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Séminaire mensuel de la Chaire ACPR « Régulation et Risques Systémiques »

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Le séminaire de la Chaire ACPR, organisé mensuellement, se concentre sur les questions de régulation et de risque systémique pour les banques et les organismes d’assurance. Cette page présente les éléments relatifs aux événements, passés ou à venir, ainsi que les modalités de participation.

Le séminaire de la Chaire ACPR se déroule habituellement le premier mercredi de chaque mois de 10h30 à 12h à l’ACPR : 4 rue de Budapest, Salle Liège (rez-de-jardin).

Le séminaire est ouvert à tous. L’inscription par mail à chaireACPR@acpr.banque-france.fr est gratuite mais obligatoire pour y assister. Si vous souhaitez être informés des prochains évènements, merci d’envoyer un mail à la même adresse.

La Direction des Études de l’ACPR organise également des séminaires indépendants : la page dédiée aux séminaires de recherche organisés par l’ACPR est accessible ici.

 

PROCHAIN ÉVÉNEMENT

Mercredi 2 octobre 2024, 10h30 – 12h

Oussama Houari (Université de Nantes) présentera

“Climate Risks and Economic Activity in France : Evidence From Media Coverage”
 

Abstract:

Abstract: This study investigates the impact of climate risks on economic activity in France. Using natural language processing methods on three major French newspapers (Le Monde, Les Echos, and Le Figaro) in 2000-2023, we construct a measure of climate risks that we disentangle into physical- and transition-risk components. Our findings highlight several transmission channels through which climate risks affect the economy: the business cycle channel, the precautionary savings channel, the inflation channel, and the banking/credit channel. Moreover, while we document the existence of heterogeneous responses to our measures of physical and transition risks, we find that the tone of media covering climate risks matters beyond the frequency of published articles. Our findings show that the media plays a crucial role in influencing public beliefs about climate change related issues.

 

Ce séminaire aura lieu en mode hybride (le séminaire se tiendra à l’ACPR : 4 Place de Budapest, 75009 Paris avec possibilité de suivre en distanciel)

L’inscription (gratuite) est obligatoire (pour les 2 modes de participation) par mail à chaireACPR@acpr.banque-france.fr

Si vous optez pour le mode visio, le lien de connexion vous sera envoyé prochainement

- Pour nous contacter

- Article

 

DERNIER ÉVÉNEMENT

Mercredi 4 septembre 2024, 10h30 – 12h

Gyöngyi Lóránth (University of Vienna et CEPR) présentera

“Common Deposit Insurance, Cross-Border Banks and Welfare”

Abstract:

We study the effects of the introduction of a supranational authority responsible for common deposit insurance in a model of cross-border banks with both endogenous risk-taking and within-group risk-sharing possibilities. With national deposit insurance, local authorities inefficiently ring-fence resources flowing from healthy to impaired subsidiaries for high asset correlation. The anticipation of ring-fencing discourages cross-border bank integration. Common deposit insurance removes ring-fencing and encourages cross-border integration, but has an ambiguous impact on the banks' risk-taking incentives. Overall, common deposit insurance increases welfare when banks are sufficiently risky, but otherwise can lead to excessive cross-border integration and lower welfare.

 

Ce séminaire aura lieu en mode hybride (le séminaire se tiendra à l’ACPR : 4 Place de Budapest, 75009 Paris avec possibilité de suivre en distanciel)

L’inscription (gratuite) est obligatoire (pour les 2 modes de participation) par mail à chaireACPR@acpr.banque-france.fr

Si vous optez pour le mode visio, le lien de connexion vous sera envoyé prochainement

- Pour nous contacter

- Article

- Compte-rendu

Publication Chaire ACPR régulation et risque systèmique
The Risk of Safe Asset Creation

Many financial intermediaries issue money-like, safe liabilities against risky asset holdings, effectively engaging in safe asset creation and earning convenience and safety premia. In this paper, we model safe asset creation by an intermediary with...

  • Publié le 28/11/2022
  • FR
  • PDF (97.96 Ko)
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Publication Chaire ACPR régulation et risque systèmique
Corporate Overconfidence and Bank Lending

We study how banks lend to overconfident managers. For identification, we exploit variation in pupils' overconfidence across areas in Italy. We find that overconfident borrowers default more, pay higher loan rates and are more likely to be denied...

  • Publié le 02/11/2022
  • FR
  • PDF (1.16 Mo)
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Publication Chaire ACPR régulation et risque systèmique
Cyber insurance: insurability and accumulation scenarios

With the increasing number of cyber attacks, the development of cyber insurance products are essential to the resilience of the economic fabric, and an opportunity for insurers to develop a new market. On the other hand, risk management of cyber...

  • Publié le 15/09/2022
  • FR
  • PDF (907.26 Ko)
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Publication Chaire ACPR régulation et risque systèmique
Personal Taxes, Cost of Insurer Equity Capital, and the Case of Offshore Hedge Fund Reinsurers

Insurance companies have large holdings of financial securities that generate returns that are taxed at both the corporate and personal levels in the U.S. If the same securities were held by a pass-through entity such as a mutual or hedge fund, the...

  • Publié le 05/09/2022
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  • PDF (544.18 Ko)
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Publication Chaire ACPR régulation et risque systèmique
Loan Guarantees, Bank Lending and Credit Risk Reallocation

We investigate whether government credit guarantee schemes, extensively used after the onset of the Covid-19 pandemic, led to substitution of non-guaranteed with guaranteed credit rather than fully adding to the supply of lending. We study this issue...

  • Publié le 20/05/2022
  • FR
  • PDF (1.03 Mo)
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Publication Chaire ACPR régulation et risque systèmique
Measuring Regulatory Complexity

Despite a heated debate on the perceived increasing complexity of financial regulation, a comprehensive framework to study regulatory complexity is lacking. We propose one inspired by the analysis of algorithmic complexity in computer science. We use...

  • Publié le 26/04/2022
  • FR
  • PDF (2.74 Mo)
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Publication Chaire ACPR régulation et risque systèmique
The Value of “New” and “Old” Intermediation in Online Debt Crowdfunding

We study the welfare effects of the transition of online debt crowdfunding from the older “peer-to-peer” model to the “marketplace” model, where the crowdfunding platform sells diversified loan portfolios to investors. We develop an equilibrium model...

  • Publié le 25/03/2022
  • FR
  • PDF (789.9 Ko)
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Publication Chaire ACPR régulation et risque systèmique
Auctions for new and undiversifiable risks

This paper explores how insurance companies can coordinate to extend their joint capacity for the coverage of new and undiversifiable risks. The undiversifiable nature of such risks causes a shortage of insurance capacity and their limited knowledge...

  • Publié le 25/03/2022
  • FR
  • PDF (808.33 Ko)
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Publication Chaire ACPR régulation et risque systèmique
Stress Testing Banks' Digital Capabilities: Evidence From the COVID-19 Pandemic

Banks' IT capabilities affect their ability to serve customers during the demand shock for digital banking services generated by the COVID-19 pandemic. Amid mobility restrictions, banks with better IT experience larger reductions in physical...

  • Publié le 10/02/2022
  • FR
  • PDF (374.11 Ko)
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Publication Chaire ACPR régulation et risque systèmique
The Fragility of Market Risk Insurance
  • Publié le 27/01/2022
  • FR
  • PDF (347.94 Ko)
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