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L’impact d’un environnement de taux bas et de politiques monétaires non conventionnelles sur l’industrie de la gestion d’actifs

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  • Philippe Weber

Abstract

The central banks? unconventional policies (quantitative easing through asset purchases and forward guidance) drew all bond yields downwards, even below zero for a number of them. Low margins, negative flows, yield-free risk instead of risk-free yield, fixed-income asset management is all the more complicated and the investor has to take in more risks: longer-termed bonds, riskier issuers, foreign assets, or diversification towards stocks or real assets. This is by the way what the central banks wished for, and this will end with the very success of these policies: economic recovery should bring higher yields without compromising the strength of the stock market. Classification JEL: E52, E58, G23.

Suggested Citation

  • Philippe Weber, 2015. "L’impact d’un environnement de taux bas et de politiques monétaires non conventionnelles sur l’industrie de la gestion d’actifs," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 171-182.
    • Handle: RePEc:cai:refaef:ecofi_118_0171
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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