The Rise of Pension Fund Capitalism in Europe PDF Download
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Author: Adam D. Dixon
Publisher:
ISBN:
Category :
Languages : en
Pages : 45
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Book Description
In recent years European countries have begun to reform their pension systems favouring funded to pay-as-you-go (PAYG) social security systems and supporting the creation of more 2nd and 3rd pillar funded retirement schemes. Though funded pensions remain small in most European countries, they are growing significantly and may limit the persistence of strong 'varieties of capitalism' by providing an endogenous source of change to economic organisation and corporate governance. To explore this scenario this article examines recent developments in France, in particular the creation and the functional organisation of the French sovereign wealth fund the Fonds de reacute;serve pour les retraites (FRR) and the new public sector pension fund the Etablissement de retraite additionnelle de la fonction publique (ERAFP). In terms of institutional design the FRR has the same functional scope, capacity and asset mix as sophisticated global pension funds. The ERAFP, on the other hand, is subject by statute to a conservative asset allocation, manifesting the tension between adopting the scope and practices of other sophisticated global, i.e. Anglo-American, financial institutions. Though as the ERAFP grows in size, it is arguable whether or not it will continue to be constrained. Ultimately, the development of pension funds in France and the creation of a global institutional investor at the heart of the French state portend to increased engagement with global finance and the French political economy.
Author: Adam D. Dixon
Publisher:
ISBN:
Category :
Languages : en
Pages : 45
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Book Description
In recent years European countries have begun to reform their pension systems favouring funded to pay-as-you-go (PAYG) social security systems and supporting the creation of more 2nd and 3rd pillar funded retirement schemes. Though funded pensions remain small in most European countries, they are growing significantly and may limit the persistence of strong 'varieties of capitalism' by providing an endogenous source of change to economic organisation and corporate governance. To explore this scenario this article examines recent developments in France, in particular the creation and the functional organisation of the French sovereign wealth fund the Fonds de reacute;serve pour les retraites (FRR) and the new public sector pension fund the Etablissement de retraite additionnelle de la fonction publique (ERAFP). In terms of institutional design the FRR has the same functional scope, capacity and asset mix as sophisticated global pension funds. The ERAFP, on the other hand, is subject by statute to a conservative asset allocation, manifesting the tension between adopting the scope and practices of other sophisticated global, i.e. Anglo-American, financial institutions. Though as the ERAFP grows in size, it is arguable whether or not it will continue to be constrained. Ultimately, the development of pension funds in France and the creation of a global institutional investor at the heart of the French state portend to increased engagement with global finance and the French political economy.
Author: Adam D. Dixon
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 466
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Book Description
Author: Leokadia Oręziak
Publisher: Routledge
ISBN: 1000568539
Category : Business & Economics
Languages : en
Pages : 122
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Book Description
This book examines the origins and consequences of so-called pension fund capitalism, which has spread around the world since 1981, when the pension system was completely privatized in Chile. The author highlights the driving forces behind the privatization of pensions, its forms and tools used in practice, and the risks and costs related to private pensions. The reader can also learn about the experiences of various developed countries (including the USA, Canada, Australia, and Germany), as well as Latin American (including Chile) and Eastern European countries, related to the privatization of pensions. Particular attention is paid to Poland as an example of a country where such privatization failed completely. This book provides a source of serious reflection on what this privatization has led to, what its real economic and social consequences are and what the likelihood is of reversing it and strengthening the public pension system. Academic researchers and students of economics and finance, as well as social and political sciences, will find the book invaluable in understanding the problems arising from the privatization of pensions. It will also be of interest to professionals: institutions that shape or influence economic and social policy, including political parties, trade unions, non-governmental organizations, the media, and institutions operating on the financial market.
Author: Ville-Pekka Sorsa
Publisher:
ISBN:
Category : Aging
Languages : en
Pages : 0
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Book Description
Author: Ville-Pekka Sorsa
Publisher:
ISBN:
Category : Aging
Languages : en
Pages : 760
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Book Description
Author: Gordon L. Clark
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
Since 1980, U.K. individual pension and retirement assets have increased about 10 fold to about 1.1 trillion Pounds. Over the same time, U.S. household retirement assets have increased about 7 fold to more than $5 trillion. High rates of asset growth have also been observed for Australia and Canada. Notwithstanding their current high standards of living, much of continental Europe has not shared in these extraordinary rates of growth of pension assets. In fact, many analysts believe that their long-term prosperity is threatened (relatively speaking) by inefficient, institutionally cumbersome finance sectors. While saving now for retirement has significant advantages for beneficiaries, less important is the fact that the growth of pension assets in the Anglo-American economies have profoundly changed the financial structure of these countries. Here I explain how and why pension assets have grown so large in the Anglo-American countries, beginning with an historical account to identify the reasons why German and continental European countries excluding The Netherlands and Switzerland have not shared the same rates of growth of pension assets. In doing so, the paper develops an explanatory model which discriminates between various causes of Anglo-American pension fund capitalism: structural determinants (institutional framework), second-order determinants (post-war conditions), and third-order determinants (contributions). The identified causal logic relies upon Ehring's conception of causality, integrating structure with historical and geographical contingency. Implications are also drawn regarding the significance of Anglo-American pension funds for global capitalism.
Author: Ifigeneia Drosinopoulou
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Pension policy is by far nationally embedded and pension systems differ in accordance with the socio-economic specificities and sensitivities of each country. Nevertheless, there is one general trend in pension policies across Europe; a constant shift from public pay-as-you-go to privately funded pension schemes, giving birth to various formulae of “complementary” or “supplementary” or, when work-related, “occupational” pensions. This shift is justified by the demographic ageing and its burden on national public finances, but it is also initiated by the European integration project itself, that increasingly calls for a “pension fund capitalism”. However, a genuine single market for occupational pensions remains a far-reaching goal and, in order to realize why, one has to go beyond the framework of the so-called "pension funds" Directive 2003/41/EC. Old Europe used to be divided ideologically and politically in Bismarck and Beveridge-type countries; it used to distinguish between “stakeholder” and “shareholder” economy. New Europe is the constant struggle for striking a fair balance. At a time when the frontiers between financial service providers are blurring, it is the constant interplay between regulators/supervisors and interest groups that will determine the degree of solidarity and security within funded pension schemes in an integrated financial services market.
Author: Ville-Pekka Sorsa
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
The promotion of pension fund capitalism has been considered an intrinsic part in the financialization of European pension systems. The evolution of Finnish pension system challenges this relationship: Finnish pension funds have embraced the idea of international portfolio management, but this shift has not been accompanied with path departures in pension policy. The case calls for more nuanced analyses of gradual political shifts in the 'asset side' (i.e. investment policy) of different varieties of pension fund capitalism and the relationship with the shifts in the 'liability side' (i.e. pension benefits) of pension politics. The paper studies the evolution of policy ideas over investments in the Finnish mandatory earnings-related pension scheme for private sector employees. The descriptive analysis reveals a gradual ideational shift from neo-corporatist style national economic development focus to an international portfolio management driven investment focus. Moreover, the ideas leading to new investment policies have been only periodically coupled with pension policy issues.
Author: Dorothee Bohle
Publisher: Cornell University Press
ISBN: 0801465222
Category : Political Science
Languages : en
Pages : 305
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Book Description
With the collapse of the Council for Mutual Economic Assistance in 1991, the Eastern European nations of the former socialist bloc had to figure out their newly capitalist future. Capitalism, they found, was not a single set of political-economic relations. Rather, they each had to decide what sort of capitalist nation to become. In Capitalist Diversity on Europe's Periphery, Dorothee Bohle and Béla Geskovits trace the form that capitalism took in each country, the assets and liabilities left behind by socialism, the transformational strategies embraced by political and technocratic elites, and the influence of transnational actors and institutions. They also evaluate the impact of three regional shocks: the recession of the early 1990s, the rolling global financial crisis that started in July 1997, and the political shocks that attended EU enlargement in 2004.Bohle and Greskovits show that the postsocialist states have established three basic variants of capitalist political economy: neoliberal, embedded neoliberal, and neocorporatist. The Baltic states followed a neoliberal prescription: low controls on capital, open markets, reduced provisions for social welfare. The larger states of central and eastern Europe (Poland, Hungary, and the Czech and Slovak republics) have used foreign investment to stimulate export industries but retained social welfare regimes and substantial government power to enforce industrial policy. Slovenia has proved to be an outlier, successfully mixing competitive industries and neocorporatist social inclusion. Bohle and Greskovits also describe the political contention over such arrangements in Romania, Bulgaria, and Croatia. A highly original and theoretically sophisticated typology of capitalism in postsocialist Europe, this book is unique in the breadth and depth of its conceptually coherent and empirically rich comparative analysis.
Author: Bernhard Ebbinghaus
Publisher: Routledge
ISBN: 1134521545
Category : Political Science
Languages : en
Pages : 346
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Book Description
This book challenges the popular thesis of a downward trend in the viability of welfare states in competitive market economies. With approaches ranging from historical case studies to cross-national analyses, the contributors explore various aspects of the relationships between welfare states, industrial relations, financial government and production systems. Building upon and combining comparative studies of both the varieties of capitalism and the worlds of welfare state regimes, the book considers issues such as: *the role of employers and unions in social policy *the interdependencies between financial markets and pension systems * the current welfare reform process. It sheds new light on the tenuous relationship between social policies and market economies and provides thought-provoking reading for students and scholars of Comparative Politics, Public Policy, the Welfare State and Political Economy.
