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Pension Funds and Financial Stability: The Case of the UK Gilt Crisis

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  • Gudjonsson Jon

    (1 Central Bank of Iceland, Reykjavik, Iceland .)

  • Hougaard Jensen Svend E.

    (2 Copenhagen Business School, Denmark .)

Abstract

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Suggested Citation

  • Gudjonsson Jon & Hougaard Jensen Svend E., 2023. "Pension Funds and Financial Stability: The Case of the UK Gilt Crisis," Intereconomics: Review of European Economic Policy, Sciendo, vol. 58(3), pages 155-159, June.
    • Handle: RePEc:vrs:intere:v:58:y:2023:i:3:p:155-159:n:2
    DOI: 10.2478/ie-2023-0032
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    References listed on IDEAS

    as
    1. Pennacchi, George & Rastad, Mahdi, 2011. "Portfolio allocation for public pension funds," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(2), pages 221-245, April.
    2. Ian Tower & Gregorio Impavido, 2009. "How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter," IMF Working Papers 2009/151, International Monetary Fund.
    3. Gai, Prasanna & Kapadia, Sujit, 2010. "Contagion in financial networks," Bank of England working papers 383, Bank of England.
    4. Geert Bekaert & Michael Ehrmann & Marcel Fratzscher & Arnaud Mehl, 2014. "The Global Crisis and Equity Market Contagion," Journal of Finance, American Finance Association, vol. 69(6), pages 2597-2649, December.
    5. Daron Acemoglu & Asuman Ozdaglar & Alireza Tahbaz-Salehi, 2015. "Systemic Risk and Stability in Financial Networks," American Economic Review, American Economic Association, vol. 105(2), pages 564-608, February.
    6. Jacob A. Bikker & Dirk W.G.A. Broeders & Dirk Jan de Dreu, 2010. "Stock Market Performance and Pension Fund Investment Policy: Rebalancing, Free Float, or Market Timing?," International Journal of Central Banking, International Journal of Central Banking, vol. 6(2), pages 53-79, June.
    7. Roel Beetsma & Mirja Constandse & Frank Cordewener & Ward Romp & Siert Vos, 2015. "The Dutch Pension System and the Financial Crisis," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(02), pages 14-19, August.
    8. Wade D. Pfau, 2011. "Emerging Market Pension Funds and International Diversification," Journal of Developing Areas, Tennessee State University, College of Business, vol. 45(1), pages 1-17, July-Dece.
    9. Thomas, Ashok & Spataro, Luca & Mathew, Nanditha, 2014. "Pension funds and stock market volatility: An empirical analysis of OECD countries," Journal of Financial Stability, Elsevier, vol. 11(C), pages 92-103.
    10. Mr. Michael G. Papaioannou & Mr. Joonkyu Park & Jukka Pihlman & Han van der Hoorn, 2013. "Procyclical Behavior of Institutional Investors During the Recent Financial Crisis: Causes, Impacts, and Challenges," IMF Working Papers 2013/193, International Monetary Fund.
    11. Edgardo Cayon & Susan Thorp, 2014. "Financial Autarchy as Contagion Prevention: The Case of Colombian Pension Funds," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(03), pages 122-139, May.
    12. Roel Beetsma & Mirja Constandse & Frank Cordewener & Ward Romp & Siert Vos, 2015. "The Dutch Pension System and the Financial Crisis," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(2), pages 14-19, 08.
    13. David Schumacher, 2018. "Home Bias Abroad: Domestic Industries and Foreign Portfolio Choice," The Review of Financial Studies, Society for Financial Studies, vol. 31(5), pages 1654-1706.
    14. Brzeszczyński, Janusz & Bohl, Martin T. & Serwa, Dobromił, 2019. "Pension funds, large capital inflows and stock returns in a thin market," Journal of Pension Economics and Finance, Cambridge University Press, vol. 18(3), pages 347-387, July.
    15. Babalos, Vassilios & Stavroyiannis, Stavros, 2020. "Pension funds and stock market development in OECD countries: Novel evidence from a panel VAR," Finance Research Letters, Elsevier, vol. 34(C).
    16. Bohl, Martin T. & Brzeszczynski, Janusz & Wilfling, Bernd, 2009. "Institutional investors and stock returns volatility: Empirical evidence from a natural experiment," Journal of Financial Stability, Elsevier, vol. 5(2), pages 170-182, June.
    17. Baur, Dirk G., 2012. "Financial contagion and the real economy," Journal of Banking & Finance, Elsevier, vol. 36(10), pages 2680-2692.
    18. Rey, Hélène & Miranda-Agrippino, Silvia, 2015. "World Asset Markets and the Global Financial Cycle," CEPR Discussion Papers 10936, C.E.P.R. Discussion Papers.
    19. Silvia Miranda-Agrippino & Hélène Rey, 2021. "The Global Financial Cycle," NBER Working Papers 29327, National Bureau of Economic Research, Inc.
    20. repec:ces:ifodic:v:13:y:2015:i:2:p:19166289 is not listed on IDEAS
    21. Blake, David & Sarno, Lucio & Zinna, Gabriele, 2017. "The market for lemmings: The herding behavior of pension funds," Journal of Financial Markets, Elsevier, vol. 36(C), pages 17-39.
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    More about this item

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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