Pension fund returns can be decomposed into different sources, including market movements, asset allocation policy, and active portfolio management. We use a unique database covering the asset allocations of US defined-benefit pension funds for the period 1990-2008, and we test the role of each...

[fre] A La fin du système institué à Bretton Woods et la généralisation des changes flottants ont beaucoup modifié les conditions qui président aux règlements internationaux. Mais la nécessité d'une monnaie internationale, loin de disparaître, s'en est trouvée renforcée. Ainsi les...

Last year’s International Collaboration Project had helped to highlight several key determinants of potential growth in the European Union (EU): basing upon growth accounting techniques, the main difference between the EU and the US had been shown not to rest on total factor productivity...

This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into account. In...