Rethinking pension reforms in the wake of the financial crisis
AbstractThe recent financial crisis has called into question the very grounds of pension reforms in Europe, in particular the "risk diversification" rationale for creating a privately funded pillar, based on financial returns, alongside the public one, established on an intragenerational pact. A verdict of "failure" of the pension market would be, however, both untimely and misleading. Conditions do exist for financial markets to become a significant, profitable and sustainable complement to the public system. For this purpose, trust and reliability features in supplementary pensions should be strengthened, and individuals (workers/families) should be enabled, also through programs of financial education, to take adequate and informed (if not optimal) decisions on the accumulation of retirement saving. While improvements are also desirable in asset management techniques, benefit guarantees, their structure, cost and burden can no longer be neglected. While the crisis is a cause of serious distress, it can also be a source of new opportunities, not to be missed. This would indeed happen if a pure and simple return to the past social security model should prevail.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Società editrice il Mulino in its journal Politica economica.
Volume (Year): (2009)
Issue (Month): 1 ()
Contact details of provider:
social security; personal saving; risk diversification;
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.