No CrossRef data available.
Article contents
La sécuritisation et la théorie de l'intermédiation financière
Published online by Cambridge University Press: 17 August 2016
Résumé
Cet article est un survey «orienté» de la littérature sur la théorie de l'intermédiation financière et sur la sécuritisation, qui tente d'identifier dans quelle mesure la sécuritisation (au sens large) peut reproduire les fonctions implicites à l'intermédiation financière de dépôt. Comme ces fonctions sont la raison d'être de cette intermédiation, le financement sécuritisé va, sous certaines conditions, dominer la solution bancaire. Des arguments développés ici, il ressort que, quand le financement est sécuritisé, il sera également désintermédié, puisque les fonctions de l'intermédiation seront (presque toutes) déjà remplies. Parmi ces fonctions, l'accent est particulièrement mis sur la production d'information.
Summary
This paper is a limited survey of the literature on financial intermediation and securitization which attempt to identify to what extend securitization can duplicate the implicit functions of depository financial intermediaries. As these functions are the “raison d'être” of intermediation, securitization will dominate banking in some circumstances. From the discussion presented here, it comes that, when securitization occur disintermediation should follow, since (most) functions of financial intermediation are already fulfilled. Among these functions, information production is emphasised.
- Type
- Research Article
- Information
- Recherches Économiques de Louvain/ Louvain Economic Review , Volume 56 , Issue 1 , 1990 , pp. 37 - 60
- Copyright
- Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1990
Footnotes
*
L'auteur a pu bénéficier de fructueuses discussions avec R. Cobbaut, J. Dermine, O. Licandro, P. Praet, P. Reding et A. Steinherr. Il les en remercie, tout comme il remercie également la Générale de Banque qui finance cette recherche sur la sécuritisation. La responsabilité du contenu de cet article ainsi que les erreurs qui pourraient persister incombent cependant uniquement à l'auteur
References
Bibliographie
Barham, V. and Lefèbvre, O. (1990), Bank Loans Securitization with Asymmetrie Information: A Principal-Agent Solution, Core Discussion Paper.Google Scholar
Benston, G. J. and Smith, C. W. (1976), A Transaction Cost Approach to the Theory of Financial Intermediation, Journal of Finance, May.Google Scholar
Boyd, J. H. and Prescott, Ed. C. (1986), Financial Intermediary Coalitions, Journal of Economic Theory, n° 38.Google Scholar
Bryan, L. L. (1988), Breaking Up the Bank: Rethinking an Industry Under Siege, Dow Jones-Irwin, Homewood, Ill.Google Scholar
Campbell, T. S. and Kracaw, W. A. (1980), Information Production Market Signalling and the Theory of Financial Intermediation, Journal of Finance, September.Google Scholar
Diamond, D. W. (1984), Financial Intermediation and Delegated Monitoring, Review of Economic Studies, 51.Google Scholar
Diamond, D. W. and Dybvig, Ph. H. (1984), Bank Runs, Deposit Insurance and Liquidity, Journal of Political Economy, June.Google Scholar
Diamond, D. W. and Dybvig, Ph. H. (1986), Banking Theory, Deposit Insurance, and Banking Regulation, Journal of Business, vol.59, n° 1.Google Scholar
Fama, E. F. (1980), Banking in the Theory of Finance, Journal of Monetary Economics, 6 (January).Google Scholar
Fama, E. F. (1985), What is Different about Banks?, Journal of Monetary Economics, 15 (January).Google Scholar
Greenbaum, S. I. and Thakor, A. V. (1987), Bank Funding Modes: Securitization versus Deposits, Journal of Banking and Finance, November.Google Scholar
Haubrich, J. G. (1989), Financial Intermediation, Delegated Monitoring and Long-Term Relationship, Journal of Banking and Finance, n° 13.Google Scholar
Hellwig, M. (1989) Asymmetric Information, Financial Markets and Financial Institutions: where are we currently going?, European Economic Review, n° 33.Google Scholar
James, Ch. (1987), Some Evidence on the Uniqueness of Bank Loans, Journal of Financial Economics, n° 19.Google Scholar
Information Role of Loan Commitemente, Journal of Banking and Finance, November.Google Scholar
Kareken, J. H. (1987), The Emergence and Regulation of Contingent Commitment Banking, Journal of Banking and Finance, November.Google Scholar
Klein, M. A. (1973), The Economics of Security Divisibility and Financial Intermediation, Journal of Finance, September.Google Scholar
Lefèbvre, O. (1986), Risk Sharing in the Bank Deposit Contract, Journal of Business, Finance, and Accounting, Winter.Google Scholar
Lefèbvre, O. (1990), Sécuritisation: définition, instruments et tendances, Gestion 2000, n° 2 et 3.Google Scholar
Leland, H. E. and Pyle, D. H. (1977), Information Asymétries, Financial Structure and Financial Intermediation, Journal of Finance, May.Google Scholar
Lucas, D. and McDonald, R. L. (1987), Bank Portfolio Choice with Private Information about Loan Quality, Journal of Banking and Finance, November.Google Scholar
Millon, M. H. and Thakor, A. V. (1985), Moral Hazard and Information Sharing: A Model of Financial Information Gathering Agencies. Journal of Finance, Vol. XL, n° 5, December.Google Scholar
Pyle, D. H. (1971), On the Theory of Financial Intermediation, Journal of Finance, June.Google Scholar
Ramakrishnan, R. T. S. and Thakor, A. V. (1984), Information Reliability and the Theory of Financial Intermediation, Review of Economic Studies, LI.Google Scholar
Santomero, A. M. (1984), Modeling the Banking Firm, A Survey, Journal of Money, Credit, and Banking, vol.16, n° 4.Google Scholar
Slovin, M. B., Sushka, M. E. and Hudson, C. D. (1988), Corporate Commercial Paper, Note Issuance Facilities, and Shareholder Wealth, Journal of International Money and Finance, n° 7.Google Scholar
Terlizzese, D. (1988), Delegated Screening and Reputation in a Theory of Financial Intermediaries, Temi di discussione, n° 111, Banca D'Italia.Google Scholar
Yanelle, M. O. (1989), The Strategie Analysis of Intermediation, European Economic Review, n° 33.Google Scholar