Pension Fund Capitalism And Financial Crisis

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Pension Fund Capitalism

Author : Leokadia Oręziak
Publisher : Routledge
ISBN 13 : 1000568539
Total Pages : 122 pages
Book Rating : 4.0/5 (5 download)

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Book Synopsis Pension Fund Capitalism by : Leokadia Oręziak

Download or read book Pension Fund Capitalism written by Leokadia Oręziak and published by Routledge. This book was released on 2022-04-10 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Pension Fund Capitalism and Financial Crisis

Author : Tobias Wiß
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (774 download)

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Book Synopsis Pension Fund Capitalism and Financial Crisis by : Tobias Wiß

Download or read book Pension Fund Capitalism and Financial Crisis written by Tobias Wiß and published by . This book was released on 2011 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Political Economy of Pension Financialisation

Author : Anke Hassel
Publisher : Routledge
ISBN 13 : 1000710998
Total Pages : 272 pages
Book Rating : 4.0/5 (7 download)

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Book Synopsis The Political Economy of Pension Financialisation by : Anke Hassel

Download or read book The Political Economy of Pension Financialisation written by Anke Hassel and published by Routledge. This book was released on 2020-05-21 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Political Economy of Pension Financialisation addresses – for numerous countries – how and why pension reforms have come to rely more on financial markets, how public policy reacted to financial crises, and regulatory variation. The book demonstrates how the process of pension financialisation reveals that pension policy is not only a social policy that affects retirement income, but also a financial policy that impacts savings rates, corporate finance and the economy. The chapters shed light on pre-funded private pensions as one key component of financialisation, as they turn savings into investments via financial services providers. Readers will also see how pension financialisation and the broader financialisation of the economy are here to stay, despite negative developments during and after the financial crisis. A systematic and comparative overwiew of the financialisation of pensions, The Political Economy of Pension Financialisation is ideal for scholars and postgradues working on Political Economy, Public Policy and Finance. This book was originally published as a special issue of the Journal of European Public Policy.

The End of Finance

Author : Jan Toporowski
Publisher : Routledge
ISBN 13 : 113461828X
Total Pages : 177 pages
Book Rating : 4.1/5 (346 download)

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Book Synopsis The End of Finance by : Jan Toporowski

Download or read book The End of Finance written by Jan Toporowski and published by Routledge. This book was released on 2002-03-11 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume develops an original critique of the belief that the present era of finance, where finance markets dominate contemporary capitalist economies, represents the best possible way of organising economic affairs. In fact, it is argued, the ensuing economic instability and inefficiency create the preconditions for the end of the dominance of finance. The End of Finance develops a theory of capital market inflation rooted in the work of Veblen, Kalecki, Keynes and Minsky, demonstrating how it disinclines productive activity on the part of firms, provides only short-term conditions that are propitious for privatisation and distorts monetary policy in the long-term. The author examines the role of pension fund schemes and financial derivatives in transmitting capital market inflation and provides a nuanced analysis of the contradictory role they play in the financial system. Capital market inflation is also examined in its historical context and compared with past inflations, in particular the South Sea and Mississippi Bubbles, which spawned the first financial derivatives, and the first privatisations. This broad historical vision allows us to see these forms of inflation as temporary and provisional in character.

Global Pension Crisis

Author : Richard A. Marin
Publisher : John Wiley & Sons
ISBN 13 : 1118582470
Total Pages : 240 pages
Book Rating : 4.1/5 (185 download)

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Book Synopsis Global Pension Crisis by : Richard A. Marin

Download or read book Global Pension Crisis written by Richard A. Marin and published by John Wiley & Sons. This book was released on 2013-09-03 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive look at the crisis of unfunded pension liabilities and what must be done to avoid the same problem in the future As the generational bubble of the Baby Boomers begins to retire, it is increasingly evident that governments, corporations, and individuals have failed to adequately prepare for the obligations and needs of this giant cohort. Retirees are outliving actuarial life expectancies, pension liabilities are skyrocketing, pension plans are underfunded, and medical costs rise, the United States alone can expect unfunded liabilities to exceed $4 trillion. Even while the American economy shows signs of sustained recovery, states and local governments will still experience sharp increases in pension fund payments through the next year or longer. Global Pension Crisis looks at this situation and offers practical advice for retirement plan managers and financial advisors, while also explaining how to strengthen pensions and prevent similar crises in the future. Offers a clear and comprehensive explanation of the current pension crisis for retirement fund managers, financial advisors, and economists Includes prescriptive guidance on how to strengthen the pension fund system and prevent another similar crisis Written by venture capitalist, entrepreneur, and former senior Wall Street executive Rich Marin

Pension Fund Capitalism

Author : Gordon L. Clark
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Pension Fund Capitalism by : Gordon L. Clark

Download or read book Pension Fund Capitalism written by Gordon L. Clark and published by . This book was released on 2001 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Money Flood

Author : Michael J. Clowes
Publisher : John Wiley & Sons
ISBN 13 : 0471384836
Total Pages : 326 pages
Book Rating : 4.4/5 (713 download)

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Book Synopsis The Money Flood by : Michael J. Clowes

Download or read book The Money Flood written by Michael J. Clowes and published by John Wiley & Sons. This book was released on 2000-06-13 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Michael J. Clowes and the money flood "What a fine book! As an active participant in the revolution in pension investing, I could almost feel the times and tides of the past half-century shifting beneath me. Mike Clowes's splendid and articulate tour through the era is destined to become a landmark on the bookshelves of everyone interested in this illuminating history of the past, as well as its portents of the future."-John C. Bogle, founder, The Vanguard Group "The corporate pension fund ranks high among the spectacular financial innovations of the twentieth century. Mike Clowes has built a fascinating story about the impact of this flood of money on the theory and practice of investing, the financial markets, the labor force, corporate management, and the general economy. The far-reaching consequences of these changes make this authoritative and lively book must-reading for everyone."-Peter L. Bernstein, President, Peter L. Bernstein, Inc., author, Against the Gods: The Remarkable Story of Risk "The definitive history of the rise of pension fund capitalism in America."-Keith Ambachtsheer, President, KPA Advisory, author, Pension Fund Excellence: Creating Value for Shareholders "Beautifully written, broad in coverage of all the best parts of a great American story, Mike Clowes's new book gives us an easy-to-read and easy-to-enjoy explanation of who did what and when in the investment revolution of the past half-century."-Charles D. Ellis, Partner, Greenwich Associates, author, The Investor's Anthology: Original Ideas from the Industry's Greatest Minds

The Contradictions of Pension Fund Capitalism

Author : Kevin Skerrett
Publisher : Labor and Employment Research Association
ISBN 13 : 9780913447147
Total Pages : 0 pages
Book Rating : 4.4/5 (471 download)

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Book Synopsis The Contradictions of Pension Fund Capitalism by : Kevin Skerrett

Download or read book The Contradictions of Pension Fund Capitalism written by Kevin Skerrett and published by Labor and Employment Research Association. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is often hoped and assumed that union stewardship of pension investments will produce tangible and enduring benefits for workers and their communities while minimizing the negative effects of what are now global and intensely competitive capital markets. At the core of this book is a desire to question the proposition that workers and their organizations can exert meaningful control over pension funds in the context of current financial markets. The Contradictions of Pension Fund Capitalism is an engaging and readable text that will be of specific interest to members of the labor movement, pension activists, pension trustees, fund administrators, environmental activists, and employers/managers, as well as academics involved in pension or labor research. The contents and arguments of the book are applicable across the United States, Canada, the United Kingdom, Australia, New Zealand, and Ireland, because these countries experience a similar macroeconomic context and face a similar pension landscape.

Dismantling Solidarity

Author : Michael A. McCarthy
Publisher : Cornell University Press
ISBN 13 : 1501708198
Total Pages : 172 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis Dismantling Solidarity by : Michael A. McCarthy

Download or read book Dismantling Solidarity written by Michael A. McCarthy and published by Cornell University Press. This book was released on 2017-02-01 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why has old-age security become less solidaristic and increasingly tied to risky capitalist markets? Drawing on rich archival data that covers more than fifty years of American history, Michael A. McCarthy argues that the critical driver was policymakers' reactions to capitalist crises and their political imperative to promote capitalist growth.Pension development has followed three paths of marketization in America since the New Deal, each distinct but converging: occupational pension plans were adopted as an alternative to real increases in Social Security benefits after World War II, private pension assets were then financialized and invested into the stock market, and, since the 1970s, traditional pension plans have come to be replaced with riskier 401(k) retirement plans. Comparing each episode of change, Dismantling Solidarity mounts a forceful challenge to common understandings of America’s private pension system and offers an alternative political economy of the welfare state. McCarthy weaves together a theoretical framework that helps to explain pension marketization with structural mechanisms that push policymakers to intervene to promote capitalist growth and avoid capitalist crises and contingent historical factors that both drive them to intervene in the particular ways they do and shape how their interventions bear on welfare change. By emphasizing the capitalist context in which policymaking occurs, McCarthy turns our attention to the structural factors that drive policy change. Dismantling Solidarity is both theoretically and historically detailed and superbly argued, urging the reader to reconsider how capitalism itself constrains policymaking. It will be of interest to sociologists, political scientists, historians, and those curious about the relationship between capitalism and democracy.

Labor in the Age of Finance

Author : Sanford M. Jacoby
Publisher : Princeton University Press
ISBN 13 : 0691217211
Total Pages : 368 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Labor in the Age of Finance by : Sanford M. Jacoby

Download or read book Labor in the Age of Finance written by Sanford M. Jacoby and published by Princeton University Press. This book was released on 2021-06-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: From award-winning economic historian Sanford M. Jacoby, a fascinating and important study of the labor movement and shareholder capitalism Since the 1970s, American unions have shrunk dramatically, as has their economic clout. Labor in the Age of Finance traces the search for new sources of power, showing how unions turned financialization to their advantage. Sanford Jacoby catalogs the array of allies and finance-based tactics labor deployed to stanch membership losses in the private sector. By leveraging pension capital, unions restructured corporate governance around issues like executive pay and accountability. In Congress, they drew on their political influence to press for corporate reforms in the wake of business scandals and the financial crisis. The effort restrained imperial CEOs but could not bridge the divide between workers and owners. Wages lagged behind investor returns, feeding the inequality identified by Occupy Wall Street. And labor’s slide continued. A compelling blend of history, economics, and politics, Labor in the Age of Finance explores the paradox of capital bestowing power to labor in the tumultuous era of Enron, Lehman Brothers, and Dodd-Frank.

Growing Old

Author : Richard Herring
Publisher : Brookings Institution Press
ISBN 13 : 0815721536
Total Pages : 162 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Growing Old by : Richard Herring

Download or read book Growing Old written by Richard Herring and published by Brookings Institution Press. This book was released on 2011 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a book that looks at examples from both the United States and around the world, the authors dissect several key issues haunting pensions and retirement.

Banking on Death

Author : Robin Blackburn
Publisher : Verso Books
ISBN 13 : 1789609232
Total Pages : 497 pages
Book Rating : 4.7/5 (896 download)

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Book Synopsis Banking on Death by : Robin Blackburn

Download or read book Banking on Death written by Robin Blackburn and published by Verso Books. This book was released on 2020-05-05 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking on Death offers a panoramic view of the history and future of pension provision. A work of unique scope, it traces the origins and development of the pension idea, from the days of the French Revolution to the troubles of the modern welfare state. As we live longer, employers are closing their pension schemes and many claim that public treasuries will not be able to cope with the retirement of the babyboomers. Banking on Death analyses the challenge facing public schemes and the malfunctioning of private retirement provision, concluding with a bold proposal for how to pay for decent pensions for all. Robin Blackburn argues that pension funds have been depleted by wasteful promotion and used as gambling chips by ruthless and overpaid top executives. This is the world of 'grey capitalism,' where employees' savings are sequestrated from them and pressed into the service of corporate aggrandisement. Even the best companies find it hard to run a business and a pension fund at the same time-especially when the latter is larger than the former. The fund managers' notorious short-termism and herd instinct, and their failure to curb the greed and irresponsibility of the corporate elite, lead to obscene inequalities and a blighted social landscape. The pension privatisation lobby, Blackburn shows, has lost major battles in France and Germany, the United States and Italy, because of the popular fears it evokes. And the case for privatisation looks intellectually threadbare after withering critiques from such notable theorists as Joseph Stiglitz and Pierre Bourdieu. Banking on Death shows that pensions are political dynamite, and have undone governments from France and Italy to Argentina. Popular outcries led Reagan, Clinton, and Blair to change tack: will this happen to George W. Bush too? Blackburn argues that the ageing society will generate increased costs but, so long as the new life course is properly financed, all age groups will gain. He proposes a public regime of asset-based welfare, drawing on the ideas of John Maynard Keynes and Rudolf Meidner, that could ensure secondary pensions for all and foster a more responsible, egalitarian and humane pattern of economic development.

Reshaping Retirement Security

Author : Raimond Maurer
Publisher : Oxford University Press on Demand
ISBN 13 : 0199660697
Total Pages : 312 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Reshaping Retirement Security by : Raimond Maurer

Download or read book Reshaping Retirement Security written by Raimond Maurer and published by Oxford University Press on Demand. This book was released on 2012-09-27 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book explores the lessons to be learnt for retirement planning and long-term financial security in view of the massive shocks to stock markets, labour markets, and pension plans caused by the financial crisis. It aims to rethink the resilience of defined contribution plans and how defined benefit plans reacted to the financial crisis.

The Rise and Fall of Money Manager Capitalism

Author : Eric Tymoigne
Publisher : Routledge
ISBN 13 : 1135076650
Total Pages : 312 pages
Book Rating : 4.1/5 (35 download)

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Book Synopsis The Rise and Fall of Money Manager Capitalism by : Eric Tymoigne

Download or read book The Rise and Fall of Money Manager Capitalism written by Eric Tymoigne and published by Routledge. This book was released on 2013-07-24 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book studies the trends that led to the worst financial crisis since the Great Depression, as well as the unfolding of the crisis, in order to provide policy recommendations to improve financial stability. The book starts with changes in monetary policy and income distribution from the 1970s. These changes profoundly modified the foundations of economic growth in the US by destroying the commitment banking model and by decreasing the earning power of households whose consumption has been at the core of the growth process. The main themes of the book are the changes in the financial structure and income distribution, the collapse of the Ponzi process in 2007, and actual and prospective policy responses. The objective is to show that Minsky’s approach can be used to understand the making and unfolding of the crisis and to draw some policy implications to improve financial stability.

The Decline of Capitalism

Author : Harry Shutt
Publisher : Zed Books
ISBN 13 : 9781842774014
Total Pages : 164 pages
Book Rating : 4.7/5 (74 download)

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Book Synopsis The Decline of Capitalism by : Harry Shutt

Download or read book The Decline of Capitalism written by Harry Shutt and published by Zed Books. This book was released on 2005 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should we be more concerned that collapsing share values and widespread corporate failure and fraud beg some serious questions about the viability of the present world economy? Harry Shutt persuasively demonstrates that the present crisis is the culmination of 30 years of deepening stagnation. Faced with a long-term trend of reduced demand for both capital and labor the world economy has only avoided a vast recession through growing reliance on official subsidy and market distortion. Shutt points out that regulatory reform can only work by limiting profitability but that a more sustainable model is unacceptable to ruling elites. He outlines an agenda for fundamental changes, based on the premise that the primacy of private profit is no longer compatible with the priorities of modern democracies.

Governance and Investment of Public Pension Assets

Author : Sudhir Rajkumar
Publisher : World Bank Publications
ISBN 13 : 0821384708
Total Pages : 364 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Governance and Investment of Public Pension Assets by : Sudhir Rajkumar

Download or read book Governance and Investment of Public Pension Assets written by Sudhir Rajkumar and published by World Bank Publications. This book was released on 2011 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.

Sovereign Wealth Funds and International Political Economy

Author : Manda Shemirani
Publisher : Routledge
ISBN 13 : 1317052153
Total Pages : 176 pages
Book Rating : 4.3/5 (17 download)

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Book Synopsis Sovereign Wealth Funds and International Political Economy by : Manda Shemirani

Download or read book Sovereign Wealth Funds and International Political Economy written by Manda Shemirani and published by Routledge. This book was released on 2016-12-05 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the first time, Shemirani provides a systematic methodology for the study of Sovereign Wealth Funds (SWFs) over their life span and emphasizes the need for a paradigm shift in our approach towards the study of state capitalism. Applied in this book to the world's four largest SWFs - Government Pension Fund-Global of Norway, Abu Dhabi Investment Authority of the United Arab Emirates, Temasek of Singapore, and the National Wealth Fund of the Russian Federation, this methodology can also be applied to other funds or form a basis for further analytical studies of SWFs. In addition to its first hand approach, the book addresses concerns about the lack of transparency by offering insights into the functioning and investment strategies of the selected SWFs. Academics and students in international political economy, international finance and international business as well as financiers, business leaders, and policy makers, will find the subject and the approach of this book highly useful.