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Fonds de pension américains : une évaluation du risque macroéconomique

Listed author(s):
  • Frédéric Gonand

    (ENA - École nationale d'administration - Aucune)

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 (DC). DC 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 billion $. 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.

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Paper provided by HAL in its series Post-Print with number hal-01294346.

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Date of creation: 2004
Publication status: Published in Revue d'Economie financière, 2004
Handle: RePEc:hal:journl:hal-01294346
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  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.
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