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L'épargnant dans un monde en crise — Ce qui a changé

  • Arrondel, Luc
  • Masson, André

La crise a affecté les comportements de l'épargnant : les ménages français se sont montrés en moyenne plus « prudents », désirant épargner davantage dans des placements plus sûrs et à plus long terme, et limiter parallèlement leurs investissements risqués. Comment expliquer ce changement ? Les Français se sont-ils simplement adaptés au nouvel environnement économique et aux évolutions perçues dans leur situation personnelle : baisse anticipée des ressources ou des rendements d'actifs, exposition au risque plus élevée, etc. ? Ou bien la crise a-t-elle modifié la « psyché » même des individus, à savoir ici les préférences de l'épargnant en matière de risque et vis-à-vis du futur : manifeste-t-il une plus grande « aversion au risque » qu'hier ? En termes d'horizon décisionnel, l'épargnant est-il moins obnubilé par les échéances de court terme et plus soucieux de son avenir ? Bref, ses préférences sont-elles soumises aux aléas de la conjoncture économique et financière ? À cette question centrale, notre étude répond par la négative, concluant ainsi à la stabilité d'ensemble des préférences de nos compatriotes à l'égard du risque et du temps pendant la crise de 2008. Contrairement à une antienne à la mode, ce résultat qui peut surprendre révèle un épargnant « stoïque » dans la tourmente, pas plus averse au risque qu'auparavant.

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This book is provided by CEPREMAP in its series Opuscules du CEPREMAP with number 23 and published in 2011.
ISBN: 978-2-7288-0467-2
Handle: RePEc:cpm:opuscl:23
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  1. Arrondel, Luc & Savignac, Frédérique, 2010. "Stockholding : Does housing wealth matter ?," Economics Papers from University Paris Dauphine 123456789/8576, Paris Dauphine University.
  2. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
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  4. Gilles Duranton & Philippe Martin & Thierry Mayer & Florian Mayneris, 2008. "Les pôles de compétitivité : que peut-on en attendre?," Sciences Po publications info:hdl:2441/6rdpfcd6cas, Sciences Po.
  5. Hans-Martin von Gaudecker & Arthur van Soest & Erik Wengstrom, 2011. "Heterogeneity in Risky Choice Behavior in a Broad Population," American Economic Review, American Economic Association, vol. 101(2), pages 664-94, April.
  6. Dumas, Christelle & Lambert, Sylvie, 2008. "Le travail des enfants : quelles politiques pour quels résultats ?," Opuscules du CEPREMAP, CEPREMAP, number 11.
  7. Dormont, Brigitte, 2009. "Les dépenses de santé : une augmentation salutaire ?," Economics Papers from University Paris Dauphine 123456789/3883, Paris Dauphine University.
  8. Oliver, Xisco & Calvo Pardo, Hector & Arrondel, Luc & Tas, Derya, 2010. "Subjective Stock Market Expectations and Portfolio Choice," Economics Papers from University Paris Dauphine 123456789/6829, Paris Dauphine University.
  9. H. M. Shefrin & Richard Thaler, 1977. "An Economic Theory of Self-Control," NBER Working Papers 0208, National Bureau of Economic Research, Inc.
  10. Péter Hudomiet & Gábor Kézdi & Robert J. Willis, 2011. "Stock market crash and expectations of American households," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 26(3), pages 393-415, 04.
  11. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  12. Miles S. Kimball & Claudia R. Sahm & Matthew D. Shapiro, 2009. "Risk Preferences in the PSID: Individual Imputations and Family Covariation," NBER Working Papers 14754, National Bureau of Economic Research, Inc.
  13. Schubert, Katheline, 2009. "Pour la taxe carbone : la politique économique face à la menace climatique," Opuscules du CEPREMAP, CEPREMAP, number 18.
  14. Robert B. Barsky & Miles S. Kimball & F. Thomas Juster & Matthew D. Shapiro, 1995. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Survey," NBER Working Papers 5213, National Bureau of Economic Research, Inc.
  15. Hairault, Jean-Olivier & Langot, François & Sopraseuth, Thepthida, 2008. "Pour une retraite choisie : l'emploi des seniors," Opuscules du CEPREMAP, CEPREMAP, number 12.
  16. Bozio, Antoine & Piketty, Thomas, 2008. "Pour un nouveau système de retraite : des comptes individuels de cotisations financés par répartition," Opuscules du CEPREMAP, CEPREMAP, number 14.
  17. Arie Kapteyn & Federica Teppa, 2009. "Subjective Measures of Risk Aversion, Fixed Costs, and Portfolio Choice," DNB Working Papers 216, Netherlands Central Bank, Research Department.
  18. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
  19. Stefano Iezzi, 2008. "Investors' risk attitude and risky behavior: a Bayesian approach with imperfect information," Temi di discussione (Economic working papers) 692, Bank of Italy, Economic Research and International Relations Area.
  20. repec:pse:psecon:2008-31 is not listed on IDEAS
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