Le dilemme de la régulation bancaire

BARCELONE – Les banquiers centraux et les régulateurs pensent généralement que trop de concurrence dans le secteur financier augmente l’instabilité et le risque d’une chute systémique. Par contre, pour les autorités en charge de la concurrence, plus il y a de concurrence, mieux c’est. Les deux positions sont incompatibles.

Il existe un arbitrage entre concurrence et stabilité. En effet, davantage de pression concurrentielle peut augmenter la fragilité du bilan des banques et rendre les investisseurs plus enclins aux paniques. Elle peut aussi éroder les valeurs de base des institutions.

Une banque qui dispose de peu de marges et d’un passif limité n’a pas beaucoup à perdre et aura tendance à prendre des risques – une tendance qui est exacerbée par les politiques d’assurance dépôt et de sauvetage des grosses institutions (« too-big-to-fail »). Il en résulte de plus gros incitants à prendre des risques. En fait, les incitants pervers de prise de risque excessive pour les banques proches du point de faillite sont largement documentés dans les systèmes libéralisés.

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