Pension fund return s can be decomposed into different sources, including market movements, asset allo-cation policy, and active portfolio management. We use a unique database covering the asset allocations of US defined-benefit pension funds for the perio d 1990–2008, and we test the role...

The uncertainty caused by the exchange rate crises of 1992-93 led to two questions: Is monetary union still feasible? What strategies are best for achieving convergence according to the Maastricht criteria? This article addresses these questions by examining the progress made by the five major...

This paper deals with two issues. On the one hand, it shows that structural changes in financial markets and in the hedge funds industry make the ?light-touch? arguments for regulating hedge funds no longer relevant. On the other hand, pleas for stronger regulation of hedge funds are getting...

[fre] Les crises s’inscrivent dans des cycles financiers où interagissent l’endettement et le mouvement des prix d’actifs. L’expansion financière dérape lorsque le crédit n’est plus fondé sur les perspectives de revenus des emprunteurs mais sur l’anticipation de la valeur de...

[eng] For a prudential regulation policy . Financial markets are integrating fast with the advent of the euro. To cope with accrued competition, financial intermediaries have developed mergers. Credit and market risk are so correlated it poses problem to prudential regulation. This article...

[fre] Ces dernières années une série de bouleversements ont touché des marchés financiers et dérivés très divers. On passe en revue certaines périodes pendant lesquelles la volatilité et les problèmes de liquidité se sont accrus de manière importante, avec des retombées...

[eng] Sovereign Wealth Funds : Long-Term Investors in Need of Effective Strategies . This article underscores the limited financial power of sovereign wealth funds (SWFs) and their growth potential, as well as their objectives and governance principles, With the Santiago Principles as a...

[eng] The reform in the Japanese financial system . The Japanese financial system has great difficulty in adapting itself to globalization. Change has taken place with no coherence at all. Market liberalisation, both partial and gradual, has brought about the banking crisis. Crisis solution and...

[eng] Towards a new prudential doctrine. The purpose of this paper is to underline the irrelevance of the neo-classical theory of contracts to treat the control of banking risks in a liberalised and global financing system. Following a theoretical discussion supporting our assertion, we...