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Fonds de pension américains : une évaluation du risque macroéconomique

hal.structure.identifier
dc.contributor.authorGonand, Frédéric*
dc.date.accessioned2013-02-18T11:28:55Z
dc.date.available2013-02-18T11:28:55Z
dc.date.issued2004
dc.identifier.issn0987-3368
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/11016
dc.language.isoenen
dc.subjectFinancial Market
dc.subjectMacroeconomics
dc.subjectPension Fund
dc.subjectPension
dc.subject.ddc331en
dc.subject.classificationjelJ.J3.J32en
dc.subject.classificationjelJ.J2.J26en
dc.subject.classificationjelG.G2.G23en
dc.subject.classificationjelE.E4.E44en
dc.titleFonds de pension américains : une évaluation du risque macroéconomique
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThe 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.
dc.relation.isversionofjnlnameRevue d'Economie financière
dc.relation.isversionofjnlissue75
dc.relation.isversionofjnldate2004
dc.relation.isversionofjnlpages291-311
dc.relation.isversionofjnlpublisherPresses universitaires de France
dc.subject.ddclabelEconomie du travailen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2016-03-29T08:47:49Z
hal.identifierhal-01294346*
hal.version1*
hal.update.actionupdateMetadata*
hal.author.functionaut


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