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Exigence de rendement des fonds de pension: quels effets sur l'efficacite et la stabilite de l'economie?

Author

Listed:
  • Artus, P.

Abstract

Les fonds de pension exigent un rendement du capital investi tres superieur au rendement economique du capital productif. Le seul moyen dont les entreprises disposent pour generer un tel rendement est d'augmenter l'effet de levier (rapport dette/fonds propres). Nous modelisons une telle situation avec un modele theorique a generations imbriquees et nous nous demandons ce que sont les effets de tels comportements financiers sur le bien-etre et sur la robustesse de l'economie face aux chocs.

Suggested Citation

  • Artus, P., 1999. "Exigence de rendement des fonds de pension: quels effets sur l'efficacite et la stabilite de l'economie?," Papers 1999-33/ma, Caisse des Depots et Consignations - Cahiers de recherche.
    • Handle: RePEc:fth:cadeco:1999-33/ma
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    More about this item

    Keywords

    PENSIONS DE RETRAITE ; FINANCEMENT ; DEPENSES PUBLIQUES;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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