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                <term xml:lang="en">Capital purchase</term>
                <term xml:lang="en">Crisis</term>
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                <term xml:lang="fr">Recapitalisation bancaire</term>
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              <p>The drying-up of liquidity and freezing of the interbank markets during the crisis of 2007 led to the debasement of banks' balance sheets. At the same time, both bank lending and business production suffered from the drop in consumer demand. The near-collapse of Bear Stearns and failure of Lehman Brothers are both characterized as liquidity shocks that had a greater impact on financially fragile non-financial firms. In the second half of 2008, after a series of bankruptcies of large financial institutions, the U.S. Treasury poured capital infusions into domestic financial institutions under the Capital Purchase Program (CPP), thus helping to avert a complete collapse of the U.S. banking sector. Government regulators had to distinguish between those banks deserving of being bailed out and those that should be allowed to fail. The results of this study show that the CPP favored larger financial institutions whose potential failure represented higher degrees of systemic risk. This allocation of CPP funds was cost-effective from the point of view of taxpayers, as such banks reimbursed the government for their CPP bailouts sooner than expected. In contrast, smaller banks that were heavily into mortgage-backed securities, mortgages, and non¬performing loans were less likely to be bailed out. Finally, the effectiveness of the CPP is analyzed in chapter 4 in terms of restoring banks' loan provisions. Banks that have a higher level of capitalization tend to lend more both during the crisis and in normal rimes. Moreover, bailed-out banks that repurchased their shares from the V.S. Treasury provided more loans during the crisis than those banks that did not.</p>
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              <p>La contraction de la liquidité et la paralysie des marchés interbancaires durant la crise de 2007 ont conduit à la dégradation des bilans des banques. En même temps les prêts bancaires et la production ont souffert de la baisse de demande. Le quasi-effondrement de Bear Steams et la faillite de Lehman Brothers peuvent être tous les deux caractérisés comme des chocs de liquidité qui ont eu un impact plus important sur les entreprises non financières étant financièrement fragiles. Entre 2008 et 2009 le Trésor américain a injecté des liquidités dans les institutions financières dans le cadre du Capital Purchase Program (CPP). Les résultats montrent que le CPP a favorisé les grandes banques dont la faillite potentie~e pouvait accroitre la ftagilité d'ensemble du secteur. Une telle répartition des fonds du CPP a été efficace du point de vue du contribuable car la probabilité de non-remboursement des fonds de sauvetage a été réduite au minimum. Cependant, les banques de petite taille qui avaient été effectivement exposées au marché hypothécaire et aux prêts non productifs se sont wes refuser l'aide financière. Enfin, l'efficacité du CPP a été analysée dans le chapitre 4 en termes de restauration d'offre de prêts bancaires. L'augmentation du niveau de capitalisation est associée à des taux de croissance de prêts plus élevés. Pendant la crise les banques-bénéfciaires du CPP ont montré les taux de croissance de prêts plus élevés que les banques qui n'ont pas bénéficié du CPP. En plus les banques-bénéficiaires du CPP qui ont rachetés leurs actions auprès du Trésor américain ont octroyé plus de prêts que les banques-bénéficiaires qui n'ont pas remboursé les fonds du CPP.</p>
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