L’impact d’un environnement de taux bas et de politiques monétaires non conventionnelles sur l’industrie de la gestion d’actifs

Philippe Weber

Revue d'économie financière, 2015, vol. n° 118, issue 2, 171-182

Abstract: The central banks? unconventional policies (quantitative easing through asset purchases and forward guidance) drew all bond yields downwards, even below zero for a number of them. Low margins, negative flows, yield-free risk instead of risk-free yield, fixed-income asset management is all the more complicated and the investor has to take in more risks: longer-termed bonds, riskier issuers, foreign assets, or diversification towards stocks or real assets. This is by the way what the central banks wished for, and this will end with the very success of these policies: economic recovery should bring higher yields without compromising the strength of the stock market. Classification JEL: E52, E58, G23.

JEL-codes: E52 E58 G23 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_118_0171 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2015-2-page-171.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_118_0171

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().