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Summary of thesis

This thesis contributes to the renewed academic reflection on the bank. It tries to address the following issue: In what measure the factual evolution of banking activity calls on , on the one hand, an updating of banking theory and, on the other hand, a reconsideration of the foundations of banking regulation?

The first chapter of the thesis examines those factual evolutions, which have characterized banking activity over the course of the last couple of decades. Taking the examples of France and the United States, it highlights two large tendencies. On the one hand it shows the weakness of the traditional intermediation of the balance sheet centered on the collection of deposits and the share-out of credits. On the other hand it reveals the emergence of non-intermediation banking activities such as securitization of credits, financing and guaranteed commitments, and financial derivatives operations. The dissection of the evolution of Net Operating Income (NOI) confirms these two tendencies through an underlying “chisel effect” given by the downturn in “net interest incomes” and the progression of that of “non-interest incomes”.

The second chapter of the thesis confronts the factual evolution of banking activity with the teachings of banking theory. For one thing, it points up the limitations of the modern banking literature which continues to remain excessively tied to traditional banking intermediation. On the other hand, it identifies promising new channels for research towards a bringing up to date of banking theory. That done, this chapter reconsiders three questions at the heart of this theory: the “raison d’être” of the bank, the function of banking intermediation and the nature of banking production.

Finally, the third chapter of the thesis is interested in the relevance of banking regulation. It seeks to find out if the special nature of the institutional framework governing the bank still has its place today. This chapter establishes that if the real evolution of banking activity requires the reconsideration of certain regulation implementations (such as the Basle II Reform, for example), it does not call into question the foundations of banking regulation, contrary to the assertions of the advocates of Free Banking. Nevertheless, it must under no circumstances divert the regulator from taking the imperatives of bank management into account.

Keywords: bank, activity, theory, regulation, intermediation, production, balance sheet, off-balance sheet, net operating income, production, deposits, credits, costs of transaction, asymmetries of information, risks.

Résumé de la thèse

La thèse participe au renouvellement de la réflexion académique sur la banque. Elle tente de répondre à la problématique suivante : Dans quelle mesure l’évolution factuelle de l’activité bancaire appelle-t-elle, d’une part, une actualisation de la théorie bancaire et, d’autre part, une reconsidération des fondements de la réglementation bancaire ?

Le premier chapitre de la thèse revient sur les évolutions factuelles qu’a connues l’activité bancaire au cours des dernières décennies. A travers les exemples de la France et des Etats-Unis, il met en exergue deux grandes tendances. D’un côté, il montre l’atonie de l’intermédiation traditionnelle de bilan axée sur la collecte de dépôts et la distribution de crédits. D’un autre côté, il révèle l’émergence de nouvelles activités bancaires hors intermédiation comme la titrisation de créances, les engagements de financement et de garantie et les opérations sur produits financiers dérivés. La dissection de l’évolution du Produit Net Bancaire (PNB) permet de confirmer ces deux tendances, à travers un « effet de ciseau » sous-tendu par le recul de la part des « revenus d’intérêts » et la progression de celle des « commissions et revenus divers ».

Le second chapitre de la thèse confronte l’évolution effective de l’activité bancaire aux enseignements de la théorie bancaire. Ce chapitre met en relief, d’une part, les limites de la littérature bancaire moderne qui reste exagérément attachée à l’intermédiation bancaire traditionnelle. D’autre part, il identifie de nouvelles pistes de recherche qui s’annoncent prometteuses pour une actualisation de la théorie bancaire. Ce faisant, il reconsidère trois questions qui sont au cœur de cette théorie, en l’occurrence, les raisons d’être de la banque, la fonction d’intermédiation bancaire et la nature de la production bancaire.

Enfin, le troisième chapitre de la thèse traite du bien-fondé de la réglementation bancaire. Il s’interroge sur les fondements du particularisme réglementaire qui régit les banques et examine si ce dernier a toujours lieu d’être au vu des transformations factuelles. Ce chapitre établit que si l’évolution effective de l’activité bancaire nécessite la reconsidération de certains dispositifs réglementaires (réforme Bâle II, par exemple), elle ne remet pas en cause les fondements de la réglementation bancaire, contrairement à ce qu’affirment les partisans de la liberté bancaire (Free Banking). Toutefois, cela ne doit en aucun cas détourner le réglementeur de la prise en compte des impératifs de gestion du banquier.

Mots-clés :banque, activité, théorie, réglementation, intermédiation, production, bilan, hors-bilan, produit net bancaire, dépôts, crédits, coûts de transaction, asymétries d’information, risques.