutions of the EU budget receipts and expenditures over the past half-century. It stresses the weaknesses of the current funding scheme, almost entirely based on national contributions proportional the GNI. On the spending side, the paper critically reviews the major objections raised against the two main spending items, i. e. the Common Agricultural Policy (CAP) and the structural and regional policies. Finally, we explore several reform proposals, from the creation of genuine own resources, possibly a European tax, or the institution of a new brand of decentralized federalism, in order to get the EU out of the deadlock in which it has been brought by current budgetary institutions and procedures.
Classification JEL : E61, E62, H60, N14
Localisation industrielle et structure du capital international
Authors: Namur Dominique 
Published: April 2013

Industrial geography and international equity sharing structure
The global productive system is studied through both approaches : the geographical production distribution, on the one hand, and the international equity sharing structure, on the other hand. The first one deals with the industrial decline of advanced countries, typically G7 countries, compared to emerging countries. The second one consists in analyzing financial integration through international equity flows. Articulation of both approaches rests on productive capacities transfer, through either direct investment or indirect financial control. We show that, as a general result, emerging countries which increase their industrial capacity tend to receive direct investments while more advanced countries, which maintain their capacity, tend to interact through reciprocal portfolio investments flows. A less open economy leads to a more variable and transitory development.
Classification JEL : F15, F21, F36, L16, O14, O57
La réglementation des activités bancaires transfrontalières : la politique de la Nouvelle-Zélande en matière d'externalisation dans les banques
Authors: Ng Tim 
Published: April 2013

Regulating cross-border banking activity : New Zealand’s policy on outsourcing by banks
This article discusses the Reserve Bank of New Zealand’s outsourcing policy for banks. Banks in New Zealand are increasingly outsourcing a substantial range of their business activities, both to independent and to related-party service providers, and both within New Zealand and across borders. Cross-border outsourcing is of particular relevance to New Zealand banking regulation, as the New Zealand banking system is dominated by banks owned by offshore parent banks that, to varying degrees, provide services to their banking subsidiaries. The article explains the motivation for the outsourcing policy in terms of the Reserve Bank’s prudential objectives, which include minimising the damage that could occur to the financial system in the event that a bank becomes distressed or fails. The outsourcing policy requires a large bank’s board to ensure that it maintains legal and practical control over outsourced functions sufficient to achieve a set of outcomes related to continued liquidity provision to the financial system. The policy is outcomes-focused and emphasises board and senior management responsibility for delivery. With its fairly narrow focus on a defined set of outcomes, the policy seeks to ensure that the Reserve Bank’s ability to manage crisis is not compromised, while making available to the financial system the benefits of association with foreign banks.
JEL classification : G28, K23
Externalisation et surveillance
Authors: Vaysset Gilles 
Published: April 2013

Outsourcing and supervision
Banking activities are increasingly subject to an industrial production approach, where competitiveness, efficiency and critical size are some of the strategies leading to the outsourcing of some banking activities. Such a policy should not, however, be practiced at the detriment of good risk management by banks, notably in the areas of operational risks, lack of conformity and, even, risk to a bank’s reputation. In consequence of the potential for risk inherent in outsourcing, financial authorities are setting up the legal framework for outsourcing, and the supervisory authorities are developing the mechanisms of control that will insure that all requirements are met by the banks in managing this practice. These requirements are based on principles such as the formalization of outsourcing contracts and the ability to operate on-site control of subcontractors and are more or less stringent according to the nature of the operations outsourced.
JEL classification : G28, K23, L23
Quelle altérité solidaire pour l'Europe des banques ?
Authors: Glémain Pascal 
Published: April 2013

L’Europe des banques comprise comme une articulation entre les systèmes bancaires commerciaux et les systèmes de l’économie sociale semble tendre vers un isomorphisme institutionnel qui remet en cause la solidarité de proximité qui caractérisait jusqu’alors les banques coopératives. Au même moment, nous assistons à l’émergence d’une autre finance qui occupe les interstices laissés libres par les « anciennes » banques coopératives. Un système bancaire alternatif est-il en train de naître ? Comment s’organise-t-il ? La mise en réseau d’acteurs participe-t-elle à la structuration d’un véritable secteur financier solidaire en Europe ? C’est à cet ensemble d’interrogations auxquelles cet article tente de répondre. Pour ce faire, il s’appuie sur une analyse historique de façon à rendre compte des capacités d’innovation et de résistance des finances solidaires contemporaines.
Classification JEL : Z13, G29
La détention et l’usage des instruments de paiement en France
Authors: Bounie David , Bourreau Marc , François Abel , Verdier Marianne 
Published: April 2013

L’objet de cet article est de proposer une photographie générale de la détention et de l’usage des instruments de paiement en France et de déterminer quels facteurs influencent les comportements de paiement des individus. Nous montrons qu’une grande majorité des Français disposent, outre les espèces, d’un chéquier et d’une carte de débit pour régler leurs dépenses. Les instruments de paiement qui permettent de gérer une trésorerie (cartes de crédit, certaines cartes accréditives ou privatives) sont moins développés. L’âge, le revenu, le diplôme et la profession influencent les taux de détention pour le chèque et la carte de débit. L’usage des instruments de paiement dépend non seulement de l’âge et du revenu de l’individu mais aussi des caractéristiques de la transaction (valeur, type de commerce, etc.).
Classification JEL : E41, E49
La lente mutation des banques allemandes
Authors: Choulet Céline 
Published: April 2013

The slow transformation of German banks
Hard hit by the collapse of the equity markets and the strong surge in domestic and international risks in 2002-2003, German banks swung back into positive net incomes in 2004 and 2005 thanks to efforts to curb operating costs and the easing of risk charges. Although German banks benefited from the economic recovery and equity market rally in 2006 and in the first half-year of 2007, their performances still lag behind those of their European counterparts. The German banking sector continues to suffer from structural shortcomings such as feeble operating revenues and the segmentation of market shares, which, exacerbated by a sluggish lending cycle and foreign competition, are straining growth prospects. The financial turbulences of the summer 2007 could boost the reorganization of the German banking landscape.
Classification JEL : G21, G34
Le système bancaire italien : restructurations et opportunités
Authors: Carletti Silvano 
Published: April 2013

The Italian banking system : restructuring and opportunities
The Italian banking system has experienced in the last years a new large-scale restructuring, with nine of the ten largest banking groups involved. Between 2005 and 2006, three transnational acquisitions and five domestic mergers were completed. Whereas the 1998-2002 restructuring process had been driven primarily by the aim of stabilising balance sheets, the current process is intended more to enable the sector to seize the opportunities arising from the gradual creation of a single European banking market. However, the transition from an essentially national frame of reference to a market on a continental scale inevitably requires large-scale adjustments. Italian banks are then expected to concentrate their efforts on redefining their business portfolios, focusing particularly on the development of capital market activities, while improving the profitability of the retail banking activities which remain their core business. The pursuing of these targets will be a quite difficult task : in fact, as shown by the lower sensitivity of bank interest rates to the change of market rates an intense competition is deeply reshaping the domestic market.
Classification JEL : G21, G34
Le protectionnisme bancaire a-t-il un sens aujourd’hui ? Entretien avec Joël Métais
Authors: Métais Joël , Doulazmi Abderrahim 
Published: April 2013

Dans cet entretien, Joël Métais retrace les grands traits de l’histoire des secteurs bancaires, cloisonnés, au moins pour la banque de détail, par un carcan légal et réglementaire tenant lieu de protectionnisme qui a commencé à se dissoudre en Europe dans la concurrence communautaire. Il décrit l’évolution des pratiques protectionnistes en distinguant les différents métiers de la banque et les réponses apportées par les acteurs.
Classification JEL : G21, G28, N20
Bon ou mauvais usage des notations
Authors: Gouriéroux Christian 
Published: April 2013

Afin de bien comprendre ces questions, nous commencerons par rappeler le principe des notations et classements à partir d’exemples simples. Les illustrations développées dans ce papier montrent que notations et classements dépendent de l’horizon d’investissement, de l’information disponible et ne sont donc pas définis sans ambiguïté. La partie concernant les risques de base et les risques synthétiques discute la difficulté de noter :
- le risque inclus dans un portefeuille connaissant les risques de ses composantes ;
- les produits structurés écrits sur un portefeuille à partir des notes du portefeuille sous-jacent.
Nous expliquerons pourquoi la connaissance de mesures de risque standard (notations ou performances) est insuffisante pour bien évaluer le risque global et utiliser cette évaluation pour la gestion de portefeuille. Pour finir, nous évoquerons la solution implicitement suggérée par le régulateur et discuterons le nouveau rôle des sociétés de services spécialisées.
Les bienfaits de la crise
Authors: Artus Patrick 
Published: April 2013

La crise économique et financière qui se déclenche à l’été 2007 a bien sûr des conséquences très négatives : perte d’emploi, défauts sur les crédits, renforcement de l’excès de liquidité mondiale avec les dangers associés, perte de richesse sur l’immobilier et les actions, fragilisation des banques… Mais il ne faut pas oublier ses conséquences positives à plus long terme :
- les financements seront réalisés avec moins de levier d’endettement et davantage de capital ou de ressources stables, ce qui est stabilisant ;
- le risque sera normalement valorisé, ce qui remplace une situation où tous les financements étaient pratiquement réalisés au taux d’intérêt sans risque ; - l’allocation des risques, avec le freinage de la titrisation, pourra être plus efficace ;
- l’augmentation du besoin de capital va réduire le rendement du capital, ce qui contribue à la nécessaire diminution de l’exigence de rendement par les investisseurs ;
- les actifs financiers vont devenir plus simples et plus faciles à valoriser, donc plus liquides.
Le rôle économique du private equity
Authors: Lorenzi Jean-Hervé , Trainar Philippe 
Published: April 2013

The economic role of private equity
The financial market crisis and restructuring of financial capitalism will profoundly change the role, importance, status and development of private equity funds. The changes will specifically affect the financing conditions governing large-scale LBOs, resulting in an increase in private equity deals of a more modest magnitude. In a nutshell, the crisis will lead to the overhaul of this type of financing, one that will go so far as to give it a major role in the restructuring of the production infrastructure of the major developed economies.
JEL Classification : G11, G23, G24
Investisseurs institutionnels et private equity
Authors: Delecourt Jérémie 
Published: April 2013

Le private equity, avec l’appui des investisseurs institutionnels, a connu une croissance fulgurante ces dix dernières années. Les gérants de private equity sont des actionnaires actifs et responsables, qui participent à la définition des objectifs stratégiques des entreprises dans lesquelles ils investissent, ce qui place cette classe d’actifs dans une démarche de développement durable très recherchée par les investisseurs institutionnels. Cependant, les nouvelles réglementations et la crise financière internationale risquent aujourd’hui de limiter les allocations en private equity des investisseurs institutionnels classiques. Le private equity devra donc, pour poursuivre son développement, s’appuyer sur de nouveaux investisseurs institutionnels comme les fonds souverains. Ces derniers trouvent dans le private equity un placement diversifié, conforme à leurs objectifs et leur horizon d’investissement.
Classification JEL : G11, G23, G24
Système bancaire et risque private equity/LBO
Authors: Nouy Danièle 
Published: April 2013

Banking system and private equity/LBO risk
French banks have been intimately involved with the domestic and European expansion of the private equity industry in recent years and have become key players in the selection, preparation and financing of the top LBO deals. The current context of the financial crisis highlights, for those who might still be in the dark, the sources of risk this activity poses for the banking sector. This article begins by reviewing the characteristics of LBOs and presents the role French banks play in this market, then analyses the various risks associated with this activity. Lastly, it presents the characteristics of the new Basel II regulatory framework and its expected benefits, primarily from the implementation of a more precise measure on incurred risks and higher demands for bank disclosures, with a view to enhancing market discipline.
JEL Classification : G21, G24, G28
Banques étrangères, mode de gouvernance et performance des banques privatisées
Authors: Chroqui Razane 
Published: April 2013

Foreign banks, governance and performance of privatized banks
We examine the post-privatization performance of 72 banks from 26 developing countries, 21 banks were privatized by foreign bank entry. Our results suggest that privatization doesn’t have an important effect on the performance of privatized banks. Our results suggest also that foreign bank and their cognitive contribution improve privatized bank performance measured by capital adequacy, assets quality and liquidity. The success of bank privatization depends on the specific skills and on the know-how brought by the foreign bank.
JEL Classification : G21 ; G28 ; G32, L33