Le fort engouement pour les formes de financement d\u00e9sinterm\u00e9di\u00e9es nous conduit \u00e0 nous interroger sur les origines de ce syst\u00e8me et ses enjeux \u00e9conomiques. Si l\u2019on se r\u00e9f\u00e8re aux limites du syst\u00e8me financier interm\u00e9di\u00e9 \u00e9voqu\u00e9es en premi\u00e8re partie, les activit\u00e9s alternatives de Shadow Banking constitueraient une r\u00e9ponse directe \u00e0 des besoins de financement bien r\u00e9els.<\/p>\n
Pour Thierry Var\u00e8ne, de BNP Paribas3, \u00ab on constate un d\u00e9s\u00e9quilibre entre le financement long \u00e0 l\u2019\u00e9conomie, qui atteint 19000 milliards d\u2019euros, et l\u2019\u00e9pargne longue, qui n\u2019en est qu\u2019\u00e0 9 000 milliards en France.<\/p>\n
Le march\u00e9 ne peut pas faire face \u00e0 un tel \u00e9cart \u00bb. En d\u2019autres termes, la capacit\u00e9 des banques \u00e0 financer l\u2019\u00e9conomie \u00e9tant limit\u00e9e, le d\u00e9veloppement d\u2019un syst\u00e8me de financement parall\u00e8le s\u2019av\u00e8re n\u00e9cessaire \u00e0 l\u2019\u00e9conomie.<\/p>\n
3 Propos de Thierry Var\u00e8ne, (d\u00e9l\u00e9gu\u00e9 aupr\u00e8s du directeur g\u00e9n\u00e9ral pour la grande client\u00e8le de BNP Paribas),Table ronde sur les enjeux du d\u00e9veloppement du syst\u00e8me bancaire parall\u00e8le, S\u00e9nat, 20\/06\/2012<\/p><\/blockquote>\n
Les nombreuses publications parues sur la question du Shadow Banking depuis deux ans ont permis de mieux appr\u00e9hender la physionomie du Shadow Banking, ou \u00ab finance de l\u2019ombre \u00bb.<\/p>\n
Olivier Garnier, chef \u00e9conomiste du groupe Soci\u00e9t\u00e9 G\u00e9n\u00e9rale fait remarquer que le terme de \u201cshadow\u201d qui, en fran\u00e7ais, donne une connotation p\u00e9jorative d\u2019activit\u00e9s \u00ab cach\u00e9es \u00bb.<\/p>\n
Il d\u00e9clare pr\u00e9f\u00e9rer le terme de \u00ab syst\u00e8me bancaire parall\u00e8le \u00bb. Le Conseil de Stabilit\u00e9 financi\u00e8re am\u00e9ricain (CSF – Financial Stability Board) se limite \u00e0 d\u00e9finir le Shadow Banking comme \u00ab<\/p>\n
des activit\u00e9s d\u2019interm\u00e9diation de cr\u00e9dit impliquant des entit\u00e9s et des activit\u00e9s ext\u00e9rieures au syst\u00e8me financier et non r\u00e9gul\u00e9es <\/strong>\u00bb4.<\/p>\n4 \u00abThe system of credit intermediation that involves entities and activities outside the regular banking system.\u00bb<\/p><\/blockquote>\n
Selon cette d\u00e9finition, le Shadow Banking n\u2019appartient pas \u00e0 une cat\u00e9gorie bien pr\u00e9cise mais \u00e0 des \u00e9l\u00e9ments connexes :<\/p>\n
– les entit\u00e9s non r\u00e9gul\u00e9es r\u00e9alisant des activit\u00e9s proches des activit\u00e9s bancaires classiques soit collecte de d\u00e9p\u00f4ts, transformation de liquidit\u00e9 et de maturit\u00e9, transfert de risques de cr\u00e9dit et recours \u00e0 l\u2019effet de levier. <\/strong><\/p>\n– \u00e0 travers des activit\u00e9s de financement, et quel que soit l\u2019organisme auquel elles font appel comme le pr\u00eat\/emprunt de titres, les pensions livr\u00e9es (Repo) ou la titrisation.<\/strong><\/p>\nTelles que d\u00e9finies, les activit\u00e9s de Shadow Banking jouent un r\u00f4le \u00e9conomique proche de celui des banques op\u00e9rant des fonctions de collat\u00e9ralisation et de transformation de maturit\u00e9 et de liquidit\u00e9 via la titrisation. Examinons en d\u00e9tail le fonctionnement de ce syst\u00e8me parall\u00e8le et son r\u00f4le au sein de l\u2019\u00e9conomie.<\/p>\n","protected":false},"excerpt":{"rendered":"
Besoin ou non d\u2019un financement alternatif \u2013 le Shadow Banking II. Besoin ou non d\u2019un financement alternatif \u2013 le Shadow Banking Pour aborder le sujet du Shadow Banking dans sa dimension globale, il est opportun de revenir aux concepts \u00e9conomiques fondamentaux d\u2019interm\u00e9diation et de d\u00e9sinterm\u00e9diation de la finance. En effet, […]<\/p>\n","protected":false},"author":1,"featured_media":25527,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[27],"tags":[853],"acf":[],"uagb_featured_image_src":{"full":["https:\/\/wikimemoires.net\/wp-content\/uploads\/2013\/06\/image007-1.jpg",783,750,false],"thumbnail":["https:\/\/wikimemoires.net\/wp-content\/uploads\/2013\/06\/image007-1-150x150.jpg",150,150,true],"medium":["https:\/\/wikimemoires.net\/wp-content\/uploads\/2013\/06\/image007-1-300x287.jpg",300,287,true],"medium_large":["https:\/\/wikimemoires.net\/wp-content\/uploads\/2013\/06\/image007-1-768x736.jpg",768,736,true],"large":["https:\/\/wikimemoires.net\/wp-content\/uploads\/2013\/06\/image007-1.jpg",783,750,false],"1536x1536":["https:\/\/wikimemoires.net\/wp-content\/uploads\/2013\/06\/image007-1.jpg",783,750,false],"2048x2048":["https:\/\/wikimemoires.net\/wp-content\/uploads\/2013\/06\/image007-1.jpg",783,750,false]},"uagb_author_info":{"display_name":"WikiMemoires","author_link":"https:\/\/wikimemoires.net\/author\/wikieradmin\/"},"uagb_comment_info":0,"uagb_excerpt":"Besoin ou non d\u2019un financement alternatif \u2013 le Shadow Banking II. Besoin ou non d\u2019un financement alternatif \u2013 le Shadow Banking Pour aborder le sujet du Shadow Banking dans sa dimension globale, il est opportun de revenir aux concepts \u00e9conomiques fondamentaux d\u2019interm\u00e9diation et de d\u00e9sinterm\u00e9diation de la finance. En effet, […]","_links":{"self":[{"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/posts\/24947"}],"collection":[{"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/comments?post=24947"}],"version-history":[{"count":0,"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/posts\/24947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/media\/25527"}],"wp:attachment":[{"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/media?parent=24947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/categories?post=24947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wikimemoires.net\/wp-json\/wp\/v2\/tags?post=24947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}