Loan

failure : panne d’électricité.  Price range : gamme de prix.  Product features : caractéristiques du produit.  Production costs : coûts de production.  Profit margin : marge bénéficiaire.  Rebranded : modifier / changer l’image de.  Resove loan : plan d’aide, prêt de secours.  Revenues : recettes.  Sales person : vendeur.  Landing and take-off fees: taxe d’atterissage et de décollage.  To account for : représenter.  To achieve: realiser.  To aim to: vise à avoir.  To attract

crisis Interest rates as clearing prices for the demand and supply of money are sensitive to changes in the economic environment, such as the shock to the global economy that began to unfold in July 2007 when excessive earlier lending and declining loan standards began to produce borrower defaults, especially in the sub-prime home mortgage market. The supply of credit contracted, especially for riskier borrowers. Declines in the value of securitized mortgages led to the failures of some large financial

théorie moderne de portefeuille aux actifs bancaires. BREALEY 9 MERTON R.C. (1974), « On the Pricing of Corporate Debt : The risk structure of Interest Rate », Journal of Finance, N°29, 449-70. 10 VASICEK O. (1987), « Probability of Loss on Loan Portfolios. », KMV Corporation, San Francisco, (www.kmv.com). 11 CAREY M.(1998), « Credit Risk in Private Debt Portfolio. », Journal of Finance, Vol. 53, N°4, 13631388. 12 CROUHY M., MARK R., GALAI D. (1998), « A Comparative Analysis of Current

banquiers eux-mêmes se sont organisés au sein de Clearinghouse Associations pour assurer la bonne fin des paiements. Une solidarité de place (9) y a été instaurée au cours de paniques bancaires, comme celles de 1893 et 1907, à travers l’émission de loan certificates pour pallier l’absence de liquidité. Cette solidarité a permis parfois de rétablir la confiance. Enfin, un dernier dispositif original a été imaginé dans le cadre du National Banking System lorsque l’autorité fédérale de supervision, l’Office

continue. After Arthur’s loan, Bank A can see that its asset column has just increased by $9,000. After Bill’s deposit, the bank receiving the deposit (if not Bank A) can see that its liability column and asset column has just increased by $9,000. The second bank can now create 90% of that amount, or $8,100 of additional money, and loan it out to Carl to build a porch onto his house. The contractor who gets this job deposits the $8,100 into some other bank and that bank can now loan out 90% of that amount

Backed Securities Opération adossée à des crédits hypothécaires commerciaux CDO : Collateralised Debt Obligation Opération adossée à des dettes diverses CBO : Collateralised Backed Obligation Opération adossée à des obligations CLO : Collateralised Loan Obligation Opération adossée à des crédits aux entreprises WBS : Whole Business Securitisation Opération adossée à des flux d’activité commerciale ou industrielle ABCP : Asset Backed Commercial Paper Opération adossée à des « comercial papers » (obligations

global ‘development’ rather than monetary system facilitator The Debt Crisis, Structural Adjustment and Conditionality • End of 1970s: high oil prices and falling prices for primary exports • Cf. IMF and WB had surplus in active engagement in loan making: ‘orgy of borrowing’ see for example Latin America • 1982 US unilateral decision to raise interest rates: increased debt burden on the developing world significantly. Shows policy control of US • Given large number of loans over banks, some

and reorganization advisory and fund placement service. Further, Blackstone’s alternative asset management businesses include the management of corporate private equity funds, real estate funds, hedge funds, funds of funds, debt funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. Further information is available at www.blackstone.com. 6-Month internship in the Financial Advisory (M&A and Restructuring) Team in Paris. July 2011 (start date can be flexible). The Financial

sont nécessaires en complément des normes bâloises • Le crédit est le principal canal du risque et de l’instabilité financière • => nécessité d’une surveillance et d’un contrôle spécifique du crédit => recours à des instruments tels que : – Loan to value ratio – Réserves obligatoires progressives sur les crédits, avec une approche individualisée par groupe bancaire, sectorielle et éventuellement régionale Conclusion • Les nouvelles normes Bâle 3 constituent une avancée car elles sont

do not know what would have happened without policies) Bonds: debts payed by the government; buying bonds = lending money to the government Bank protects POLICY INTEREST RATE: savings in house to lend money Interest rate paid to refinance loan is the price you pay for overproviding loans: creation of more money than the bank should have and have to borrow more money from other banks. If none can’t be found to clear account, you can go directly to the central bank: policy rate If central