Capital market deregulation and banking intermediation efficiencies in Morocco: a microeconometric analysis.

Summary The aim of the thesis is to analyze the impact of capital market reforms on the financing of Moroccan firms. Three variations of the concept of intermediation efficiency are developed: the productive efficiency judging the performance of banks, the allocative efficiency of credit allocation criteria and finally the informational efficiency of the effects of information asymmetry between banks and firms. 1. The use of the data envelopment method shows that the evolution of the productivity of Moroccan banks is primarily explained by technological progress. The expected effects of financial reforms on bank performance did not occur. Competition was not able to take place, and banks were not encouraged to take advantage of the new environment to improve their technical efficiency. 2. Based on panel data of firms, the analysis confirms the disengagement of the state in the allocation of credit. However, banks do not yet use the economic performance criteria of firms to select their clients. Indeed, they are facing a new environment that assigns them tasks (supervision, selection) for which they have not yet developed skills. 3. Finally, the analysis of information asymmetries in the bank/firm relationship is based on an adjustment cost investment model, derived from a program to maximize the value of the firm (Euler equation). Two financial constraints are introduced: a ceiling on the level of indebtedness and a premium for external finance. The results indicate the existence of this premium and the disengagement of banks from highly leveraged firms. These three insights into the efficiency of bank intermediation show the need to improve access to credit for fragile firms, the circulation of information between agents, and finally, the legal framework.