The role of financial institutions : limits and perspectives.

Summary Throughout the centuries, financial institutions have shaped the financial landscape and influenced economic activity. The goal of this dissertation is to highlight, from a theoretical point of view, fundamental limitations of modern institutions and eventually derive implications regarding the future role of those institutions.The first chapter provides an analysis of Central Clearing Platforms (CCP). In the aftermath of the financial crisis of 2008, financial authorities around the world implemented regulations imposing central clearing on most derivative products. It is shown that central clearing often requires a larger liquidity buffer than bilateral clearing.The second chapter presents a continuous-time learning model meant to represent the learning process of an institution such as a central bank regarding a hidden information held by the market. The equilibrium level of uncertainty perceived by agents is shown to be an important limitation to the role of financial institutions.The last chapter introduces a specific blockchain-based payment network called the Lightning Network. It allows users to transfer value instantly without relying on any trusted third party. We discuss the implications regarding the structure of this network as well as its ability to become an important part of the financial landscape.