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Les effets à long terme des fonds de pension

  • Belan, Pascal

    (LEN-C3E)

  • Michel, Philippe

    (GREQAM)

  • Wigniolle, Bertrand

    (EUREQua)

This paper studies macroeconomic consequences of the development of pension funds, assuming they hold a significant share of capital assets. We assume that this concentration introduces imperfect competition, that lowers wages and increases capital return. We show that pension funds tend to reduce capital accumulation in the long run, when life-cycle utility has low substituability. In this case, long-run welfare decreases when the economy without pension funds is under accumulation. When life-cycle utility has high substituability, capital accumulation is higher in the long run. But, since pension funds also introduce distorsions, the net effect on welfare is negative. Cet article étudie les conséquences macroéconomiques de la détention d’une part importante du capital de l’économie par des fonds de pension. Nous supposons que le phénomène de concentration introduit une forme de concurrence imparfaite, conduisant à une baisse des salaires et à une augmentation du rendement du capital. Notre étude montre que les fonds de pension ont tendance à réduire l’accumulation de capital à long terme, quand l’utilité de cycle de vie a peu de substituabilité. Une telle baisse de capital diminue le bien-être à long terme quand l’économie est en sous-accumulation. Même dans le cas de forte substituabilité dans les préférences des agents, dans une économie en sous-accumulation, les distorsions introduites dominent l’augmentation de l’accumulation et l’utilité des agents est diminuée.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 79 (2003)
Issue (Month): 4 (Décembre)
Pages: 457-480

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Handle: RePEc:ris:actuec:v:79:y:2003:i:4:p:457-480
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  1. William G. Gale, 1994. "Public policies and private pension contributions," Proceedings, Federal Reserve Bank of Cleveland, pages 710-734.
  2. James M. Poterba & Steven F. Venti & David A. Wise, 1996. "How Retirement Saving Programs Increase Saving," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 91-112, Fall.
  3. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
  4. Steven Huddart, 1993. "The Effect of a Large Shareholder on Corporate Value," Management Science, INFORMS, vol. 39(11), pages 1407-1421, November.
  5. R. Glenn Hubbard & Jonathan S. Skinner, 1996. "Assessing the Effectiveness of Saving Incentives," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 73-90, Fall.
  6. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, September.
  7. Martin Feldstein & Andrew Samwick, 1996. "The Transition Path in Privatizing Social Security," NBER Working Papers 5761, National Bureau of Economic Research, Inc.
  8. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
  9. Codognato, Giulio & Gabszewicz, Jean J, 1993. "Cournot-Walras Equilibria in Markets with a Continuum of Traders," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(3), pages 453-64, July.
  10. Mike Burkart & Denis Gromb & Fausto Panunzi, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 693-728.
  11. CODOGNATO, Giulio & GABSZEWICZ, Jean, . "Equilibres de Cournot-Walras dans une économie d'échange," CORE Discussion Papers RP 964, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. R. Glenn Hubbard & Jonathan S. Skinner, 1996. "Assessing the Effectiveness of Saving Incentives," Books, American Enterprise Institute, number 53540, November.
  13. Eric M. Engen & William G. Gale & John Karl Scholz, 1996. "The Illusory Effects of Saving Incentives on Saving," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 113-138, Fall.
  14. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters, in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
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