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Restructuration internationale et diversification, le cas du risque-crédit

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  • Jean Dermine

Abstract

[eng] International reorganization and diversification : the credit risk . Twelve years after the creation of the single European market, cross-border mergers among banks are few. Explanations for this include the difficulty to merge different cultures, and the limited potential for cost reduction. An additional argument is proposed : international diversification of credit risk. In case of large recession in a single currency zone, such a diversification would be welcome. Finally, the importance of the legal group structure and the benefits of the Societas Europaea are discussed. . JEL classification : F36, G21, G34 [fre] Douze ans après la création du Marché unique européen, les fusions bancaires transfrontalières sont encore rares. Les arguments avancés sont la difficulté de fusionner les cultures de chaque pays, et le faible potentiel de réduction des coûts opérationnels. Un argument supplémentaire est discuté dans cet article, la diversification internationale du risque-crédit. En cas de forte récession économique dans un régime à monnaie unique, la diversification du risque sera bienvenue. Finalement, l’importance du choix de structure juridique et les avantages d’une Societas Europaea sont mis en évidence. . Classification JEL : F36, G21, G34

Suggested Citation

  • Jean Dermine, 2005. "Restructuration internationale et diversification, le cas du risque-crédit," Revue d'Économie Financière, Programme National Persée, vol. 78(1), pages 267-280.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_78_1_3952
    DOI: 10.3406/ecofi.2005.3952
    Note: DOI:10.3406/ecofi.2005.3952
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    References listed on IDEAS

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    1. Viral V. Acharya & Iftekhar Hasan & Anthony Saunders, 2002. "The effects of focus and diversification on bank risk and return: evidence from individual bank loan portfolios," Proceedings 905, Federal Reserve Bank of Chicago.
    2. Froot, Kenneth A. & Stein, Jeremy C., 1998. "Risk management, capital budgeting, and capital structure policy for financial institutions: an integrated approach," Journal of Financial Economics, Elsevier, vol. 47(1), pages 55-82, January.
    3. Allen N. Berger & Robert DeYoung & Hesna Genay & Gregory F. Udell, 1999. "Globalization of financial institutions: evidence from cross-border banking performance," Working Paper Series WP-99-25, Federal Reserve Bank of Chicago.
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    More about this item

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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