The Political Economy of Pension Financialisation
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 overview of the financialisation of pensions, The Political Economy of Pension Financialisation is ideal for scholars and postgraduates working on Political Economy, Public Policy and Finance.
This book was originally published as a special issue of the Journal of European Public Policy.
Anke Hassel is Professor of Public Policy at the Hertie School of Governance, Berlin, Germany. Her research centres on public policy and comparative political economy as well as on the institutional foundations of business systems, labour rights and corporate social responsibility.
Tobias Wi is Assistant Professor in Political Science at the Institute of Politics and Social Policy, Johannes Kepler University, Linz, Austria. His research areas include comparative welfare state analysis and comparative political economy with a focus on pensions and family policy.
Journal of European Public Policy Series
Series Editors
Jeremy Richardson is Emeritus Fellow at Nuffield College, Oxford University, UK, and Adjunct Professor in the National Centre for Research on Europe, University of Canterbury, New Zealand.
Berthold Rittberger is Professor and Chair of International Relations at the Geschwister-Scholl-Institute of Political Science at the University of Munich, Germany.
This series seeks to bring together some of the finest edited works on European Public Policy. Reprinting from Special Issues of the Journal of European Public Policy, the focus is on using a wide range of social sciences approaches, both qualitative and quantitative, to gain a comprehensive and definitive understanding of Public Policy in Europe.
Innovative Approaches to EU Multilevel Implementation
Moving Beyond Legal Compliance
Edited by Eva Thomann and Fritz Sager
Transforming Food and Agricultural Policy
Post-exceptionalism in Public Policy
Edited by Carsten Daugbjerg and Peter Feindt
EU Socio-Economic Governance since the Crisis
The European Semester in Theory and Practice
Edited by Jonathan Zeitlin and Amy Verdun
The Future of the Social Investment State
Policies, Outcomes and Politics
Edited by Marius R. Busemeyer, Caroline de la Porte, Julian L. Garritzmann and Emmanuele Pavolini
The Politics and Economics of Brexit
Edited by Simon Bulmer and Lucia Quaglia
Free Movement and Non-discrimination in an Unequal Union
Edited by Susanne K. Schmidt, Michael Blauberger and Dorte Sindbjerg Martinsen
The Political Economy of Pension Financialisation
Edited by Anke Hassel and Tobias Wi
For more information about this series, please visit: https://www.routledge.com/Journal-of-European-Public-Policy-Special-Issues-as-Books/book-series/JEPPSPIBS
The Political Economy of Pension Financialisation
Edited by
Anke Hassel and Tobias Wi
First published 2020
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ISBN 13: 978-0-367-36835-7
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The publisher accepts responsibility for any inconsistencies that may have arisen during the conversion of this book from journal articles to book chapters, namely the inclusion of journal terminology.
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Contents
Anke Hassel, Marek Naczyk and Tobias Wi
Tobias Wi
Bernhard Ebbinghaus
Margarita Gelepithis
Pieter Tuytens
Marek Naczyk and Anke Hassel
Waltraud Schelkle
Karen M. Anderson
The chapters in this book were originally published in the Journal of European Public Policy, volume 26, issue 4 (2019). When citing this material, please use the original page numbering for each article, as follows:
Chapter 1
The political economy of pension financialisation: public policy responses to the crisis
Anke Hassel, Marek Naczyk and Tobias Wi
Journal of European Public Policy, volume 26, issue 4 (2019) pp. 483500
Chapter 2
Reinforcement of pension financialisation as a response to financial crises in Germany, the Netherlands and the United Kingdom
Tobias Wi
Journal of European Public Policy, volume 26, issue 4 (2019) pp. 501520
Chapter 3
Multipillarisation remodelled: the role of interest organizations in British and German pension reforms
Bernhard Ebbinghaus
Journal of European Public Policy, volume 26, issue 4 (2019) pp. 521539
Chapter 4
Re-assessing the role of financial professionals in pension fund investment strategies
Margarita Gelepithis
Journal of European Public Policy, volume 26, issue 4 (2019) pp. 540559
Chapter 5
Countering financial interests for social purposes: what drives state intervention in pension markets in the context of financialisation?
Pieter Tuytens
Journal of European Public Policy, volume 26, issue 4 (2019) pp. 560578
Chapter 6
Insuring individuals and politicians: financial services providers, stock market risk and the politics of private pension guarantees in Germany
Marek Naczyk and Anke Hassel