PENSION FUNDS AND FINANCIALISATION IN THE EUROPEAN UNION
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad de Huelva
2017
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| _version_ | 1876434074912948224 |
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| author | Bruno Bonizzi |
| author_facet | Bruno Bonizzi |
| contents | PENSION FUNDS AND FINANCIALISATION IN THE EUROPEAN UNION Bruno Bonizzi Jennifer Churchill Economía y Finanzas Risk Pension Funds Financialisation Financial Innovation Alternative Assets The expansion and innovation of financial markets, commonly known as financialisation, is closely linked to the growth of pension funds. While the conventional narrative is based on the notion of financial development as a positive change, this paper argues that pension funds may induce demand-led pressures on the financial system, generating potential for systemic risk and instability. The rise of pension funds is therefore important for the process of financialisation, as these institutions’ demand for assets continuously sparks growth and innovation in financial markets. In the current context pension funds are attempting to reduce risk by rebalancing their allocations away from equities towards “alternatives’, such as hedge funds and private equity. Cou - pled with the current regulatory trends towards risk-based funding regulation, we argue that pension funds are unlikely to be a stabilising force in financial markets today. 2017 artículo científico 1576-0162 https://www.redalyc.org/articulo.oa?id=86652391004 en http://www.redalyc.org/revista.oa?id=866 REM. Revista de Economía Mundial application/pdf Universidad de Huelva REM. Revista de Economía Mundial (España) Num.46 |
| format | Artículo científico |
| id | redalyc_86652391004 |
| institution | Redalyc |
| language | en |
| publishDate | 2017 |
| publisher | Universidad de Huelva |
| spellingShingle | PENSION FUNDS AND FINANCIALISATION IN THE EUROPEAN UNION Bruno Bonizzi Economía y Finanzas Risk Pension Funds Financialisation Financial Innovation Alternative Assets PENSION FUNDS AND FINANCIALISATION IN THE EUROPEAN UNION Bruno Bonizzi Jennifer Churchill Economía y Finanzas Risk Pension Funds Financialisation Financial Innovation Alternative Assets The expansion and innovation of financial markets, commonly known as financialisation, is closely linked to the growth of pension funds. While the conventional narrative is based on the notion of financial development as a positive change, this paper argues that pension funds may induce demand-led pressures on the financial system, generating potential for systemic risk and instability. The rise of pension funds is therefore important for the process of financialisation, as these institutions’ demand for assets continuously sparks growth and innovation in financial markets. In the current context pension funds are attempting to reduce risk by rebalancing their allocations away from equities towards “alternatives’, such as hedge funds and private equity. Cou - pled with the current regulatory trends towards risk-based funding regulation, we argue that pension funds are unlikely to be a stabilising force in financial markets today. 2017 artículo científico 1576-0162 https://www.redalyc.org/articulo.oa?id=86652391004 en http://www.redalyc.org/revista.oa?id=866 REM. Revista de Economía Mundial application/pdf Universidad de Huelva REM. Revista de Economía Mundial (España) Num.46 |
| title | PENSION FUNDS AND FINANCIALISATION IN THE EUROPEAN UNION |
| topic | Economía y Finanzas Risk Pension Funds Financialisation Financial Innovation Alternative Assets |
| url | https://www.redalyc.org/articulo.oa?id=86652391004 |