Mesurer le coût du “trop grand pour faire défaut”

CAMBRIDGE – L’idée selon laquelle certaines banques seraient « trop grandes pour faire défaut » a émergé de l’obscurité du débat académique et de régulation dans le discours financier. Bloomberg News a récemment relancé ce débat avec une critique du bénéfice perçu par de telles banques (criticizing the benefit that such banks receive) – un bénéfice dont une étude publiée par le Fonds Monétaire International démontre qu’il est substantiel.

Les lobbyistes et les représentants des banques ont rejeté le papier de Bloomberg, prétextant qu’il ne faisait référence qu’à une seule étude, et qu’il se basait sur le classement des grandes banques des agences de notation qui montre que plusieurs d’entre elles devraient payer plus cher leur financement à long terme si les marchés financiers ne s’attendent pas à une intervention de soutien de la part des gouvernements en cas de problème.

Mails en fait, il existe environ dix études récentes, et non une seule, sur le bénéfice que reçoivent du gouvernement les banques trop grandes pour faire défaut. La presque totalité de ces études s’accorde sur un même point : une forte augmentation des subventions en faveur des « trop-grandes-pour-faire-défaut » constatée pendant et après la crise financière, leur permettant d’emprunter moins cher.

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