Bücher von Jeremy Pages

Während die Weltwirtschaft 2008 gerade durch die Fehlentwicklungen im Banken- und Finanzsektor erschüttert wurde, schlagen die Basel-III-Vereinbarungen eine Stärkung des Solvabilitätskoeffizienten vor. Im Mittelpunkt stehen dabei die Verbriefung von Krediten und das massive Bilanzwachstum, das nicht durch eine angemessene Kapitalausstattung flankiert wird. Als einzige Maßnahme, die 2012 erfolgreich abgeschlossen wurde, zielt sie insbesondere darauf ab, jedes systemische Risiko zu verhindern, indem sie das Konkursrisiko bekämpft. Die vorliegende Arbeit aus dem Jahr 2012 befasst sich mit dieser Maßnahme und untersucht, ob die neuen Eigenkapitalanforderungen dazu beitragen, die Zahl der Bankausfälle zu senken und die Aktivitäten der Banken wieder auf ihr ursprüngliches Geschäft auszurichten. Wir stützen unsere Argumentation auf einen umfassenden Literaturüberblick, der durch eine empirische Studie ergänzt wird, die eine positive Korrelation zwischen Eigenkapital und Konkursrisiko bei nicht börsennotierten Bankinstituten und der Fokussierung der Risiken auf das Kerngeschäft der Banken aufzeigt.

In un momento in cui l'economia mondiale è appena stata scossa dagli eccessi del settore bancario e finanziario nel 2008, gli accordi di Basilea III propongono un rafforzamento dell'indice di solvibilità. La cartolarizzazione e la crescita massiccia dei bilanci non supportati da capitali adeguati sono al centro del dibattito. L'unica misura completata nel 2012, mira in particolare a prevenire qualsiasi rischio sistemico combattendo il rischio di fallimento. Il presente lavoro del 2012 esamina questa misura e determina se i nuovi requisiti patrimoniali contribuiscono a ridurre i fallimenti bancari e a riorientare l'attività delle banche verso le loro attività originarie. La nostra argomentazione si basa su un'ampia rassegna della letteratura integrata da uno studio empirico che mostra una correlazione positiva tra capitale e rischio di fallimento per le banche non quotate e la concentrazione dei rischi sul core business delle banche.

At a time when the world economy has just been shaken by the excesses of the banking and financial sector in 2008, the Basel III agreements propose a strengthening of the solvency ratio. Securitisation and the massive growth of balance sheets not backed by adequate capital is at the heart of the debate. The only measure completed in 2012, it aims in particular to prevent any systemic risk by combating the risk of bankruptcy. This 2012 paper examines this measure and determines whether the new capital requirements help to reduce bank failures and redirect banks' activity towards their original business. We base our argument on an extensive literature review complemented by an empirical study showing a positive correlation between capital and failure risk for unlisted banks and the focus of risks on banks' core business.

Numa altura em que a economia mundial acaba de ser abalada pelos excessos do sector bancário e financeiro em 2008, os acordos de Basileia III propõem um reforço do rácio de solvabilidade. A titularização e o crescimento maciço dos balanços não apoiados por capitais adequados estão no centro do debate. Única medida concluída em 2012, visa, nomeadamente, prevenir qualquer risco sistémico através da luta contra o risco de falência. Este documento de 2012 analisa esta medida e determina se os novos requisitos de capital ajudam a reduzir as falências bancárias e a reorientar a actividade dos bancos para a sua actividade original. Baseamos o nosso argumento numa extensa revisão da literatura complementada por um estudo empírico que mostra uma correlação positiva entre o capital e o risco de falência para os bancos não cotados e a concentração dos riscos na actividade principal dos bancos.

En un momento en que la economía mundial acaba de ser sacudida por los excesos del sector bancario y financiero en 2008, los acuerdos de Basilea III proponen un refuerzo del coeficiente de solvencia. La titulización y el crecimiento masivo de los balances no respaldados por un capital adecuado están en el centro del debate. La única medida completada en 2012, pretende en particular prevenir cualquier riesgo sistémico combatiendo el riesgo de quiebra. Este documento de 2012 examina esta medida y determina si los nuevos requisitos de capital contribuyen a reducir las quiebras bancarias y a reorientar la actividad de los bancos hacia su negocio original. Basamos nuestra argumentación en una amplia revisión bibliográfica complementada con un estudio empírico que muestra una correlación positiva entre el capital y el riesgo de quiebra de los bancos que no cotizan en bolsa y la concentración de los riesgos en la actividad principal de los bancos.

Alors que l¿économie mondiale vient d¿être ébranlée en 2008 par les dérives du secteur bancaire et financier, les accords de Bâle III proposent un renforcement du ratio de solvabilité. La titrisation et la croissance massive des bilans non encadrées par des capitaux adéquats est au c¿ur de la réflexion. Seule mesure aboutie en 2012, elle vise notamment à prévenir tout risque systémique en luttant contre le risque de faillite. Ce mémoire réalisé en 2012 se penche sur cette mesure et détermine si les nouvelles exigences en fonds propres participent à la diminution des défaillances bancaires et réorientent l¿activité des banques vers leur métier originel. Nous fondons notre argumentions sur une revue de littérature poussée complétée par une étude empirique mettant en évidence une corrélation positive entre le capital et le risque de faillite pour les établissements bancaires non cotés et la focalisation des risques sur le c¿ur d¿activité des banques.

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