Crédit

Résumé

Un crédit est une mise à disposition d'argent sous forme de prêt, consentie par un créancier (prêteur) à un débiteur (emprunteur). Pour le créancier, l'opération donne naissance à une créance sur l'emprunteur, en vertu de laquelle il pourra obtenir remboursement des fonds et paiement d'une rémunération (intérêt) selon un échéancier prévu. Pour l'emprunteur, qu'il s'agisse d'une entreprise ou d'un particulier, le crédit consacre l'existence d'une dette et ouvre la mise à disposition d'une ressource financière à caractère temporaire. L'étymologie du terme crédit (participe passé du latin : « credere », croire) rappelle que l'opération est fondée sur la croyance par le créancier, que le débiteur sera à même de payer sa dette à l'échéance. Le créancier est donc « celui qui fait confiance » à un débiteur. Le droit du crédit s'est considérablement développé, sous l'effet de la diversification des professions bancaires et des modes de distribution du crédit (à distance, par internet, par intermédiaire ou iobsp), et sous celui de la protection des consommateurs. Le crédit est un contrat par lequel le créancier (d'une obligation de paiement d'un prix, issue de n'importe quel contrat) consent au report de l'exécution de sa prestation (paiement de sa dette) par le débiteur. Juridiquement, l’obligation de paiement est affectée d’un terme. L'on peut chercher à opérer une distinction entre le prêt et le crédit, qui n'ont pas exactement le même objet. Le prêt repose certes sur le mécanisme du crédit (puisque l’obligation de restitution est assortie d’un terme), mais tout crédit n’est pas un prêt (puisque le crédit au sens strict, c'est-à-dire le mécanisme du crédit, qui n’est pas assimilable à un contrat de financement, ne suppose pas la remise d’une somme d’argent par le créancier). Selon une acception classique, le contrat de crédit est un contrat consensuel alors que le contrat de prêt est un contrat réel (qui se forme par la remise des fonds prêtés à l’emprunteur).

Source officielle

https://fr.wikipedia.org/wiki/Crédit

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Publications associées (3)

This thesis develops three models that study the motivation of various agents to take on debt, and the impact that excessive financial leverage can have on social welfare. In the chapter "Short-term Bank Leverage and the Value of Liquid Reserves", the incentive of a bank to take on leverage stems from the fact that its short-term debt provides liquidity benefits to depositors, at the cost of exposing the bank to the risk of runs. In the model, a bank possesses two instruments to manage the risk of runs: its funding policy and the size of its liquid asset holdings, modeled as government bonds. Issuing more debt allows the bank to better capture the liquidity benefits fits priced into deposits but increases illiquidity risk. Holding more bonds makes the bank more robust to withdrawals but it reduces the bank's asset returns. When the supply is scarce, banks are the natural buyers of government bonds. This links the liquidity premium priced into government bonds to the risk of bank runs. In the chapter "Liquidity, Debt Overhang, and Monetary Policy", firms take on bank credit to relax their liquidity constraint and purchase new capital. But taking on debt creates a debt overhang distortion which causes entrepreneurs to pass on protable projects. In the model, entrepreneurs arrange for their financing before they observe the profitability of their investment opportunity. After the latter becomes known, entrepreneurs are liquidity-constrained when investment conditions are favorable, and over-indebted when they are unfavorable. The monetary authority can generate welfare gains by lowering the cost of holding liquidity and, when debt is contracted in nominal terms, by pursuing a counter-cyclical monetary policy. In the chapter "Safe Claim Production and Capital Structure", firms issue debt to satisfy the demand of risk-averse investors for safe claims, at the cost of increasing default risk. In general equilibrium, firms need to be compensated for this service, which can only occur if their debt and equity claims are held and priced by different investor types. This segmentation of the investor base can be sufficient to prevent the existence of a symmetric equilibrium. Instead, only a fraction of firms opt for levered capital structures, and the gain in value obtained by tranching cash flows into debt and equity is offset by the expected cost of default. Changes in aggregate leverage can be divided into variations in extensive (the fraction of levered firms ) and intensive (the leverage ratio of levered firms ) margins. Changes in rm business risk have opposite effects on leverage, depending on whether the risk is of a systematic nature or firm-specific nature.

EPFL2019

The link between innovation and finance

Cristiano Zazzara

This thesis comprises three essays on the relationship between innovation and finance. Although previous research has acknowledged the multi-faceted nature of innovation, this thesis unpacks its constituent elements, compares alternative drivers of innovation — focusing on the role of financial variables —, and explores when each of these drivers is important relative to the others. Evidence is based on survey data on Italian manufacturing firms over the years 1995-2003. The main contribution of this dissertation is to show how innovation at the firm level varies across different dimensions, documenting several robust empirical regularities, which must be accounted for. The first essay explores the determinants of various characteristics on the propensity to innovate in the Italian manufacturing sector. First, we concentrate on firms characteristics, and include in the study age of firm, size of firm, export shares of revenues and group membership. Second, we examine industry characteristics, such as type of industry in terms of technology level and market concentration. We also test the impact of characteristics of the firm's geographical area, including an indicator of financial development for the firm region. We finally extend our model including financial variables at the firm level in order to evaluate the association between profitability & risk and innovation. The second essay further examines the determinants of innovation, focusing on why firms develop product innovations rather than process innovation, or product and process innovations simultaneously. Empirical studies have highlighted the different impact of product and process innovation on various factors (such as, for example, international competitiveness, the level of employment and the types of skills used, and on the profit rate of firms). However, little is known from either a theoretical or an empirical point of view about the determinants of these different types of innovation. The third essay examines the question of whether access to credit is empirically more difficult for innovative firms than for those undertaking traditional investment projects. The idea that market financing of innovative projects is likely to encounter severe obstacles is not new. Indeed, it dates back at least to Schumpeter's defence of monopoly power since it not only guarantees that innovative firms can internalise the benefits of their innovations, but also provides funding for future innovative projects. Testing this proposition requires information on the innovative content of a given firm and on the limits to borrowing it encounters. Using the above mentioned survey data, we are able to identify credit constrained firms and use this information to make inferences on bank's lending strategies towards firms whose investment projects differ according to expected return and riskiness.

EPFL2008

Du savetier au financier: la famille Borel, de Neuchâtel à San Francisco

The Borel Family From Neuchâtel to San Francisco : From shoemaker to banker Did you know that the Cable Car was owned by Swiss citizens? BACKTRACKING : PRIVATE FINANCING OF PUBLIC METROPOLITAN INFRASTRUCTURES Executive Summary: Did you know that one of San Francisco most famous fixtures, the Cable car, was owned by Swiss citizens? Through this detailed study of the Borel family, and its business and investment plans we will observe an example of private financing of public metropolitan infrastructures in the 19th Century and see if it can teach us lessons for tomorrow’s needs? TOPICS Looking at today’s infrastructures, one does not always remember how much work contracting firms had to accomplish in order to produce our contemporary standard of urban comfort . What is to be said of yesterday’s planners or engineers and the credit they deserve? We often hear stories of local events brought to epic proportions, but who are the responsible players who really proved the feasibility of regional infrastructures? Who actually did support, sponsor or finance such achievements? The present study is a trial to propose a new view over such apparently hidden business phenomenons. This research shows us an inspiring case-study of local entrepreneurs who gather key success-factors. The author concentrates on the economic aspect of infrastructure financing to which modern metropolitan society owes its specific urban growth. Contemporary challenges such as job creation, globalisation, technology transfer and local economic development are all interconnected to metropolitan development. XIXTH CENTURY METROPOLITAN INFRASTRUCTURES FINANCING Le Temps, 30th July 1998, D. Masmejan : «Alfred Borel, Auguste’s elder son, enters the finance world. He meets an extraordinary businessman fate. His understanding of the economic impact of the Californian Gold Rush allows him to seize the opportunity of the westward American expansionism. He sails to San Francisco in 1855 where he is the founder of the «Alfred Borel & Company», followed in 1856 by a Mortgage fund (the “Caisse Hypothécaire” bank). The same year sees the foundation of Credit Suisse in Zurich. Alfred Borel investment bank participates in very important infrastructure projects in California and elsewhere in the second half of the XIXth century. At first, its investment into the worldwide famous San Francisco Cable Car is marginal and then becomes overwhelming. Other investments include the “Los Angeles Railway Company” or the “United Railroad Company”, the San Francisco Waterworks, other banks and real estate.» DETAILED RESEARCH ALLOWING TO UNDERSTAND FINANCIAL DECISION MAKING The author reviews financial decision-making through personal correspondence and private accounting in some of those completely documented yearly archives. The «sixth Switzerland» well-connected to the Presbyterian «Huguenot International» cosmopolitan network leads us to detailed research and discoveries. The accounting of 1866 to 1884 goes through the 3rd and 4th San Francisco City real estate crises that the mortgage bankers Borel brothers had to endure. Alfred Borel faced the 2nd Californian real estate crisis (which resulted from the first loss of public interest in gold mines in the years 1854-1858). Then he went back to Switzerland after the death of his father and uncles in order to reconstitute the Swiss end of the pipe connecting his bank’s investors to the Borel family network. He left duty of the day-to-day San Francisco business to his younger brother Antoine after having set up asset management rules. Together both brothers explored new ways of diversifying the investment of the funds they are managing and place them into infrastructures networks. Taking shares «upstream» into equipment industries (for instance the wire works delivering the precise traction rope of cable cars) or other real estate assets, allowed them to guarantee superior interests payments to European investors or creditors in comparison with other financial markets. This anticyclical economic strategy set up their financial success that occurred during the 5th local economic recession, which coincides with the beginning of the big worldwide Victorian economic crisis (1880-1895). UNIQUE SPECIFICITY OF THIS RESEARCH This research process is rarely accomplished in engineering and architecture schools, construction and infrastructures institutes or research centers. The integrity of construction professionals precludes their questioning « where does the whole process originate from?». Builders ultimately considered themselves as «honest craftsmen» that have to dedicate their energy and resources to the proper technical execution of the clients wishes and orders. Customers duty is then to write the project’s specifications and thus to initiate its process. The author of this case-study demonstrates the feasibility of comparisons between similar structural change periods in the XIXth century and the years 1990-2000. Hence, a new theme of interdisciplinary studies for engineers could be implemented by promoting this systemic approach between urban infrastructure financiers, suppliers and users. Last but not least, the insider observations and outsider revelations which are featured in this work are seldom considered in an engineering historical approach. It is not often that an author with a contemporary outsider vision has access to family archives that entirely document bicentennial confidential banker correspondence.

EPFL1999

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