Évolution de la politique des fonds souverains

Laura Badian and Gregory Harrington

Revue d'Économie Financière, 2009, vol. 9, issue 1, 149-164

Abstract: [eng] The Evolving Politics of Sovereign Wealth Funds . Sovereign wealth funds (SWFs) can provide needed liquidity and stabilize equity markets. Countries that are open to investment by SWFs are likely to benefit from their participation. Countries, such as France, that adopt protectionist policies, may see a dramatic fall-off in foreign direct investment, which is likely to be harmful to their economy at the worst possible time. The adoption by SWFs of the Santiago Principles, a voluntary set of principles without the force of law, is unlikely ta forestall tougher regulation by recipient countries that conclude that increased regulation of such funds is in their best interest. In the United States, the Obama administration and a Democratic-controlled Congress are likely to subject financial institutions, including private equity and hedge funds, to increased regulation. In this environment, SWFs may be unable to escape tighter regulation. If SWFs do not actively engage policy makers, they could be left with stricter rules and fewer investment options. . JEL Classification : F21, F30, G11 [fre] Cet article fournit des informations de contexte sur les fonds souverains et montre comment la stratégie d'investissement de ces fonds a évolué ces dernières années vers des positions plus risquées sur les marchés extérieurs, une tendance qui a commencé à se retourner pendant la tempête financière. Il examine ensuite les investissements des fonds souverains du point de vue des pays d'accueil et résume les appréhensions de ces derniers, Il tente également de savoir si l'adoption des Principes de Santiago par de nombreux fonds souverains importants et l'adoption des orientations de l'OCDE concernant les fonds souverains pourraient prévenir une réglementation. . Classification JEL.' F21, F30, G11

Date: 2009
Note: DOI:10.3406/ecofi.2009.5427
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