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

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  • Matthew Higgins
  • Thomas Klitgaard

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

Suggested Citation

  • Matthew Higgins & Thomas Klitgaard, 2009. "Grandeur et décadence de l’accumulation d’actifs étrangers : causes et conséquences," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 189-205.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_hos_9_1_5430
    DOI: 10.3406/ecofi.2009.5430
    Note: DOI:10.3406/ecofi.2009.5430
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    References listed on IDEAS

    as
    1. Matthew Higgins & Thomas Klitgaard & Robert Lerman, 2006. "Recycling petrodollars," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 12(Dec).
    2. Matthew Higgins & Thomas Klitgaard, 2004. "Reserve accumulation: implications for global capital flows and financial markets," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 10(Sep).
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    More about this item

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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