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Volatilité des marchés boursiers et comportement des épargnants français

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  • Bruno Séjourné

Abstract

[fre] Les récents épisodes de fluctuations boursières n'ont pas eu d'équivalent dans l'histoire économique de l'Après-guerre. Au-delà de leur ampleur, il sont intervenus en France dans un contexte de développement d'une épargne longue, accumulée de plus en plus dans l'optique de la retraite et autorisant, sous différentes formules, des investissements plus ou moins directs sur les marchés boursiers. Pour une part, cette accumulation d'actifs de long terme a concerné l'actionnariat individuel. Cette démocratisation progressive de l'actionnariat nous incite à revoir et à approfondir l'analyse de comportements en période d'intense volatilité. Nous proposons d'aborder ici une double problématique : - quelle fut la réaction des épargnants individuels lors du récent épisode de volatilité ? - et, par voie de conséquence, les ménages ont-ils contribué à renforcer cette volatilité ou, au contraire, à stabiliser les cours boursiers ? . Classification JEL : D81, D82, E21, G1 [eng] Financial markets' volatility and French savers' behaviour . The latest stock market fluctuations are the most important financial disruption since the Second World War. These fluctuations occur in France while long term savings have been accumulated for retirement. These savings can be invested more or less straight on the stock exchange market. This assets' accumulation concerned in part individual shareholding. This democratization of shareholding implies to change analysis of behaviours during great volatility. This article deals with two problems : - What was individual savers' behaviour during the latest volatility period ? - Have households increased volatility or stabilized stock market ? . JEL classifications : D81, D82, E21, G1

Suggested Citation

  • Bruno Séjourné, 2004. "Volatilité des marchés boursiers et comportement des épargnants français," Revue d'Économie Financière, Programme National Persée, vol. 74(1), pages 219-230.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_74_1_5040
    DOI: 10.3406/ecofi.2004.5040
    Note: DOI:10.3406/ecofi.2004.5040
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G1 - Financial Economics - - General Financial Markets
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G1 - Financial Economics - - General Financial Markets

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