In many regions of the world, the solvency regulation of insurers is becoming more principle-based and market oriented. However, the exact forms of the solvency standards that are emerging in individual jurisdictions are not entirely consistent. A common risk and capital framework can level the global playing field and possibly reduce the cost of capital for insurers. In the thesis, a conceptual framework for measuring the insolvency risk of life insurance companies will be proposed. The two main advantages of the proposed solvency framework are that it addresses the issue of incentives in the calibration of the capital requirements and it also provides an associated decomposition of the insurer's insolvency risk by term. The proposed term structure of insolvency risk is an efficient risk summary that should be readily accessible to both regulators and policyholders. Given the inherent complexity of the long-term guarantees and options of typical life insurance policies, the term structure of insolvency risk is able to provide stakeholders with more complete information than that provided by a single number that relates to a specific period. The capital standards for life insurers that are currently existing or have been proposed in Canada, U.S., and in the EU are then reviewed within the risk and capital measurement framework of the proposed standard to identify potential shortcomings.

In many regions of the world, the solvency regulation of insurers is becoming more principle-based and market oriented. However, the exact forms of the solvency standards that are emerging in individual jurisdictions are not entirely consistent. A common risk and capital framework can level the global playing field and possibly reduce the cost of capital for insurers. In the thesis, a conceptual framework for measuring the insolvency risk of life insurance companies will be proposed. The two main advantages of the proposed solvency framework are that it addresses the issue of incentives in the calibration of the capital requirements and it also provides an associated decomposition of the insurer's insolvency risk by term. The proposed term structure of insolvency risk is an efficient risk summary that should be readily accessible to both regulators and policyholders. Given the inherent complexity of the long-term guarantees and options of typical life insurance policies, the term structure of insolvency risk is able to provide stakeholders with more complete information than that provided by a single number that relates to a specific period. The capital standards for life insurers that are currently existing or have been proposed in Canada, U.S., and in the EU are then reviewed within the risk and capital measurement framework of the proposed standard to identify potential shortcomings.

This study basically analyzes timing, sequencing and pace of the financial liberalization experience of the Turkish economy in the 1980s and evaluates its implications for the crises in the Turkish economy since the 1990s. The objectives of this study are threefold: Firstly, it aims to reveal the main policy objectives and political factors pushing the government to take capital account liberalization decision in 1989. It is concluded that domestic decision makers have shaped and taken the decision of capital account liberalization in 1989, while the interaction of economic and political factors has played a major role in its timing. Secondly, it examines the extent to which economic and political institutional weaknesses in the Turkish economy, which generated inappropriate sequencing of financial liberalization policies in the 1980s, can be held responsible for the crises of 2000 and 2001 crises. It is concluded that financial liberalization policies were inappropriately sequenced, as domestic financial market and capital account liberalization were not accompanied or preceded by macroeconomic stability and financial sector institutional reforms such as prudential regulation and supervision of the banking sector. These factors have been instrumental in the crises episodes in Turkey through contributing to an environment conducive to crises. Thirdly, it aims to analyze whether there exists a clear association between weaknesses in the regulation and supervision of the banking sector and banking crises through an empirical analysis. It is concluded that the nature of the banking crises is more associated with the institutional structure of the financial system rather than macroeconomic conditions of the economy.

Pour limiter le potentiel systémique des crises financières futures il est nécessaire de renforcer la dimension macro-prudentielle de la régulation. Nous proposons dans cette thèse les quatre pistes de réflexion suivantes pour la construction d’un cadre macro-prudentiel plus robuste : i) détecter les décisions qui jouent un rôle décisif sur le niveau de risque de la banque et sur son exposition aux crises financières; ii) se servir d’un indicateur de levier agrégé pour détecter l’emballement de l’offre de crédits ; iii) introduire une forme de Prompt Corrective Action en Europe dont les signaux de détection seraient composés d’informations sur le capital et sur la liquidité des banques ; iiii) trouver le meilleur moyen de lutter contre le risque de hasard moral des institutions financières systémiques. Les résultats de ces travaux sont les suivants :1) l’association d’une politique de levier agressive et d’une politique de financement largement orientée sur les marchés à court terme est le facteur déterminant pour repérer les banques vulnérables ; 2) l’indicateur de levier agrégé que nous avons construit a un pouvoir prédictif assez élevé et peut par conséquent être utilisé comme instrument de détection des crises financières ; 3) l’information sur le risque de liquidité semble être un bon complément aux ratios de capital pour détecter les banques vulnérables et déclencher l’intervention des superviseurs dans le cadre d’une Prompt Corrective Action européenne ; 4) les solutions les plus pertinentes pour résoudre le problème de hasard moral associé aux institutions systémiques semblent être celles qui visent à simplifier la structure des banques afin d’en faciliter la résolution. / It is crucial to reinforce macro-prudential regulation to reduce the systemic impact of the next financial crisis. In this thesis, we propose four trails to strengthen the robustness of the macro-prudential framework: i) to detect the decisions which have the most significant impact on banks’ risk and, on their exposure to financial crises; ii) to use an indicator of global aggregated leverage to detect credit deviation; iii) to introduce a kind of Prompt Corrective Action in Europe relying on a composite threshold which is made of information about capital and liquidity risk; iiii) to find the best way to reduce moral hazard risk associated to systemically important financial institutions. Our findings are the following: 1) the combination of an excessive leverage and the high use of market short term funding is the core criteria to identify vulnerable banks; 2) the global aggregated leverage ratio we have constructed has a high predictive power and therefore, can be used to detect financial crises; 3) information about banks’ liquidity risk seems to be a useful complement to capital adequacy ratios to detect vulnerable banks and, trigger supervisory intervention for the European Prompt Corrective Action; 4) solutions which aim to reduce banks’ complexity to facilitate the resolution of systemically important financial institutions seems to be the most relevant to reduce moral hazard risk.

A atividade bancária é intensamente regulada e supervisionada em grande parte do mundo. Atualmente uma das discussões mais importantes que vem sendo travadas no mundo acadêmico reside nos instrumentos de política prudencial: de um lado, o Acordo de Basiléia, que utiliza o requerimento de capital próprio; de outro, os defensores de emissões de dívidas de diversos graus de subordinação. Além de voltar especial atenção aos 25 Princípios para uma Supervisão Eficaz, recentemente divulgado pelo BIS (“Bank for International Settlements”), o objetivo deste trabalho é tentar elaborar um modelo formal que tente compatibilizar as duas formas de políticas prudenciais. / The banking activity is intensely regulated and supervisioned throughout the world. Nowadays, one of the most important discussions that can be found among the prudential policies’ studies concerns the type of prudential instrument that shall be used: Capital requirement as the basis of the Basel Accord, and subordinated debt issues. Our main objective will be to construct a model that can be compatible to both approaches. Besides that, we will pay attention to the Core Principles for an Effective Supervision recently published by the BIS (Bank for International Settlements).

A atividade bancária é intensamente regulada e supervisionada em grande parte do mundo. Atualmente uma das discussões mais importantes que vem sendo travadas no mundo acadêmico reside nos instrumentos de política prudencial: de um lado, o Acordo de Basiléia, que utiliza o requerimento de capital próprio; de outro, os defensores de emissões de dívidas de diversos graus de subordinação. Além de voltar especial atenção aos 25 Princípios para uma Supervisão Eficaz, recentemente divulgado pelo BIS (“Bank for International Settlements”), o objetivo deste trabalho é tentar elaborar um modelo formal que tente compatibilizar as duas formas de políticas prudenciais. / The banking activity is intensely regulated and supervisioned throughout the world. Nowadays, one of the most important discussions that can be found among the prudential policies’ studies concerns the type of prudential instrument that shall be used: Capital requirement as the basis of the Basel Accord, and subordinated debt issues. Our main objective will be to construct a model that can be compatible to both approaches. Besides that, we will pay attention to the Core Principles for an Effective Supervision recently published by the BIS (Bank for International Settlements).

« A sauts et à gambades » : de cette formule des Essais, la critique a souvent conclu au décousu de leur écriture. Notre travail montre qu'il n'en est rien dans de nombreux chapitres des Essais, en s'appuyant sur l'idée de « cryptique » chez Ramus (Dialectique, 1555) et Canaye (L'Organe, 1589) et sur le concept rhétorique de ductus ou progression du discours : l'écrivain-dux déjoue réticences ou hostilité de son lecteur, sa repugnantia. La première partie précise, à partir des grands traités rhétoriques, dont Quintilien traduit par Gedoyn (1718), ce que recouvrent les notions de propositum, d'oratio, de sermo, de contentio, de digressio, de delectare et de repugnantia ; et, dans le domaine de la dialectique, de syllogisme et de preuve, ce qui permet d'exhumer la structure profonde de l'argumentation. La seconde partie définit la notion d'insinuatio et son pendant dialectique, la « méthode de prudence », dont Ramus donne les préceptes détaillés. Nous en tirons de nombreux outils en vue de l'analyse des textes littéraires. Nous examinons la notion de dissimulatio en rhétorique, notamment la dissimulatio artis, apanage de Socrate, lequel est si important pour Montaigne. La dernière partie expose différentes formes de ductus dans les Essais, pour séduire le lecteur et le mener sur la voie d'un progrès moral. Ce but suppose une rhétorique extrêmement sensible à ce qui « répugne » à son auditoire, comme à ce qui le « passionne ». Le cheminement ressemble de près à la méthode antique de l'exercice spirituel, qui impliquait une certaine familiarité entre auteur et lecteur, un retour sur soi concomitant et symétrique du maître et du disciple. / “A sauts et à gambades”: from this expression in the Essays, critics often came to the conclusion of a rambling speech. Our work shows that this is not the case in many chapters, by referring to the “cryptical method” in the writings of Ramus (Dialectique, 1555) and Canaye (L'Organe, 1589) and to the rhetorical concept of ductus or progression of speech in which the dux-writer circumvents his reader's opposition or hostility, or repugnantia. The first part, which is based on major rhetorical theories, including those of Quintilian translated by Gedoyn (1718), defines the notions of propositum, oratio, sermo, contentio, digressio, delectare and repugnantia ; and, in the field of dialectics, syllogism and proof. It provides a means of digging out the deep structure of arguments. The second part defines the notion of insinuatio and its counterpart in dialectics, the “method of prudence”, on which Ramus gives detailed precepts. These give us many tools for the purpose of literary text analysis. We look into the notion of dissimulatio in rhetorics, including the dissimulatio artis, specific to Socrates – Socrates is an important figure for Montaigne. The last part outlines various forms of ductus in the Essays, so as to lure the reader and lead him on the path to moral progress. This goal requires the rhetoric to be finely attuned to what the reader is averse to, or what he is passionate about. The whole closely resembles the ancient method of spiritual exercise, which involved some familiarity between the writer and the reader, a concurrent and symmetric introspection from the master and his disciple.

A atividade bancária é intensamente regulada e supervisionada em grande parte do mundo. Atualmente uma das discussões mais importantes que vem sendo travadas no mundo acadêmico reside nos instrumentos de política prudencial: de um lado, o Acordo de Basiléia, que utiliza o requerimento de capital próprio; de outro, os defensores de emissões de dívidas de diversos graus de subordinação. Além de voltar especial atenção aos 25 Princípios para uma Supervisão Eficaz, recentemente divulgado pelo BIS (“Bank for International Settlements”), o objetivo deste trabalho é tentar elaborar um modelo formal que tente compatibilizar as duas formas de políticas prudenciais. / The banking activity is intensely regulated and supervisioned throughout the world. Nowadays, one of the most important discussions that can be found among the prudential policies’ studies concerns the type of prudential instrument that shall be used: Capital requirement as the basis of the Basel Accord, and subordinated debt issues. Our main objective will be to construct a model that can be compatible to both approaches. Besides that, we will pay attention to the Core Principles for an Effective Supervision recently published by the BIS (Bank for International Settlements).

This diploma thesis deals with the regulation of the activities of banks, which has already been relatively extensive but as a result of the most recent financial crisis, it has been extended by new rules and requirements. The aim of this thesis is to clarify the essence of the basic obligations of the banks related to the entry into the banking sector and to working in the sector, and last but not least to leaving the sector and to the termination of the banking activity. All these obligations are then amended by new requirements for crisis management and the insurance of deposits, which are also based on prudential and precautionary principles and aim at maintaining the security and stability of the banking sector. This thesis is divided into six individual chapters but they are connected with each other. The initial chapter defines the key concept of this thesis, namely the concept of the bank from the legal perspective because the legal definition of the bank is slightly different than the economic definition. This thesis as well enumerates the forms of legal regulation that can be used in this area of law, whether it concerns directly applicable European legislation, primary or delegated legislation or non-binding statements and recommendations of regulators. Then the following chapters deal...

Cette thèse s’intéresse à la gouvernance d’entreprises dans le secteur bancaire. Son objectif est de montrer que la relation linéaire entre le contrôle exercé par le conseil d’administration et la rentabilité des entreprises telle qu’elle est appréhendée dans la littérature peut être perturbée dans le contexte bancaire. La réglementation sur le capital et la prise de risque sont analysées comme variables modératrices et médiatrices de la relation entre l’indice de la qualité du conseil d’administration et la prise de risque d’une part, et entre l’indice de la qualité du conseil d’administration et la rentabilité bancaire d’autre part. L’analyse est menée suivant une démarche comparative internationale entre la France et le Cameroun. En effet, depuis la fin des années 1980, la littérature sur la gouvernance d’entreprises s’est développée dans le sens de trouver des meilleures pratiques de contrôle des dirigeants susceptibles de garantir la performance des entreprises. Or, une revue de cette littérature montre que les différences sectorielles et culturelles ne sont pas suffisamment considérées. Ce constat justifie le choix sectoriel et l’approche comparative de la présente recherche. En employant un système d’équations structurelles résolues par la méthode des moindres carrés partiels sur un échantillon de banques en France et au Cameroun sur la période 2006-2013, et en déterminant un indice composite du conseil d’administration, il s’est avéré qu’un bon score de conseil d’administration a une influence négative et significative sur la rentabilité sur les données françaises mais positive et significative sur les données camerounaises. Il est mis en évidence que la réglementation prudentielle joue le rôle de variable modératrice entre l’indice du contrôle exercé par le conseil d’administration et la prise de risque sur les données camerounaises mais pas sur les données françaises. Par ailleurs, la taille de la banque a un effet quasi-modérateur sur la relation entre l’indice de qualité du contrôle exercé par le conseil d’administration et la prise de risque au Cameroun mais pas en France et un effet quasi-modérateur sur la relation entre l’indice de qualité du conseil et la rentabilité en France et au Cameroun. / This thesis is interested in the governance of firms in the banking sector. Its objective is to show that the linear relationship between the board of directors control and the profitability of firms such as it is analyzed in the literature can be disrupted in the banking sector. The regulatory capital and the banking risk-taking are analyzed as playing a moderating and mediating role respectively on the relation between the board of directors quality index and the banking risk-taking, and between the board of directors quality index and the banking profitability. The analysis is led according to an international comparative approach between France and Cameroon. In fact, since the end of 1980s, the literature on governance of firms developed in the sense to find best practices of control of managers susceptible to guarantee the performance of companies. However, a review of this literature shows that the sectorial and cultural differences are not enough considered. The consideration of this state of thing justifies the sectorial choice and the comparative approach of the present research. We find by using a system of Structural Equations Models resolved by the Partial Least Squares regression method on a sample of banks in France and in Cameroon over the period 2006-2013, and employed and board of directors index that, a good index of board control has a negative and significant association with the profitability in France data but positive and significant impact on the Cameroonian data. It is highlighted that the prudential regulation plays a moderating role between the board control index and the risk-taking on the Cameroonian one but not on the French data. Besides, the size of the bank has a quasi-moderation effect on the relation between the board control index and the risk-taking in Cameroon but not in France and a quasi-moderation effect on the relation between the board control index and the profitability in France and in Cameroon.