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Les effets à long terme des fonds de pension

Listed author(s):
  • Belan, Pascal


  • Michel, Philippe


  • Wigniolle, Bertrand


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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