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Grandeur et décadence de l’accumulation d’actifs étrangers: causes et conséquences

Matthew Higgins () and Thomas Klitgaard

Revue d'Économie Financière, 2009, vol. 9, issue 1, 189-205

Abstract: [fre] Cet article examine les causes de la croissance rapide des actifs publics étrangers au cours des dernières années. Les interventions sur les marchés des changes et la croissance des recettes en pétrodollars -les deux : principales sources de financement des récentes sorties de capitaux publics ont des conséquences très différentes pour la politique monétaire nationale et pour la perspective de retour sur investissement qui est celle des investisseurs souverains. L'article analyse ensuite comment la crise a affecté les perspectives d'investissements publics transfrontaliers. . Classification JEL : F21, F30, F31 [eng] The Rise and Fall of Sovereign Wealth Accumulation : Causes and Consequences . This paper examines the sources of the rapid build-up in official foreign assets of recent years. Foreign exchange intervention and burgeoning petrodollar receipts -the two main sources of financing for recent official outflows -have very different implications for domestic monetary management and for me risk-return outlook facing sovereign investors. The paper then considers how the crisis has affected the outlook for official cross-border investment, arguing that we are unlikely to see an early return to the heavy official outflows of recent years. . JEL Classification : F21, F30, F31

Date: 2009
Note: DOI:10.3406/ecofi.2009.5430
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