Abstract
According to international classifications, pension reserve funds - among which the French FRR (Fonds de réserve pour les retraites) - are viewed either as fully-fledged sovereign wealth fund (SWF) (IMF), or as a hybrid kind of SWF or as something clearly distinct from SWF (OECD). Being a public, long-term investor with a diversified portfolio, the FRR exhibits some of the main features of SWFs. But, there are still differences, especially as regards objective, governance, resources and transparency. However, in the process of SWF becoming financial institutions just like any other, some of these differences should disappear. JEL Classification : G23, G29
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