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Dissertation
Year: 2017 Publisher: Liège Université de Liège (ULiège)
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The financial crisis that started ten years ago with the collapse of the american housing market has resulted in one of the most destructive global economic recession in history. If its origins are not so different from those of previous crises, the speed and extent of its spread are unprecedented. Globalization has indeed made global economies more connected and more interdependent than ever before. The same applies to financial institutions that have grown in a totally disproportionate way during recent decades and have become incredibly powerful and dangerous. The bankruptcy of Lehman Brothers, that happened almost 10 years ago, has created a new source of uncertainty in financial markets : the risk of a reaction of cumulative losses due to the failure of an institution called « too big to fail ». This thesis focuses on the evolution of banking regulation, and more specifically on the impact this regulation has on the systemic risk prevention. After analysing systemic risk and its various components, a synopsis of the banking deregulation policies was reviewed in order to highlight the after-effects of the global financial crisis. Subsequently, an ethical reflection around the global financial system and its activities was conducted. With regard to the pragmatic part of this research thesis, an empirical analysis is developed based on both scientific papers and interviews with experts from the banking and economic fields. The outcome from the applied research is mixed : from a positive point of view it can be concluded that the banking regulations resulting from the crisis had a constructive influence on the systemic risk prevention. Nevertheless, procedures do not appear to be sufficient to fully control this risk which origin is deeply embedded in the current financial system.
Dissertation
Year: 2019 Publisher: Liège Université de Liège (ULiège)
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In this paper, we analyze the securitization mechanism, the impact it can have on our economy and the way it has developed over time in Belgium and the United States of America. Firstly, this memory explains how the securitization works, the benefits it provides and the risks that can occur from the point of view of stakeholders. We also defined the different methods used to avoid these risks, the conflicts of interest that could arise for rating agency and the rules implemented in the US and Europe to avoid them. We also illustrated the place and responsability of each actor in the process of securitization. In a second part, we develop how banking regulations were adapted after the crisis through Basel III, the context of the 2007 economic crisis and how the securitization played a role in amplifying the crisis. Then, we analyze the legal framework based on regulations that were implemented in Belgium and in the US, and tried to show how all these laws can limit misuse and the risks associated with the securitization mechanism. We also underline the differences between the regulations implemented in both countries and demonstrate that the same tool used under different conditions can produce two opposite effects. Finally, we give an opinion about the role that ethics play in finance and explain the concept from a theoretical standpoint. We also explore to show why nowadays many people think these two words (ethic and finance) are not really compatible.
securitization --- legal framework --- Belgium --- US --- financial crisis --- banking regulations --- titrisation --- cadre légal --- crise financière --- Sciences économiques & de gestion > Finance
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