Rôle des sociétés de gestion dans le financement de l’économie de la zone euro : changement de paradigme ?

To identify the contribution of asset management companies, relatively new players in the European institutional landscape, the first section of this paper gives a brief description of its main functions and its economic utility. In a comparative approach, taking into account the countries of the euro area, Sweden, the United Kingdom and the United States, the second section analyses the level of involvement of resident investors on their capital markets, and some features of their behaviour regarding their financing needs. The third section explains the contribution of asset management companies through their investment in equity and debt securities. This paper aims to show in fine money management involvement in the financing of the euro area economy. For this, it uses at least two types of measures: the holdings rate of management companies compared to the stock of securities issued by residents, and an estimate of existing home bias in the portfolios of asset managers. Classification JEL: F30, G20, G23, G32.