bluuebunny/crossref_metadata_2025_split huggingface dataset:
Les fonds souverains et l'impérialisme d'émergence
Authors: Dockès Pierre 
Published: April 2013

Les fonds souverains des pays émergents prennent une importance croissante. Ils ont joué un rôle pour recapitaliser des banques en difficulté au début de la crise financière et ils seront amenés à intervenir à nouveau à la fin de cette crise. Ils participent également au puissant phénomène d'achat de terres étrangères. Les acquisitions de terres et de capital étrangers par les fonds souverains imposent de revenir sur les théories classiques de l'impérialisme par les exportations de capitaux et de marchandises. Celui des vieux pays capitalistes n'était pas « le stade suprême du capitalisme »,
mais un phénomène d'émergence et aujourd'hui, l'appropriation du capital étranger par les fonds souverains pourrait être une remise en vigueur de cette forme d'impérialisme.
Classification JEL : F21, G01, O16
De la souveraineté financière
Authors: Matouk Jean 
Published: April 2013

Si le concept de souveraineté est né avec les États modernes, celui de fonds souverain est bien plus récent. Il est né avec la capacité nouvelle qu'ont acquis certains États d'accumuler des réserves en tant qu'États et de les utiliser à leur guise. Quel peut être le devenir des fonds souverains ? Comment s'intégreront-ils dans le système financier international ? Pourrait-on compter sur eux pour
« remettre du long terme » dans le système financier international ?
Classification JEL : F30, F36, G29
Évolution de la politique des fonds souverains
Authors: Badian Laura , Harrington Gregory 
Published: April 2013

The Evolving Politics of Sovereign Wealth Funds
Sovereign wealth funds (SWFs) can provide needed liquidity and stabilize equity markets. Countries that are open to investment by SWFs are likely to benefit from their participation. Countries, such as France, that adopt protectionist policies, may see a dramatic fall-off in foreign direct investment, which is likely to be harmful to their economy at the worst possible time. The adoption by SWFs of the Santiago Principles, a voluntary set of principles without the force of law, is unlikely ta forestall tougher regulation by recipient countries that conclude that increased regulation of such funds is in their best interest. In the United States, the Obama administration and a Democratic-controlled Congress are likely to subject financial institutions, including private equity and hedge funds, to increased regulation. In this environment, SWFs may be unable to escape tighter regulation. If SWFs do not actively engage policy makers, they could be left with stricter rules and fewer investment options.
JEL Classification : F21, F30, G11
Le cas du Fonds de Réserve pour les Retraites
Authors: Barbier Sophie 
Published: April 2013

Dans les classifications internationales, les fonds de réserve pour les retraites -dont le FRR (Fonds de Réserve pour les Retraites) français fait partie -sont considérés comme des fonds souverains à part entière (FMI), comme des formes hybrides de fonds souverains ou comme une catégorie distincte des fonds souverains (OCDE). En tant qu'investisseur public, de long terme et doté d'un portefeuille diversifié, le FRR présente en effet certains des traits caractéristiques des fonds souverains. Mais des différences existent, notamment en termes d'objectifs, de gouvernance, de ressources et de transparence, Dans le cadre d'une banalisation des fonds souverains, certaines de ces différences devraient néanmoins disparaître.
Classification JEL " G23, G29
Le rôle des fonds souverains
Authors: Bernard Pierre-Ignace , Mieszala Jean-Christophe 
Published: April 2013

Le rôle des fonds souverains, objet d'un intense débat dans la communauté financière internationale et au-delà, suscite des avis clivés. Il génère notamment des préoccupations quant à d'éventuels risques de distorsion involontaire des marchés et d'accroissement de leur volatilité, d'influence ou de déstabilisation géopolitique, de mainmise potentielle sur des actifs stratégiques, ou encore d'entrave à la concurrence. Si l'on recentre le débat sur les enjeux directement liés à l'activité des fonds souverains, ces risques apparaissent relativement circonscrits. En revanche, il existe des enjeux réels, qui sont de trois ordres : la gouvernance, la transparence et les processus d'investissement. Cet article suggère un ensemble de recommandations souples pour améliorer ces trois axes et concilier au mieux les intérêts de toutes les parties.
Classification JEL " F21, F30, G29
La crise mondiale de la titrisation et la dynamique des fonds souverains
Authors: O’Brien Justin 
Published: April 2013

Global Securitization Crisis and Sovereign Wealth Funds
The Generally Accepted Principles and Practices for sovereign wealth funds (SWFs) -the Santiago Principles -are designed to address contestation over the role played by government-controlled asset pools in global capital markets and reduce negative public perceptions about the impact on social cohesion in recipient countries by outlining minimum standards of accountability and transparency. The paper examines how the changing nature of the global financial crisis impacted on the dynamics of the regulatory debate. It maps the dimensions of the crisis and assesses the risks associated with the expansion of state-controlled capital. It argues that the continued failure to clarify the rules governing inward investment makes it much more difficult to build the foundations of a new financial order.
JEL Classification : F30, GO1, G18
Fonds souverains : quelle stratégie pour la France ?
Authors: Demarolle Alain 
Published: April 2013

Sovereign Wealth Funds : a Strategy for France ?
The rise of SWFs is an irreversible phenomenon. This is because it flows from two deep seated trends : namely rising raw materials prices, and the structural nature of current account surpluses. Similarly, the emergence of sovereign wealth funds (SWFs) as front-rank investors, and in particular as significant shareholders of large western firms, is the logical consequence of the diversification of their assets. The issue for France is to assess this phenomenon without preconceptions, in order to make the most -for its economy and its businesses -of a process still only in its infancy.
JEL Classification : F30, G29
Fonds souverains et fonds de pension : conceptualiser les implications pour l’« investissement responsable »
Authors: Hawley James P. , Kamath Shyam , Williams Andrew T. 
Published: April 2013

Cet article examine la croissance récente des fonds souverains, leur impact potentiel sur la gouvernance d'entreprise et leur impact sur l'investissement responsable. Ce dernier englobe les aspects pouvant affecter significativement la valorisation de l'entreprise en fonction des impacts environnementaux, sociaux et de gouvernance. L'article comble une lacune dans la littérature récente sur les fonds souverains au regard de leur signification dans le cadre de [' investissement responsable et des facteurs environnementaux, sociaux et de gouvernance. Il examine les fonds souverains dans le contexte de la croissance d'autres formes de fonds publics d'investissement, en particulier l'essor des fonds de pension souverains jusqu'à la mi-2008. Il fournit également une nouvelle typologie pour classifier les fonds souverains.
Classification JEL : F30, C23, C29
Projet de meilleures pratiques pour les fonds souverains
Authors: Truman Edwin M. 
Published: April 2013

Cet article expose un projet de meilleures pratiques pour les fonds souverains. Ce projet s'appuie sur un classement des pratiques actuelles de 44 fonds souverains. Il constitue ainsi une base pour évaluer les résultats du dialogue mené sous l'égide du FMI sur les meilleures pratiques.
Classification JEL : F30, G29, G34
The Recycling of Petrodollars
Authors: Kopper Christopher 
Published: April 2013

The trading market for the petrodollar revenues emerged before the first oil price crisis, but did not blossom before the quadrupling of the oil price between 1973 to 1974. The little taxed and unregulated market for dollar deposits, bonds and loans at London, the most prominent finance place in Europe, proved to be the perfect institution for the recycling of the OPEC countries payment surplus. The Eurodollar market in London channelled their short-term surpluses back to the oil importing nations and boosted the long-term loan market for the developing nations. In the 1970s, long-term loans to developing countries became a popular outlet for the banks' liquidity surplus. But OPEC's dropping payment surplus, high interest policies in the US and threatening liquidity gaps in the commercial banking sector prompted the recall of loans which brought the debtors to the edge of illiquidity.
JEL Classification : F30, O16
Sovereign Wealth Funds in Russia
Authors: Chevrier Clélia 
Published: April 2013

Russia relies heavily on oil and gas revenues. Since 2004, the Russian authorities tried to reduce this dependence by building up sovereign funds, whose complexity grew up with time. This cautious policy, which was often criticized in the past, gives now some breathing space to the government to cope with the financial crisis and the downfall of oil prices. The way the sovereign wealth funds (SWFs) are used was thereby recently reviewed in order to support actively the Russian budget and economy.
JEL Classification : F30, G29
Sovereign Wealth Funds in South-East Asia
Authors: Demange Jean-Marie 
Published: April 2013

South-East Asia is well endowed with sovereign wealth funds (SWFs), since this region is home to five of them, present in four countries. Before the subprime crisis, their total worth was evaluated at over $ 600 billion. This article describes these little known SWFs and strives to describe their functioning, their strategy and their medium-term perspectives.
JEL Classification : F30, G29, N25
The Challenges of Setting-Up a Sovereign Wealth Fund in Algeria
Authors: Hadj-Nacer Abderrahmane 
Published: April 2013

If it had had a sovereign wealth fund (SWF), wisely invested in international concerns, Algeria could have accessed the technical and managerial capacities, the systems, technologies and knowledge necessary for its development while offering enormous opportunities for the external development of those foreign rums that would have accepted this partnership.
JEL Classification : F30, G29, O16
The Evolving Politics of Sovereign Wealth Funds
Authors: Badian Laura , Harrington Gregory 
Published: April 2013

Sovereign wealth funds (SWFs) can provide needed liquidity and stabilize equity markets. Countries that are open ta investment by SWFs are likely to benefit from their participation. Countries, such as France, that adopt protectionist policies, may see a dramatic fall-off in foreign direct investment, which is likely to be harmful to their economy at the worst possible time. The adoption by SWFs of the Santiago Principles, a voluntary set of principles without the force of law, is unlikely to forestall tougher regulation by recipient countries that conclude that increased regulation of such funds is in their best interest. In the United States, the Obama administration and a Democratic-controlled Congress are likely to subject financial institutions, including private equity and hedge funds, to increased regulation. In this environment, SWFs may be unable to
escape tighter regulation. If SWFs do not actively engage policy makers, they could be left with stricter rules and fewer investment options.
JEL Classification : F21, F30, G11
The Rise and Fall of Sovereign Wealth Accumulation : Causes and Consequences
Authors: Higgins Matthew , Klitgaard Thomas 
Published: April 2013

This paper examines the sources of the rapid build-up in official foreign assets of recent years. Foreign exchange intervention and burgeoning petrodollar receipts - the two main sources of financing for recent official outflows - have very different implications for domestic monetary management and for the risk-return outlook facing sovereign investors. The paper then considers how the crisis has affected the outlook for official cross-border investment, arguing that we are unlikely to see an early return to the heavy official outflows of recent years.
JEL Classification : F21, F30, F31
How Big Could Sovereign Wealth Funds Be by 2015 ?
Authors: Jen Stephen L. 
Published: April 2013

How important will the sovereign wealth funds (SWFs) be over the medium and long-term ? According to our calculations, based on several assumptions, the world's SWFs could grow from $ 2.5 trillion now to nearly $ 10 trillion by 2015, and could exceed the total size of the world's official reserves in the coming six or seven years.
JEL Classification : F30, G29
The French Reserve Fund for the Pension System - FRR
Authors: Barbier Sophie 
Published: April 2013

According to international classifications, pension reserve funds - among which the French FRR (Fonds de réserve pour les retraites) - are viewed either as fully-fledged sovereign wealth fund (SWF) (IMF), or as a hybrid kind of SWF or as something clearly distinct from SWF (OECD). Being a public, long-term investor with a diversified portfolio, the FRR exhibits some of the main features of SWFs. But, there are still differences, especially as regards objective, governance, resources and transparency. However, in the process of SWF becoming financial institutions just like any other, some of these differences should disappear.
JEL Classification : G23, G29
Sovereign Wealth Funds : a Developing Country Perspective
Authors: Griffith Jones Stephany , Ocampo José Antonio 
Published: April 2013

This paper details the evolution of foreign exchange assets in different parts of the developing world, the relative importance of the current vs. the capital accounts as the source of those assets, and discusses some categorizations of sovereign wealth funds (SWFs). Then, it briefly reviews the literature on the determinants of reserve accumulation in developing countries. Then, it develops the analysis of the motives for the accumulation of foreign exchange assets, differentiating between the role played by the current and the capital accounts, and between the structural vs. cyclical determinants of such accounts. Lastly, it analyzes the implications of the analysis for regional financial architectures and it draws some conclusions.
JEL Classification : F30, G29, O16
Global Securitization Crisis and Sovereign Wealth Funds
Authors: O’Brien Justin 
Published: April 2013

The Generally Accepted Principles and Practices for sovereign wealth funds (SWFs) - the Santiago Principles - are designed to address contestation over the role played by government-controlled asset pools in global capital markets and reduce negative public perceptions about the impact on social cohesion in recipient countries by outlining minimum standards of accountability and transparency. The paper examines how the changing nature of the global financial crisis impacted on the dynamics of the regulatory debate. It maps the dimensions of the crisis and assesses the risks associated with the expansion of state-controlled capital. It argues that the continued failure to clarify the rules governing inward investment makes it much more difficult to build the foundations of a new financial order.
JEL Classification : F30, GO1, G18
Sovereign Wealth Funds : Potential and Conditions for Partnerships
Authors: Arthuis Jean , Marini Philippe 
Published: April 2013

The spotlight trained on sovereign wealth funds (SWFs) in 2008 has also fed the French debate on the subject and highlighted the opportunity that existed to create a similar tool on the domestic level : the strategic investment fund (SIF), which makes it possible for the government to conduct both a defensive and an offensive industrial policy, reflecting a new « stare capitalism ». Between creating a domestic fund and accepting the intervention of foreign SWFs in our economy, a step has to be taken. This step is all the more necessary because fully grasping the possibilities offered by SWFs would make it possible to partially preserve France's financial and strategic interests, as long as this is done within a collaborative framework reasoned out and clearly defined with these funds.
JEL Classification : F30, G28, G29
Sovereign Wealth Funds : a Strategy for France ?
Authors: Demarolle Alain 
Published: April 2013

The rise of SWFs is an irreversible phenomenon. This is because it flows from two deep-seated trends : namely rising raw materials prices, and the structural nature of current account surpluses. Similarly, the emergence of sovereign wealth funds (SWFs) as front-rank investors, and in particular as significant shareholders of large western firms, is the logical consequence of the diversification of their assets. The issue for France is to assess this phenomenon without preconceptions, in order to make the most - for its economy and its businesses - of a process still only in its infancy.
JEL Classification : F30, G29
Sovereign Wealth and Pension Funds : Conceptualizing Implications for « Responsible Investment »
Authors: Hawley James P. , Kamath Shyam , Williams Andrew T. 
Published: April 2013

This paper examines the recent growth of sovereign wealth funds (SWFs), their potential impact on corporate governance, and their impact on what has come to be known as responsible investment (RI). Responsible investment encompasses aspects which may materially affect firm valuation from environmental, social and governance impacts, collectively known as ESG (environmental, social and governance) factors. The paper fills a gap in the recent literature on SWFs in terms of their significance for RI/ESG considerations. We view SWFs in the context of the growth of other forms of government investment funds, in particularly the growth of sovereign pension funds (SPFs), through mid-2008. It provides a new typology for classifying SWFs and the likely evolution of such funds based on this typology and RI/ ESG considerations.
JEL Classification : F30, G23, G29
Short-Termism as a Rule : the Effects of Portfolio Management Delegation
Authors: Montagne Sabine 
Published: April 2013

Because of their governance, investors are not able to develop long-term investment policies. While they have been outsourcing investment decision making to asset management firms and evaluation to intermediaries (consulting firms and credit raring agencies), they have contributed to the creation of markets of providers which are dominated by the logic of short-term profit. The dictates of performances comparison and competition have fostered evaluation of providers through synthetic indexes. These provide an abstract representation of economic activity that hinders alternative representations, specific to long-term investors. These various practises have been institutionalized into legitimate norms hard to be challenged.
JEL Classification : G20, G23, G24, L14, L22
A European Approach to Sovereign Investment
Authors: Röller Lars-Hendrik , Véron Nicolas 
Published: April 2013

A growing share of inward investment inro me European Union, including but not limited to sovereign wealth funds (SWFs), will come from countries with diverse political regimes with which Europeans may not always see eye-to-eye. The current crisis may increase both Europe's need for such investment and its sensitivity to the non-economic implications. New investor countries have incentives to refrain from political use of their assets, as illustrated by the recently published « Santiago principles » for transparency and accountability of SWFs. But these incentives are nor powerful enough to spare Europe its own assessment of security risks linked to new trends in foreign investment.
JEL Classification : F30, G28, G29, N24
Governance of Sovereign Wealth Funds and Economic Nationalism
Authors: Saint-Paul Gilles 
Published: April 2013

In this article, we raise questions concerning the behavior of sovereign wealth funds (SWFs), as well as to what extent their goals might differ from most of purely private agents. We adopt a resolutely positive perspective : rather than prescribe an « optimal » strategy for these funds, we instead wonder what strategy they will adopt. As we shall see, that depends on the hypotheses made on their nature.
JEL Classification : F30, F52, G34
Une analyse des facteurs de l’acceptation et de l’usage des instruments de paiement par les commerces en France
Authors: Bounie David , Buthion Jean-Pierre , François Abel 
Published: April 2013

An Analysis of the Factors of the Acceptation and Use of Payment Instruments by Retailers in France
The empirical literature on the economics of payment instruments mainly focused on consumer payment behaviours. However, the recent theoretical studies on the two-sided markets applied to payment cards show that merchant plays as well a fundamental role in the use of payment instruments at the point of sale. Now, to the exception of a Canadian study realized by Arango and Taylor (2008), there is no empirical study dedicated to the analysis of the determinants of the acceptation and use of the payment instruments by retailers. Using an original data set from a survey administrated in France from March to May 2008 on a sample of 4,601 retailers who sell goods and services to final consumers, this paper aims at analyzing the factors that influence the acceptation and use of cash, check and payment card by French retailers.
Classification JEL : E42, G24, L81.
La compensation des produits financiers dérivés est-elle la panacée ?
Authors: Castel Michel 
Published: April 2013

Après la faillite de Lehman Brothers et le renflouement de AIG, les autorités bancaires et financières, les gouvernements et même de nombreux opérateurs ont conclu que les 600 000 milliards de dollars de contrats de gré à gré portant sur des produits dérivés devront être pour l’essentiel compensés par des chambres de compensation. C’est ce que le G20 a recommandé à Pittsburgh, le 25 Septembre 2009, avec la fin 2012 comme date butoir. C’est un grand pas dans la bonne direction pour renforcer la sécurité des marchés financiers. Cependant une telle concentration de risques si énormes sur les chambres de compensation peut produire un risque à dimension systémique. Tout d’abord, les chambres de compensation sont nombreuses et seront soumises à une forte concurrence, dans un « modèle à prix coûtant ». Ensuite, elles n’ont pas d’actionnaires désireux - ou en mesure - de les aider en cas de crise majeure. Si nous voulons éviter d’avoir un jour à procéder au sauvetage sur fonds publics d’une ou de plusieurs d’entre elles - sauvetage(s) qui serai(en) t particulièrement inconfortable(s) dans l’UE ou dans la zone euro -, nous devons exiger une solidarité entre elles soit par la mise en place d’un dispositif de réassurance obligatoire, soit par la création d’un fonds mutuel de garantie obligatoire.
Classification JEL : D53, E44, G01, G15, G18, G23.
Rétrospective et perspective : six décennies de comptes courants de titres
Authors: Karyotis Catherine 
Published: April 2013

L’article met en perspective les soixante années de comptes courants de titres sur la place financière de Paris. Il démarre avec la création du dépositaire central de titres, la Sicovam, en 1949, puis expose la dématérialisation des titres et l’informatisation des procédures post-bourse. Il explique la transformation de Sicovam en Euroclear France dans le contexte des fusions de bourses qui ont donné lieu à Euronext. Enfin il aborde le nouveau business model d’Euroclear à l’horizon de 2012 pour présenter ensuite les nouvelles perspectives de développement dans le cadre de l’harmonisation européenne avec Target 2-Securities, qui sera mis en place en 2013. Car, dès lors, l’unification des procédures boursières et post-boursières sera réelle dans la zone euro. L’article conclut sur la nécessité absolue d’un système de compensation avec contrepartie centrale pour les CDS (credit default swaps), suite à la crise financière mondiale de 2008.
Classification JEL : G10, G21, N24.