Après avoir relevé les divers défis affectant la régulation des industries de réseau et discuté de la pertinence des modèles disséminés par les institutions financières des pays en voie de développement, l'ouvrage met en lumière les inquiétudes des acteurs de l'industrie et les...

This paper sets out an analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claims analysis applied to the sovereigns economic balance sheet. A country solves an asset-liability management problem involving its sources of income and its...

This paper sets out a new analytical framework for optimal asset allocation of sovereign wealth, based on the theory of contingent claim ana lysis (CCA) applied to the sovereign’s economic balance sheet. A country solves an asset-l iability management (ALM) problem between its sources of...

While the necessity of a regulation and of a surveillance of the stock exchange markets is weakly disputed today, the surveillance devices set into force differs from one country to the other according to the legal system concept. Starting from a comparison between the American and the French...

This paper addresses management of sovereign wealth from the perspective of the theory of contingent claims. Starting with the sovereign's balance sheet, we frame sovereign fund management as an asset-liability management (ALM) problem, covering all public entities and taking explicit account of...

This paper deals with the principal-agent relationships involved by the management of pension funds. The focus is made on private defined benefit pension funds in the US. We first underline the main characteristics of management and financial pension policy. We then identify the principal-agent...

The asset allocation principles to be followed by pension funds have recently recorded some important modifications on the international level. Canadian pension funds have also been subject to these evolutions. The main modifications concern the gradual elimination of some portfolio constraints,...