Fonds souverains: définir les engagements

Andrew Rozanov

Revue d'Économie Financière, 2009, vol. 9, issue 1, 305-313

Abstract: [fre] Définir son profil de risque est probablement l'étape la plus importante dans la conception et la gestion de tous les fonds. Les fonds souverains sont souvent différents des autres investisseurs institutionnels dans l'évolution de leurs engagements. Cet article examine la nature des différents engagements des fonds souverains et cherche à présenter des éléments d'analyse qui permettent de réfléchir aux effets de ces engagements sur le bilan des fonds souverains. . Classification JEL : F30, G29 [eng] Sovereign Wealth Funds : Defining Liabilities. Defining a liability profile is arguably the most important Step in designing and running any fund. However, sovereign wealth funds (SWFs) often differ from other institutional investors in the evolution of their liabilities. This paper explores the nature of different SWF liability profiles and attempts to provide an analytical framework for thinking about the impact of such liabilities on the asset side of the SWF balance sheer : risk-return profiles, investment horizons, asset allocation preferences and other aspects of the funds' investment behavior. . JEL Classification : F30, G29

Date: 2009
Note: DOI:10.3406/ecofi.2009.5440
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