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Les fonds souverains du point de vue des pays en développement

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  • Stephany Griffith Jones
  • José Antonio Ocampo

Abstract

[fre] Cet article détaille l'évolution des réserves de change dans divers pays en développement, l'importance relative des comptes courants et des comptes de capitaux en tant que sources de ces actifs et examine une certaine typologie des fonds souverains. Puis, il passe en revue la littérature sur les déterminants de l'accumulation de réserves dans les pays en développement. Ensuite, il analyse les motifs de cette accumulation de réserves de change, en différenciant les rôles joués par les balances courantes et de capitaux, et en distinguant les déterminants structurels et cycliques de ces comptes. Enfin, les implications de l'analyse pour les architectures financières régionales sont étudiées et quelques conclusions sont présentées. . Classification JEL : F30, G29, O16 [eng] Sovereign Wealth Funds : a Developing Country Perspective . 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

Suggested Citation

  • Stephany Griffith Jones & José Antonio Ocampo, 2009. "Les fonds souverains du point de vue des pays en développement," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 259-274.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_hos_9_1_5437
    DOI: 10.3406/ecofi.2009.5437
    Note: DOI:10.3406/ecofi.2009.5437
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    References listed on IDEAS

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    1. Ocampo, José Antonio, 2007. "La macroeconomía de la bonanza económica latinoamericana," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    2. Dani Rodrik, 2006. "The social cost of foreign exchange reserves," International Economic Journal, Taylor & Francis Journals, vol. 20(3), pages 253-266.
    3. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    4. José Ocampo, 2007. "The Instability and Inequities of the Global Reserve System," International Journal of Political Economy, Taylor & Francis Journals, vol. 36(4), pages 71-96.
    5. Joshua Aizenman & Reuven Glick, 2007. "Sovereign wealth funds: stumbling blocks or stepping stones to financial globalization?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec14.
    6. Graham Bird & Ramkishen Rajan, 2003. "Too Much of a Good Thing? The Adequacy of International Reserves in the Aftermath of Crises," The World Economy, Wiley Blackwell, vol. 26(6), pages 873-891, June.
    7. Joshua Aizenman, 2008. "Large Hoarding Of International Reserves And The Emerging Global Economic Architecture," Manchester School, University of Manchester, vol. 76(5), pages 487-503, September.
    8. Tromben, Varinia & Jiménez, Juan Pablo, 2006. "Política fiscal y bonanza: impacto del aumento de los precios de los productos no renovables en América Latina y el Caribe," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
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    1. Nacima Hadj Moussa, 2021. "Fonds de régulation des recettes Algérienne entre nécessité et gaspillage des ressources rares de l’État (2000-2020)," Post-Print hal-03505863, HAL.

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    More about this item

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • F30 - International Economics - - International Finance - - - General
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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