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Background: The volatility in the interest rate market have increased during the last decade and this have made interest rate risk management more important for  both financial institutions and non-financial companies with short- and long term financial commitments. Objective: The main objective of this thesis is to analyze different ways of measuring interest rate risk in the treasury operations an international industrial company group. Further, the study will also examine the way treasury departments of international industrial company group’s measure interest rate risk and explain why this method have been chosen. Method: The research method of the thesis is a case study and a mix of both quantitative and qualitative data has been used to conduct it. The quantitative data have been secondary data received from TIFI’s treasury management software and the qualitative data have been collected through a survey with eight treasury managers from other international industrial company groups. Conclusion: The repricing model is suitable because it is straight forward, fairly easy to communicate to management and it focuses on the book value. However, defining relevant time buckets might be difficult. The duration model is a good measurement tool because it can be used in a variety of ways, but a disadvantage is that it focuses on the market value, which might not be appropriate for treasury departments. Stress testing captures the true change in market value, but demands forecasts about future interest rate movements and lacks tools to manage the interest rate risk. Treasury departments of international industrial company groups use a variety of measurement methods. The most frequently used methods are duration-, maturity- and Value at Risk models and different kinds of stress tests. The method should not only measure the interest rate risk in a correct way but it should also be easily explained to management and other executives in the company that might not have knowledge about financial economics. The main difference between treasury departments and commercial banks is that commercial banks try to earn money on interest rate fluctuations, whereas treasury departments want to minimize the impact of interest rate fluctuations in order to support the company group’s core business.

Entre histoire du capitalisme, sociologie des élites et sociologie de l’État, cette thèse prend pour objet le rôle de la direction du Trésor – direction phare du ministère des Finances – dans la fabrique de « mondes » à la fois hybrides et intégrés d’institutions, de réseaux et d’acteurs, aux sommets du pouvoir et au croisement entre État et affaires, administration et économie, public et privé. A partir d’une enquête mêlant entretiens biographiques, base prosopographique et fonds d’archives publics et privés, elle explore les mécanismes concrets par lesquels la direction du Trésor produit du flou, du flux et de la hiérarchie au sein de ses mondes, dans une configuration historique précise (milieu des années 1960- milieu des années 1990). La thèse est organisée selon trois niveaux d’analyse des relations entre le Trésor et ses mondes. Au niveau écologique – celui des alliances – elle montre la transformation des coalitions de soutien du Trésor pour peser dans l’État, du Plan à la « place », organisant les modalités du ralliement de la direction aux réformes libérales à partir des années 1960. Au niveau institutionnel, elle analyse les échanges qui forgent la porosité entre le Trésor et ses mondes, et les contraintes institutionnelles qui leur donnent sens et forme, et montre que la direction du Trésor fonctionne alors comme une entreprise de placement. Au niveau individuel, elle analyse la construction des carrières dominantes (de la « grandeur ») au sein des mondes du Trésor, et les liens d’obligation, de cooptation et de parrainage sur lesquelles elles s’appuient. La thèse contribue, ainsi, à documenter les formes d’indifférenciation des activités qui caractérisent les sommets de l’État. / Between history of capitalism, sociology of elites and public administration, this PhD thesis explores how the French Treasury Department brings together gravitating financial institutions, networks and actors into integrated and hybrid "worlds", situated at the "heights of power" and between administration and business, public and private interests. Drawing on biographical interviews, prosopographical data and public and private archival collections, it focuses on the concrete mechanisms through which the Treasury both blurs boundaries inside its worlds, and re-create hierarchies between the agents who circulate within them. The thesis analyzes the relationships between the Treasury and its worlds at three distinct levels. At the ecological level — that of the Treasury alliances in policy-making — it highlights the Treasury’ changing coalitions of support, from the Great planning coalition of the 1950s to the "place financière" of the 1970s, and shows how this transformation helps us account for the Treasury’ embrace of financial reforms in the 1970s. At the institutional level, it analyzes how various organizational constraints at the Treasury shape exchanges between the Department and its worlds. Finally, at the individual level, it looks at the construction of dominant careers ("grandeur") inside the worlds of the Treasury, and at the interpersonal ties and decentralized logics of co-optation, patronage and moral indebtedness they draw on.