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Pension Fund Capitalism and Financial Crisis. IHS Political Science Series 126, December 2011

Wiß, Tobias (2011) Pension Fund Capitalism and Financial Crisis. IHS Political Science Series 126, December 2011. [Policy Paper]

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    Abstract

    Basic public pension schemes and cut backs in earnings-related public pensions led to an increasing role of supplementary pensions such as pension funds for old-age incomes. In addition to demographic changes that challenge public pensions, private pensions face financial market risks. To what extent are the scope of pension fund capitalism and the impact of financial crises on pension funds related to different institutional arrangements? Given that different production regimes reflect different pension systems, we expect systematic diversities with regard to the public-private pension mix and the specific design of supplementary pensions. These varieties should be mirrored in different forms of vulnerability of pension funds to financial market crises. We hypothesize a higher scope of pension fund capitalism and vulnerability to financial market crises in countries with predominant market-based coordination mechanisms and short term strategies on financial markets (i.e. Liberal Market Economies).

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    EU policies and themes > Policies & related activities > social policy > welfare state
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Institute for Advanced Studies (Vienna), Department of Political Science > IHS Political Science Series
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 22 Feb 2012 13:39
    Number of Pages: 36
    Last Modified: 31 Jul 2014 22:53
    URI: http://aei.pitt.edu/id/eprint/33473

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