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Financing for Retirement and the 2007-2009 Unwinding of the Financial Sector

Author

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  • Piffaretti, Nadia

    (World Bank)

Abstract

This paper explores the macroeconomic implications of financing for retirement in advanced economies. It offers an additional theoretical explanation of the possible long-term drivers of the 2007-2009 financial crisis. It develops a simple integrated macro-financial model of monetary production, and suggests that the increasingly systemically important retirement institutions present incentives not aligned with the macroeconomic needs of financing for retirement. It thus identifies demographic change and retirement finance as one of the underlying causes of build-up of intrinsic fragility in the financial sector.

Suggested Citation

  • Piffaretti, Nadia, 2010. "Financing for Retirement and the 2007-2009 Unwinding of the Financial Sector," European Journal of Economic and Social Systems, Lavoisier, vol. 23(1), pages 81-96.
    • Handle: RePEc:ris:ejessy:0044
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    More about this item

    Keywords

    Demographic Change; Financial Crisis; Financial Intermediation;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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