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Les fonds souverains : un nouveau mode de régulation du capitalisme financier ?

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  • Blancheton, Bertrand
  • Jégourel, Yves

Abstract

Cet article s’interroge sur les motivations qui ont présidé aux prises de participation massives des fonds souverains dans le capital d’entreprises, notamment bancaires, américaines ou européennes. Réputés pour être des investisseurs dotés d’une puissance financière considérable, privilégiant des stratégies passives et de long terme, les fonds souverains ont longtemps été perçus comme une force de rappel sur les marchés financiers, permettant d’atténuer les pratiques spéculatives déstabilisantes de certains opérateurs institutionnels. Au cours de l’année 2007, leurs injections massives de liquidité dans les secteurs bancaires des pays industrialisés auraient pu laisser penser que ces investisseurs agissaient comme des sauveurs du système bancaire mondial. Leur montée en puissance pouvait alors être interprétée comme une mutation positive du capitalisme financier dans lequel des États auraient un rôle tant d’investisseurs que de régulateurs. Une analyse plus fine de leur politique d’investissements fait apparaître que beaucoup d’entre eux ont adopté durant la crise financière des stratégies d’acquisitions opportunistes, conformes à celles d’investisseurs institutionnels privés.

Suggested Citation

  • Blancheton, Bertrand & Jégourel, Yves, 2009. "Les fonds souverains : un nouveau mode de régulation du capitalisme financier ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 5.
    • Handle: RePEc:rvr:journl:2009:7500
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    References listed on IDEAS

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    3. Shams Butt & Anil Shivdasani & Carsten Stendevad & Ann Wyman, 2008. "Sovereign Wealth Funds: A Growing Global Force in Corporate Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 20(1), pages 73-83, December.
    4. Diego García & Francesco Sangiorgi & Branko Urošević, 2007. "Overconfidence and Market Efficiency with Heterogeneous Agents," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 30(2), pages 313-336, February.
    5. Jason Kotter & Ugur Lel, 2008. "Friends or foes? The stock price impact of sovereign wealth fund investments and the price of keeping secrets," International Finance Discussion Papers 940, Board of Governors of the Federal Reserve System (U.S.).
    6. Michael D. Bordo, 1990. "The lender of last resort : alternative views and historical experience," Economic Review, Federal Reserve Bank of Richmond, vol. 76(Jan), pages 18-29.
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    Cited by:

    1. Faudot, Adrien, 2014. "Le régime rentier d’accumulation en Arabie saoudite et son mode de régulation," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 16.

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