Cette thèse a pour objectif de prendre part à la réflexion sur le risque systémique et ses conséquences négatives sur l’économie réelle, et au débat sur la mise en place d’une règlementation macro-prudentielle (effets systémiques) efficace pour l’industrie bancaire en visant la stabilité financière. Pour cela, ce travail contribue à la littérature existante à travers plusieurs aspects. Dans le premier chapitre de cette thèse, sur un échantillon de banques de l’OCDE, nous étudions la manière dont la valeur de la franchise affecte le risque bancaire avant, pendant et après la crise financière mondiale de 2007–2008, en utilisant des mesures de risque individuelles et systémiques. Nous réétudions l’hypothèse de la valeur de la franchise bancaire et son rôle disciplinant au regard de la prise de risque et de l’expansion au risque systémique avant, pendant et après la crise financière. Nous montrons qu’avant la crise, la valeur de la franchise bancaire impacte positivement la prise de risque et le risque systémique non seulement des très grandes banques dites “too-big-too-fail” mais aussi des grandes banques européennes et américaines. Cependant, nos résultats montrent que pendant et après la crise, cet effet s’inverse. En considérant la période d’avant crise, nous allons plus loin dans nos investigations sur la relation entre la valeur de la franchise d’une part et la prise de risque et l’exposition au risque systémique d’autre part, en prenant en compte les effets des différences entre les cultures de prise de risque, la taille des banques et les stratégies bancaires. Le deuxième chapitre analyse la dynamique de la structure du capital des banques en fonction de leur niveau de capital interne ciblé et/ou externe imposé. Plus précisément, il examine plusieurs caractéristiques. (i) si les frictions du marché et les coûts d’ajustement du capital sont plus considérables lorsqu’il s’agit d’ajuster les ratios de fonds propres réglementaires par rapport à un ratio de levier simple. (ii) les mécanismes d’ajustement utilisés par les banques pour ajuster leur ratio de capital. (iii) comment la vitesse d’ajustement et les mécanismes d’ajustement diffèrent entre les grandes banques systémiques et complexes d’une part, et les banques moins systémiques d’autre part. Les résultats suggèrent que les banques sont plus flexibles et plus rapides dans l’ajustement de leur ratio de levier que dans l’ajustement de leurs ratios de capital réglementaire. Tandis que les banques d’importance systémique (SIFI) sont moins réactives que les autres banques dans l’ajustement de leur ratio de levier cible, elles sont néanmoins plus rapides à atteindre leurs ratios réglementaires cibles. D’autres investigations montrent que les SIFIs pourraient être plus réticentes à modifier leur base de capital en émettant ou en rachetant des actions et préfèrent une réduction plus importante ou une expansion plus rapide de leur taille. Dans le dernier chapitre, nous analysons comment la structure organisationnelle internationale et l’expansion géographique de 105 banques européennes cotées qui ont des filiales à travers le monde, pourrait affecter leur importance systémique au cours de la période 2005–2013. Nous examinons également comment le pic de la crise financière mondiale de 2008–2009 et l’ampleur de la crise de la dette souveraine européenne de 2010–2011 pourraient avoir affecté ces relations. Nous montrons que l’internationalisation et la complexité organisationnelle sont des facteurs importants du risque systémique bancaire, en particulier pendant les années de stress financier 2008–2013. / The aim of this thesis is to contribute on the current debate on the systemic risk and its policy implications for the implementation of new (systemic risk-based) capital requirements in the banking industry. We extend the existing literature in many aspects. In the first chapter, we investigate how bank charter value affects risk for a sample of OECD banks by using standalone and systemic risk measures before, during, and after the global financial crisis of 2007–2008. We revisit the self‐discipline role of charter value on bank’s risk-taking and systemic risk prior, during and after the crisis. We show that bank charter value is positively associated with risk-taking and systemic risk for very large “too-big-too-fail” banks and large U.S. and European banks prior to the crisis, but such a relationship is inverted during and after the crisis. Then, we deepen investigation on this relation between charter value and risk-taking and systemic risk prior to the crisis, regarding differences in risk taking cultures, bank size and bank strategies. The second chapter analyzes the dynamics of banks’ capital structure towards their desired and/or imposed capital level. It analyzes several interesting features. (i) whether or not market frictions and capital adjustment costs are larger for regulatory capital ratios vis-à-vis a plain leverage ratio. (ii) which adjustment channels banks use to adjust their capital ratio. (iii) how the speed of adjustment and adjustment channels differ between large, systemic and complex banks versus small banks. Findings suggest that banks are more flexible and faster in adjusting to their leverage capital ratio than to regulatory capital ratios. Whereas, systemically important banks are slower than other banks in adjusting to their target leverage ratio but quicker in reaching their target regulatory ratios. Further explores show that SIFIs might be more reluctant to change their capital base by either issuing or repurchasing equity and prefer sharper downsizing or faster expansion. In the third chapter, we analyze how the international organization structure and the geographic expansion, of 105 European listed banks that have foreign affiliates around the world, could affect bank level measures of systemic risk during the 2005–2013 period. We also investigate how the peak of the global financial crisis of 2008–2009 and the height of the European sovereign debt crisis of 2010–2011 might have affected such relationships. We find that internationalization and foreign complexity are important drivers of bank systemic risk, particularly during the 2008–2013 financial stress years.

Cette thèse a pour objet d’analyser la performance des établissements bancaires jordaniens durant la crise mondiale amorcée en 2007-2008. Sous ce thème, nous abordons les questions de la réglementation du système bancaire, de l’asymétrie d'information et du risque de crédit. Une attention particulière est portée à l’analyse de la réglementation issue des différents accords de Bâle, qui a servi de modèle à la régulation du système bancaire jordanien. En effet, non seulement la philosophie de la réglementation bancaire a évolué depuis le premier accord en 1988, mais de plus il existe des interactions entre les dispositifs réglementaires et les problèmes liés à l’information et à la gestion du risque de crédit. A la suite de l'analyse de ces trois facteurs, nous nous tournons vers leur prise en compte dans l'évaluation de la performance bancaire. Nous concentrons notre étude sur la Jordanie, pays dans lequel la structure du marché bancaire a profondément été bouleversée ces dernières années par l’ouverture du marché aux investisseurs internationaux, par l’évolution des normes prudentielles et par les conséquences économiques de la crise financière internationale. Une estimation quantitative du risque de crédit et de la performance est menée, en ayant recours à des méthodes statistiques et économétriques. Les résultats montrent que la dégradation de la performance des banques jordaniennes à partir de 2008 n’est pas due principalement à la réglementation stricte imposée par la banque centrale, mais plutôt à l’autorégulation, caractérisée par un excès de prudence des banques dans leur offre de crédits, particulièrement après avoir connu une période de forte concurrence. / The aim of this thesis is to analyze the performance of Jordanian banks during the recent global crisis that started in 2007-2008. Under this theme, we approach the banking system regulatory issues, the information asymmetry and the credit risk. Special attention is paid to the analysis of the regulations stemming from various Basel agreements, which served as a model for the regulation of the Jordanian banking system. Indeed, not only the philosophy for banking regulation has evolved since the first agreement in 1988, but more interactions have emerged between regulatory systems with information and credit risk management related problems. Following the analysis of these three factors, we will study their role in the evaluation of the banking sector performance. We focus our study on Jordan, a country in which the structure of the banking market has been deeply disturbed in recent years by opening the market to international investors, by changing the prudential standards and the economic consequences of the global financial crisis. Our approach is to conduct a quantitative assessment of credit risk and performance, through the use of statistical and econometric methods. The results show that the degradation in the performance of Jordanian banks starting from 2008 is not mainly the result of the strict regulations implemented by the Central Bank of Jordan, but rather an auto-regulation characterized by the banks excessively cautious attitude to their credit supply, especially after a period of intense competition.

This thesis contains three self-contained chapters, covering different subjects but using similar methods: The Effect of Foreclosure Laws on Securitization: Evidence from U.S. States shows that mortgage loans are less likely to be securitized in states with costlier foreclosure procedures. I interpret this in light of prior literature showing a higher foreclosure risk for securitized loans, due to unwillingness to renegotiate by the agents working on behalf of investors. Moreover, the magnitude of the effect increases for loans with higher risk of default, and disappears for loans where state foreclosure laws usually do not apply. Do daughters make family firms more sustainable? studies listed companies with a family owning a large block of shares, and asks how the family composition affects the company’s policies. Creating a novel Swedish data set, I find that environmental performance improves when the family has more daughters. The effect does not seem to operate through more adult daughters leading to more female CEOs or board members, or through the appointment of family members as CEOs. Bank taxes, leverage and risk uses staggered changes in US state-level bank taxation, and documents an increase in leverage when taxes are raised. Banks partly dampen the effect by adjusting their Tier 2 capital (a lower-quality form of regulatory capital that is less able to absorb losses), and by reducing the risk on the asset side of the balance sheet as measured by regulators. / <p>Diss. Stockholm :  Stockholm School of Economics, 2015. Introduction together with 3 papers</p>

This study examined the nexus between bank performance and regulatory requirements in South Africa. The panel regression approach was used, which applied panel data from 12 banks that were registered in terms of the Bank Act 94 of 1990 over the period 2009 to 2019. A quantitative research approach was used to investigate the nexus between bank performance, bank regulations, bank-specific factors and some macroeconomic factors. A regression analysis was conducted on four bank performance ratios using pooled ordinary least square regression, fixed effects, random effects and generalised methods moments. The two-step generalised system methods of moments approach was preferred over the other methods because it eliminated the problem of endogeneity. The results showed that capital adequacy and size have both a positive and negative significant effect on bank performance, while interest rates, non-performing loans, liquidity coverage ratios and net stable funding ratios had a negative and significant effect on bank performance. The study concluded that South African banks could enhance their performance by tightening their credit risk assessment framework to be more prudent in their lending practices in order to improve the lending quality of their loan books. It is recommended that banks keep their capital levels at a minimum to avoid excessive risk-taking, and that they by embark on efficient revenue enhancement activities such as increasing retained earnings. Banks must further look at their clients on an overall basis, not just a transactional basis, as this will improve their non-interest revenue income by introducing innovative products. Lastly, the banks must lower their liquidity risk exposure by collectively managing their capital adequacy ratio, size of the bank, interest rates, non-performing loans, liquidity coverage ratio and net stable funding ratio. The South African Reserve Bank should tighten regulatory requirements by improving its supervision and oversight functions; banks must to adhere to lending practices and foster a healthy and adequately capitalised balance sheet. Lastly, the SARB must align its macroeconomic forecast for lending rates with regulatory requirements to ensure that economic performance is a catalyst for bank performance. This study contributes to the empirical research repository on the nexus of bank performance and regulatory requirements. More importantly, it identifies the significant factors that affect South African bank performance, by identifying the deficiencies in South Africa’s regulatory requirements, which will provide the South African Reserve Bank with insight into ways of enhancing its regulatory requirements to improve the performance, management practices and sound capital adequacy of the banking sector. / Finance, Risk Management and Banking / M.. Com. (Business Management (Finance)

Existen posturas variadas respecto a los factores que participan y cómo estos influyen en la determinación del spread bancario o rentabilidad bancaria, representado también por la eficiencia bancaria. La investigación muestra cómo los factores influyen en el spread de forma positiva o negativa en países en desarrollo, desarrollados y en transición, así como en diversas regiones a nivel mundial. El cálculo del spread se representa por la diferencia entre el promedio de la tasa de interés de los préstamos y los depósitos en un periodo determinado, aunque otro grupo de autores utiliza el Margen de Interés Neto como la medida para el cálculo de rentabilidad, pues este analiza los determinantes en un escenario de equilibrio general, considerando todas las operaciones del banco. La investigación sugiere que un elevado spread se relaciona con un sistema bancario ineficiente; asimismo, se revela que los países Latinoamericanos en los últimos 20 años presentan un elevado spread comparados con otras regiones del mundo. En otro momento, se detalla la evolución del sector bancario, participantes y el rol que cumple en la economía de un país. En la tercera sección, se explica la política monetaria y su relación con las tasas de interés, mientras que en la cuarta sección se muestra el proceso de intermediación financiera. En el quinto capítulo, se describe las variables que participan en la determinación del spread; luego de ello, se exponen las principales medidas adoptadas por la regulación bancaria para reducir los riesgos de la operación. Finalmente, se contrastan las variables utilizas de algunos modelos utilizados para la determinación del spread bancario. / There are varying points of views regarding factors involved and how they influence the determination of bank spread or bank profitability, also represented by bank efficiency. The research shows how the factors influence the spread positively or negatively in developing, developed and transition countries, as well as in various regions worldwide. The calculation of the spread is represented by the difference between the average interest rate on loans and deposits in a given period, although another group of authors uses the Net Interest Margin as the measure for calculating profitability, as it analyzes the determinants in a general equilibrium scenario, considering all the bank's operations. The research suggests that a high spread is related to an inefficient banking system, likewise, it is revealed that Latin American countries in the last 20 years present a high spread compared to other regions of the world. Another section details the evolution of the banking sector, its participants and the role it plays in a country's economy. The third section explains monetary policy and its relationship with interest rates, while the fourth section shows the financial intermediation process. The fifth chapter describes the variables involved in the determination of the spread, followed by a description of the main measures adopted by banking regulation to reduce the risks of the operation. Finally, the variables used in some of the models used to determine the bank spread are contrasted. / Trabajo de Suficiencia Profesional

Questa tesi analizza un tema fondamentale e nello stesso tempo controverso: il rischio di liquidità che, dopo la crisi del 2007-2008, sta diventato sempre più importante. Le banche centrali forniscono la liquidità necessaria per ridurre la probabilità di un collasso del sistema finanziario, utilizzando una vasta gamma di strumenti. La tesi in oggetto propone un’analisi della politica quantitativa della Banca Centrale Europea: un’analisi in cui sono state considerate le condizioni di mercato e la loro coerenza con la domanda di liquidità da parte del sistema bancario. Il quadro normativo internazionale Basilea III ha introdotto nuove regole per la gestione del rischio di liquidità. Questo lavoro presenta una serie di azioni che possono essere applicate per migliorare le capacità di gestione del rischio di liquidità della banca stessa. Applicando al processo decisionale il metodo della simulazione, è stata utilizzata un'analisi di sensitività per determinare l'impatto delle decisioni manageriali sull’indice di liquidità. Questa tesi mette in evidenza l'importanza del rischio di liquidità e presenta l'analisi empirica che ha permesso l'indagine della relazione che intercorre tra il nuovo requisito introdotto dal Basilea in materia di liquidità (NSFR) e la stabilità del sistema bancario, i fattori macroeconomici e dei mercati finanziari, e le operazioni della banca centrale. / This thesis focuses on a crucial and controversial issue - liquidity risk. After the 2007-2008 crisis it became increasingly important. The Central Banks provide required liquidity to minimise the probability of a financial system meltdown by using a wide array of instruments. This thesis proposes an analyses of the European Central Bank quantitative policy, market conditions in which these measures have been taken, and their consistency with the demand for liquidity by the banking system. The Basel III international regulatory framework introduced new liquidity regulations for managing liquidity risk. This study introduces a number of actions that can be performed to improve a bank’s liquidity risk management capabilities. By applying the simulation-based approach to decision making, a sensitivity analysis was used to determine the impact of managerial rulings on liquidity ratio. The present work highlights the importance of the liquidity risk and presents the empirical analysis that allowed the exploration of the relationship between the Basel’s new liquidity requirement (NSFR) and banking stability, macroeconomic and financial markets factors, and central bank operations.

The <u>first essay</u> [“Twin Deficits and Free Lunches: Macroeconomic Outcomes In Anticipation of Foreign Aid”] concerns itself with situations in which private agents anticipate a future windfall (free lunch) that will help service the debt resulting from a present fiscal expansion (implemented via a temporary tax cut). Such expectations of a windfall can arise in the context of natural resource discoveries or, more interestingly, due to perceptions by agents in “too important to fail” countries that will be bailed out through higher foreign aid or debt relief. We employ an overlapping generations model featuring credit constraints to study the real effects of such free lunch expectations in a small open economy, drawing contrasts with the standard tax and money finance closure rules. The model is solved analytically and shows that anticipated aid is equivalent to current aid when agents have perfect foresight, so that a temporary tax cut is seen as permanent. Accordingly, agents raise their consumption and indebtedness (at the expense of future generations) by an amount that is an increasing function of their “impatience” (subjective rates of time preference plus probability of death). A worsening of the current account obtains (twin deficits) across a range of plausible closure rules, including those featuring money finance. The introduction of credit constrained households (we study the variant where myopic agents spend their current disposable incomes) does not alter the basic result in the case of full aid finance, but does matter for mixed tax-aid regimes, in more complex settings where agent expectations and donor promises on aid diverge, and when governments face borrowing constraints so that the timing of aid delivery matters. The <u>second essay</u> [“The Role of Domestic Debt in Economic Growth: An Empirical Investigation For Developing Economies”] focuses on the remaining source of government financing, i.e. domestic debt, and the role it can play in mobilizing private savings, facilitating credit intermediation in higher risk settings (i.e. serving a “collateral” function on bank balance sheets), developing financial markets and supporting economic growth in general. To investigate this question empirically, we set up a new domestic debt database covering about 100 developing economies, going back three decades to 1975; explore Granger causality links between domestic debt and key macroeconomic and institutional variables; and estimate the growth impact of domestic debt using panel regressions, allowing for non-linear effects. Domestic debt, as a share of GDP is found to exert a significant positive impact on economic growth, with potential channels including domestic savings mobilization, provision of risk-insurance on banks’ balance sheets; and greater institutional accountability of the state to its citizens. Although this result countervails more established arguments against domestic debt (i.e. that it leads to crowding out and banks to become lazy), there is some evidence that above a ratio of 35 percent of bank deposits, domestic debt does begin to undermine economic growth. The growth payoff also depends on debt quality, with higher payoffs observed for positive interest-rate bearing marketable debt issued to nonbank sectors. The <u>third and final essay</u> [“Why Do Banks in Developing Economies Hold Domestic Government Securities?”] explores demand-side determinants of domestic debt, by focusing on commercial bank holdings of government paper, discriminating carefully between voluntary factors (such as mean-variance portfolio optimization) and statutory ones (cash reserve and capital adequacy requirements). The analysis is made possible by the construction of a dataset on government and private returns (real and nominal) for almost 600 banks from 70 emerging and low-income economies, spanning the (pre-Basel II) period 1995-2005. A battery of structural cross-section regressions indicates that banks’ portfolio decisions are at least as significantly influenced by mean-variance considerations as regulatory factors: the actual portfolio share of government securities (λ) responds intuitively, and sizably, to variations in the moments of the distributions for government and private returns as well as in the minimum-variance portfolio share (λ*). Higher cash reserve requirements tilt portfolios away from government securities toward riskier private lending, while higher capital adequacy requirements work the other way. The association between actual portfolios and the identified determinants is noticeably weaker at lower ends of the λ distribution, suggesting the domination of non-CAPM factors in those contexts.

Recent episodes of financial instability have motivated researchers as well as policy makers to intensify research on financial stability. This thesis contributes to current research and policy discussion by elaborating and empirically testing methodologies, which can be used to measure financial sector vulnerabilities and identify potential risks for financial stability. It further focuses on the link between real and the financial sector as well as possible implications of household financial distress on the aggregate economy. Together with the proposed framework we provide the survey of the current literature on these topics as well as the empirical results. We argue in favour of stress testing methodologies covering the key risks on banks' balance sheets. These frameworks can also be used for emerging markets where data availability is typically limited. It is shown that due to high volatility of credit growth in emerging economies, the static approach assuming constant balance sheet items is not very appropriate. Furthermore, the feedback effect between the financial sector and the real economy might play an important role under certain assumptions, and therefore it should be taken into account by policy makers. This effect can also emerge in the real sector itself as potential instability can...

【第一篇論文中文摘要】 本文檢測公司負債合約中的利差是否可被最終的違約後償還率所解釋。透過1962年至2007年間在美國金融市場上發行但最後卻違約的負債合約資料來進行實證，發現違約後償還率的確有反映在發行時的利差上，且此關聯性會隨著美國開放商業銀行進行證券承銷業務後隨之更加顯著。我們並且進一步發現此償還率的資訊能更加有效反映原因與發行公司的資訊不對稱程度降低有關。此外，我們同時又發現此負債合約中的利差與違約後償還率的關聯性對於公司治理較差、以及非投資等級的發行公司會更為顯著。最後，我們的實證結果在考量內生問題、潛在可能遺漏解釋變數、以及其他模型設定後，仍同樣具有堅實性。 【第二篇論文中文摘要】 本文使用臺指選擇權的日內資料來探討選擇權提前交易期間是否具有資訊內涵與價格發現的功能。就作者所知，我們是第一篇透過選擇權資料探討提前交易期間資訊內涵的研究。首先，我們分別透過價、量、與高階動差三類資訊變數指標來衡量提前交易期間的資訊內涵。實證結果顯示：選擇權提前交易期間不只能有效反映隔夜資訊 (公開資訊)，且具有預測當日現貨指數開盤後5分鐘內股價指數移動的能力 (反應私有資訊)，說明提前交易期間的確具有資訊內涵與價格發現的功能。此外，我們進一步發現價平選擇權包含最強的資訊內涵，此應與投資人尋求交易流動性最高的價平選擇權來迅速實現其利潤以反映其資訊有關。最後，本研究亦發現前一日海外市場 (美國) 投資人情緒傳染效果的強度會影響提前交易期間選擇權的資訊內涵，而前一日是否交易 (週末效果與假日效果)則不會影響此資訊內涵。 / 【第一篇論文英文摘要】 We investigate whether the spread of corporate debt contacts can be explained by their ultimate recovery rates. Using the actual realized recovery rates of defaulted debt instruments issued in the U.S. from 1962 to 2007, we find that recovery rate is reflected in the spread at issuance, and that this relationship has become more significant since commercial banks were allowed to underwrite corporate securities. Our further investigation indicates that the enhanced informativeness of recovery rate can be attributed to the lowering of information asymmetry of individual firms. Besides, the relation between the spread at issuance and the recovery rate is stronger for weak corporate governance and non-investment grade issuers. Our conclusions are found to be robust to endogeneity issues, potentially omitted variables and alternative model specifications. 【第二篇論文英文摘要】 This study uses tick-by-tick data to examine the information content and price discovery of TAIEX option trading during the pre-opening period. To the best of our knowledge, this is the first study that focuses on the options market. We construct three groups of information variables to measure the information content of the pre-opening period, including the price, volume, and high moment information variables. We find that option trading during the pre-opening period not only can reflect the overnight information (public information) but also predict the 5-minute intraday returns after the opening of spot market (private information), showing the information content and price discovery of option trading during the pre-opening period. We also find that at-the-money options contain the strongest richness of information content, which may result from its highest liquidity. Finally, we also find that the empirical results would be stronger depending on the intensity of investor sentiment from overseas (U.S. market) of last day but not the length of hours without trading (weekend and holiday effect).

Cette Thèse de sciences de gestion, se propose d’élucider les difficultés que rencontrent les acteurs du système bancaire comorien et apporter des solutions afin de lui garantir sa solidité, stabilité et enfin sa pérennité. Elle est divisée en deux parties. La première porte plus particulièrement sur le cadre national et internationale du système bancaire comorien. La deuxième met en évidence les banques comoriennes confrontées à la transparence financière et aux exigences de supervision prudentielle. Le premier titre de la première partie, tâche à mettre en lumière l’organisation actuelle du système bancaire comorien inspiré du modèle français (chapitre 1) et l’apport du développement récent de la finance islamique (chapitre 2) afin de combler le retard de la banque conventionnelle. La réorganisation de la Banque Centrale des Comores et la mise en place de la banque islamique locale, peuvent contribuer au changement radical du système bancaire comorien. Le deuxième titre, permet au régulateur et prêteur en dernier ressort (Banque Centrale des Comores) de prendre le modèle des normes prudentielles internationales proposées par le Comité de Bâle (Bâle II et III), pour réguler le système bancaire comorien afin de lui garantir sa solidité, stabilité et enfin sa pérennité (chapitre 1). A travers ces recommandations du comité de Bâle, nous avons apporté des solutions en élaborant la Matrice Msahazi Credit Scoring Corporation, destinée aux analyses des données des banques comoriennes contre un risque endogène (Chapitre2). Nous avons aussi élaboré d’autres matrices que les banques comoriennes se serviront pour la notation interne, des risques de contreparties (entreprises et particuliers) afin de lutter contre le risque exogène. La deuxième partie de cette Thèse suggère deux autres solutions : la première est l’exigence de transparence financière des banques comoriennes (Pilier 3 : Bâle2 et 3) afin de lutter contre les malversations financières orchestrées par certains agents (titre I). Le premier chapitre introduit l’objectif de la communication financière de manière générale et la manière dont le comité de Bâle (Bâle 2 et 3) recommande les banques de communiquer leurs informations financières (méthodes d’évaluations des risques et fonds propres). Le deuxième chapitre propose aux banques comoriennes et aux autorités de contrôles, les techniques de notation financière pratiquées au niveau internationale pour distinguer le niveau de solvabilité de la contrepartie. La deuxième solution, nous avons donné à la Banque Centrale des Comores, des techniques pour renforcer la supervision prudentielle (Pilier 2, Bâle 2 et 3), (titre II). Le premier chapitre exige d’une part la direction et le conseil d’administration de la banque de définir les techniques de contrôles, d’indentifications, d’évaluations, gestions des risques et les objectifs de fonds propre à atteindre. D’autre part, l’autorité de contrôle (Banque centrale des Comores) doit passer au crible tous ces outils de contrôle. Au deuxième et dernier chapitre de la recherche, nous avons proposé à la Banque Centrale des Comores des nouvelles méthodes de supervision prudentielle afin de garantir la solidité, stabilité et pérennité du système bancaire. Nous avons l’espoir que l’ensemble de ces suggestions contribueront à préserver la solidité, stabilité et pérennité du système bancaire comorien afin de financer le développement de l’économie comorienne et sortir le pays de la pauvreté. / This thesis on busness management, aims to elucidate the difficulties faced by the stakeholders of the Comorian banking system and to provide solutions to ensure its soundness, stability and sustainability. The thesis is divided into two parts. The first focuses specifically on the national and international context of the Comorian banking system. The second, highlights how the Comorian banks should adapt to the financial transparency and prudential supervision requirements. The first title of the first part, tries toshed light on the current organization of the Comorian banking system based on the French model (Chapter 1) and the contribution of the recent development of Islamic finance (Chapter 2) to close the gap in conventional banking. The reorganization of the Central Bank of the Comoros and the establishment of the local Islamic bank can contribute to a radical change in the Comorian banking system. The second title allows the regulator and lender of last resort (Central Bank of the Comoros ) to take the model of international prudential standards proposed by the Basel Committee (Basel II and III) to regulate the Comorian banking system in order to guarantee its soundness, stability and finally sustainability (Chapter 1). Through these recommendations of the Basel committee, we have provided solutions by developing Msahazi Credit Scoring Matrix Corporation, intended to analyse data of Comorian banks against endogenous risk (Chapter 2). We have also developed matrices other than Comorian banks used for internal rating of the counterparty risk (companies and individuals) to fight against exogenous risk. The second part of this thesis suggests two alternatives: the first is the requirement of financial transparency for Comorian banks (Pillar 3: Basel Conventions 2 and 3) in order to fight against embezzlement orchestrated by certain agents (Title I). The first chapter introduces the objective of financial reporting in general, and how the Basel Committee (Basel 2 and 3) asks banks to disclose their financial information (methods of risk assessments and equity). The second chapter provides credit rating techniques practiced at international level to the Comorian banks and supervisory authorities in order to distinguish the level of creditworthiness of companies and clients concerned. The second alternative we have given to the Central Bank of the Comoros is the techniques for strengthening prudential supervision (Pillar 2, Basel 2 and 3), (Title II) . The first chapter requires both the management and the bank's board of directors to define control techniques, identifications, assessments, risk managements and core capital goals. On the other hand, the supervisory authority (Comoros Central Bank) has to go through all these control tools. In the second and final chapter of the research, we propose to the Central Bank of the Comoros new prudential supervision methods to ensure the soundness, stability and sustainability of the banking system. We hope that all of these suggestions will help to preserve the soundness, stability and durability of the Comorian banking system in order to finance the development of the Comorian economy and lift the country out of poverty.