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Au-delà du 3e pilier de Bâle II : l'intégration des signaux de marché dans la supervision bancaire [extrait BMI 89]

Author : Pop Adrian
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La logique qui sous-tend le canal indirect de la discipline de marché présume que la tarification des obligations bancaires sur le marché secondaire, si elle est appropriée, transmet au superviseur des signaux avant-coureurs pertinents quant au risque des banques émettrices. Cet article va au-delà de la vision réductrice de la discipline de marché véhiculée dans le 3e pilier du nouvel accord de Bâle, en proposant une revue des travaux empiriques sur la pertinence du canal indirect et en résumant notre propre essai de valider ce canal sur des données européennes. The logic behind the indirect channel of market discipline presumes that the pricing of bank debt in the secondary market, if accurate, conveys to supervisor and other market participants a reliable signal of bank's financial conditions and default risk. The article presents an overview of the main empirical studies analyzing the disciplinary role of the bank debt market and resumes our own findings on the indirect channel's effectiveness in Europe.

Auteurs :Pop Adrian
Extrait de la revue BMI 89

BMI89-1097621
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