While risk aversion remains at very high levels in the throes of the crisis, the need for long-term investment has perhaps never been so urgent. Advanced economies, in particular, must resolve this dilemma in order to return to their pre-crisis growth path and revert to sustainable public debt trajectories. But long-term investors have become a rare species and there are a number of factors – economic, regulatory and fiscal – that are not particularly incentivising. These investors have also lost their marks as the hierarchy of risk seems to be less stable ; asset managers and other financial intermediaries only partially meet their requirements. Long-term investment is seen to be a positive factor for financial and monetary stability and this stability itself contributes to creating a favourable environment.
Directeur général, Banque de France.L’auteur remercie Vladimir Borgy et Rémy Lecat pour leurs concours et suggestions.
1 Ces deux auteurs sont les concepteurs et gestionnaires de l’enquête PATER « Patrimoine et préférences vis-à-vis du temps et du risque ».