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La rémunération des banquiers en obligations

CAMBRIDGE – Depuis la crise financière mondiale, les organismes de régulation ont déployé de nombreux efforts afin de mieux sécuriser les grandes banques mondiales. Le problème fondamental est bien connu : les grandes banques sont fortement poussées à prendre des risques excessifs. Si leurs paris risqués rapportent, leurs actionnaires en bénéficient considérablement, ainsi que les PDG et les cadres supérieurs des banques, fortement rémunérés en actions bancaires. S'ils ne rapportent pas et si la banque fait faillite, le gouvernement paiera probablement la note.

Cette confluence des incitations économiques à prendre des risques fait des directeurs d'agences bancaires les gardiens pauvres de la sécurité financière. Ils ne veulent certainement pas que leur banque fasse faillite. Mais si le potentiel à la hausse est assez grand, il existe un risque qu'ils peuvent juger utile de prendre.

Plusieurs solutions à ce problème ont été proposées. Certaines comme les exigences supérieures de fonds propres et les restrictions sur les investissements risqués sont actuellement mises en œuvre. Plus récemment, deux autres solutions importantes ont vu le jour.

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