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Les fonds de pension au Japon : Capitalisation et régulation : Autres temps certes, mais à quand d'autres moeurs ?

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  • Jean-François Estienne

Abstract

[eng] Japanese pension funds . French newspapers have duly echoed the misfortunes known by some Japanese pension funds. This article gives an outline of pension schemes in the second largest world economy, in particulary emphasizing pension funds and their current situation. Among factors likely to have an influence on current funds future performance, there are government regulation on financial sector (flexibility), the drastic drecrease in financial assets performance (financial bubble implosion), and the change in relationships between « sponsoring » companies and financial service providers. However, relationships between companies and providers may have other interests, of strategic nature, than the mere financial performance of funds entrusted by pension funds. [fre] Les quotidiens français se sont fait à juste titre l'écho des vicissitudes qu'ont connues certains fonds de pension Japonais. Cet article propose de décrire schématiquement les systèmes de retraite de la seconde économie du monde, en mettant plus particulièrement l'accent sur les fonds de pension et leur situation actuelle. Parmi les facteurs pouvant influencer la performance future des fonds de pension japonais figurent la régulation gouvernementale sur le secteur de la finance (assouplissement), la baisse drastique du rendement des actifs financiers (implosion de la « bulle » financière), et la transformation des relations entre entreprises « sponsors » et prestataires de services financiers. Or les liens entre entreprises et prestataires peuvent avoir d'autres enjeux, de nature stratégique, que la seule performance financière des fonds confiés par le fonds de pension.

Suggested Citation

  • Jean-François Estienne, 1997. "Les fonds de pension au Japon : Capitalisation et régulation : Autres temps certes, mais à quand d'autres moeurs ?," Revue d'Économie Financière, Programme National Persée, vol. 43(5), pages 193-205.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_1997_num_43_5_2378
    DOI: 10.3406/ecofi.1997.2378
    Note: DOI:10.3406/ecofi.1997.2378
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    Cited by:

    1. Laurence Loulmet, 1998. "L’évolution maîtrisée du gouvernement d’entreprise au Japon face à la déréglementation financière et aux investisseurs institutionnels," Revue d'Économie Financière, Programme National Persée, vol. 49(5), pages 173-187.

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