Pour expliquer l'existence de regles de "stop-loss"dans les institutions financieres, nous developpons un modele principal-agent, ou une firme d'investissement (le principal) doit faire appel a l'expertise d'un operateur (l'agent) pour investir dans un actif risque et sophistique (par example un...

The paper investigates, from the welfare and growth point of view, the determination of the optimal capacity of the banking system. For that purpose, we consider an overlapping generation model with endogenous growth.

In this paper, financial infrastructures increase the efficiency of the banking sector: they decrease the market power (due to horizontal differentiation) of the financial intermediaries, lower the cost of capital, increase the number of depositors and the amount of intermediated savings,...