Exigence de rendement des fonds de pension. Quels effets sur l'efficacité et la stabilité de l'économie ?

Patrick Artus

Revue Économique, 2000, vol. 51, issue 1, 31-54

Abstract: [eng] Pension funds ask for very high returns: what are the effects of that behavior on the efficiency and the stability of the economies? . . Pension funds demand a return on their invesments much larger than the economic return on productive capital. The only method corporations have to generate such returns is to increase leverage (the ratio of debt to equity). We model such a situation using a theoretical model with overlapping generations, and we analyze its effects both on welfare and on the robustness of the economies in case of disturbances. [fre] Les fonds de pension exigent un rendement du capital investi très supérieur au rendement économique du capital productif. Le seul moyen dont les entreprises disposent pour générer un tel rendement est d'augmenter l'effet de levier (rapport - dette/fonds propres). Nous modélisons une telle situation avec un modèle théorique à générations imbriquées et nous nous demandons ce que sont les effets de tels comportements financiers sur le bien-être et sur la robustesse de l'économie face aux chocs.

Date: 2000
Note: DOI:10.3406/reco.2000.410479
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