IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Fonds de pension américains : une évaluation du risque macroéconomique

Listed author(s):
  • Frédéric Gonand

[fre] Le système des fonds de pension renforce la sensibilité de l'économie américaine aux variations boursières. Le risque de marché lié aux variations de prix des actifs pèse sur les entreprises dans les fonds à prestations définies (DB) et sur les ménages dans les fonds à contributions définies (DC). Les fonds DC investissent globalement trop dans les actions de leur propre entreprise. Les fonds DB sont de plus en plus sous-capitalisés. Une baisse de 50 pdb des taux d'intérêt à long terme dégraderait la situation nette des fonds DB privés d'environ 90Md$. Le Pension Funding Equity Act devrait se traduire par un relèvement sensible du taux d'actualisation des pensions futures des fonds DB. Cette réforme pourrait favoriser une résorption de la sous capitalisation des fonds DB d'ici fin 2004 et modérer sensiblement le prélèvement sur les gains tendanciels de productivité du travail associé à la recapitalisation des fonds par les entreprises. Classification JEL : E17, E44, G11, G23, K20 [eng] American pension funds : an evaluation of the macroeconomic risk The American pension funds system reinforces the sensibility of the American economy to financial markets fluctuations. Market risk is supported by companies as concerns defined benefits funds (DB) and by households as regards defined contributions plans (OC). OC funds are often over-invested in shares of their own company. DB funds are currently underfunded. Our calculations suggest that a 50bp fall in long term interest rates may worsen the net wealth of private DB funds by around 90 billions $. The Pension Funding Equity Act may substantially lessen the macroeconomic risk stemming from these financial problems. By raising the regulatory actualization rate applied to future pension payments by DB funds, it could help resolving underfunding in the end of 2004 under reasonable assumptions as regards financial markets. Moreover, the burden on trend labor productivity gains associated with the refunding of DB funds in the 5 forthcoming years could also be substantially slashed. JEL classification : E17, E44, G11, G23, K20

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

File URL:
Download Restriction: no

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 75 (2004)
Issue (Month): 2 ()
Pages: 291-311

in new window

Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_75_2_4907
Note: DOI:10.3406/ecofi.2004.4907
Contact details of provider: Web page:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  1. J. Nellie Liang & Scott Weisbenner, 2002. "Investor behavior and the purchase of company stock in 401(k) plans - the importance of plan design," Finance and Economics Discussion Series 2002-36, Board of Governors of the Federal Reserve System (U.S.).
  2. John B. Shoven, 1999. "The Location and Allocation of Assets in Pension and Conventional Savings Accounts," NBER Working Papers 7007, National Bureau of Economic Research, Inc.
  3. Simon H. Kwan, 2003. "Underfunding of private pension plans," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jun13.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_75_2_4907. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.