Modelos de financiarización de las pensiones en cuatro estados de bienestar europeos
DOI:
https://doi.org/10.3989/ris.2020.78.4.m20.007Palabras clave:
Europa, Financiarización, Pensiones, Estado de bienestarResumen
Este artículo analiza la financiarización de las pensiones en cuatro estados de bienestar europeos: el Reino Unido, Alemania, los Países Bajos y Suecia. En estos estados de bienestar, los mercados y actores financieros se han vuelto cada vez más importantes en la provisión de las pensiones. La financiarización de las pensiones es un fenómeno varia-do, que implica cambios en el mecanismo de financiación, el diseño del plan, la gestión financiera y la centralidad de las pensiones de capitalización en la economía política. Las configuraciones nacionales específicas de estas dimensio-nes han creado patrones distintos de financiarización en los cuatro casos. Sostengo que cada patrón es el resultado de puntos de conflicto específicos para la reforma de dichas políticas, que han surgido del contexto institucional del sis-tema nacional de pensiones. La localización de estos ele-mentos de referencia institucionales ayuda a identificar me-canismos comunes de financiarización en todos los casos, que se caracterizan por una variedad empírica.
Descargas
Citas
Anderson, K.M. 2019. "Financialisation Meets Collectivisation: Occupational Pensions in Denmark, the Netherlands and Sweden." Journal of European Public Policy 26(4):617-36. https://doi.org/10.1080/13501763.2019.1574309
Arjaliès, D-L., Grant, P. Hardie, I. MacKenzie, D. and Svetlova, E. 2017. Chains of Finance: How Investment Management Is Shaped. Oxford: Oxford University Press. https://doi.org/10.1093/oso/9780198802945.001.0001
Barr, N. and Diamond, P. 2009. "Reforming pensions: Principles, analytical errors and policy directions." International Social Security Review 62(2): 5-29. https://doi.org/10.1111/j.1468-246X.2009.01327.x
Belfrage, C. 2008. "Towards 'Universal Financialisation'in Sweden?" Contemporary Politics 14(3):277-296. https://doi.org/10.1080/13569770802396337
Belfrage, C. 2017. "The Unintended Consequences of Financialisation: Social Democracy Hamstrung? The Pensions Dilemma." Economic and Industrial Democracy 38(4):701-722. https://doi.org/10.1177/0143831X15586070
Berry, C. 2016. "Austerity, Ageing and the Financialisation of Pensions Policy in the UK." British Politics 11(1):2-25. https://doi.org/10.1057/bp.2014.19
Blackburn, R. 2002. Banking on Death: Or, Investing in Life: The History and Future of Pensions. New York: Verso.
Bonizzi, B. and Churchill, J. 2017. "Pension Funds and Financialisation in the European Union." Revista de Economía Mundial (46):71-90.
Bonizzi, B., Kaltenbrunner, A. and Powell, J. 2020. "Subordinate financialization in emerging capitalist economies." Pp. 177-187 in Mader, P., Mertens, D. and Van der Zwan, N. (eds.). The Routledge International Handbook of Financialization. London: Routledge. https://doi.org/10.4324/9781315142876-15
Braun, B. 2016. "From Performativity to Political Economy: Index Investing, ETFs and Asset Manager Capitalism." New Political Economy 21(3):257-273. https://doi.org/10.1080/13563467.2016.1094045
Bridgen, P and Meyer, T. 2009. "The Politics of Occupational Pension Reform in Britain and the Netherlands: The Power of Market Discipline in Liberal and Corporatist Regimes." West European Politics 32(3):586-610. https://doi.org/10.1080/01402380902779105
Carstensen, M.B. and Röper, N. 2019. "Invasion From Within: Ideas, Power, and the Transmission of Institutional Logics Between Policy Domains:" Comparative Political Studies 52(9):1328-1363. https://doi.org/10.1177/0010414019830713
Christophers, B. 2015. "The limits to financialization. " Dialogues in Human Geography 5(2): 183-200. https://doi.org/10.1177/2043820615588153
Dixon, A.D. 2008. "The Rise of Pension Fund Capitalism in Europe: An Unseen Revolution?" New Political Economy 13(3):249-270. https://doi.org/10.1080/13563460802302560
Dixon, A.D. and Monk, A.H.B. 2009. "The Power of Finance: Accounting Harmonization's Effect on Pension Provision." Journal of Economic Geography 9(5):619-639. https://doi.org/10.1093/jeg/lbp018
DNB Pension Statistics 2020, "Pension Agreements (year)." Retrieved June 16, 2020 (https://statistiek.dnb.nl/ downloads/index.aspx#/?theme=pensioenfondsen).
Ebbinghaus, B. 2015. "The privatization and marketization of pensions in Europe: A double transformation facing the crisis." European Policy Analysis 1(1): 56-73. https://doi.org/10.18278/epa.1.1.5
Ebbinghaus, B. 2019. "Multipillarisation Remodelled: The Role of Interest Organizations in British and German Pension Reforms." Journal of European Public Policy 26(4):521-539. https://doi.org/10.1080/13501763.2019.1574875
Engelen, E. 2003. "The Logic of Funding European Pension Restructuring and the Dangers of Financialisation." Environment and Planning A 35(8):1357-1372. https://doi.org/10.1068/a35307
Engelen, E. 2008. "The case for financialization." Competition & Change 12(2): 111-119.
Engelen, E., Konings, M. and Fernandez, R. 2008. "The Rise of Activist Investors and Patterns of Political Responses: Lessons on Agency." Socio-Economic Review 6(4):611-636. https://doi.org/10.1093/ser/mwn012
Epstein, G. 2005. "Introduction: Financialization and the World Economy." Pp. 3-16 in Financialization and the World Economy. Cheltenham: Edward Elgar.
Esping-Andersen, G. 1990. The Three Worlds of Welfare Capitalism. Princeton: Princeton University Press. https://doi.org/10.1177/095892879100100108
European Commission 2018. Pension Adequacy Report 2018. Current and Future Income Adequacy in Old Age in the EU. Volume 2: Country Profiles. Luxembourg: Publications Office of the EU.
Guardiancich, I, Weaver, R.K., Demarco, G. and Dorfman, M.C. 2019. The politics of NDC pension scheme diffusion: constraints and drivers. Washington, DC: World Bank. https://doi.org/10.1596/31628
Hall, P. and Soskice, D. 2001. Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press.
Hardie, I., & Howarth, D. 2009. "Die Krise but not La Crise? The financial crisis and the transformation of German and French banking systems. " JCMS: Journal of Common Market Studies 47(5): 1017-1039. https://doi.org/10.1111/j.1468-5965.2009.02033.x
Hawley, J.P. and Williams, A.T. 2000. The Rise of Fiduciary Capitalism: How Institutional Investors Can Make Corporate America More Democratic. Philadelphia: University of Pennsylvania Press.
Karwowski, E. and Stockhammer, E. 2017. "Financialisation in emerging economies: A systematic overview and comparison with Anglo-Saxon economies." Economic and Political Studies 5(1): 60-86. https://doi.org/10.1080/20954816.2016.1274520
Krippner, G.R. 2005. "The Financialization of the American Economy." Socio-Economic Review 3(2):173-208. https://doi.org/10.1093/SER/mwi008
Langley, P. 2004. "In the Eye of the 'Perfect Storm': The Final Salary Pensions Crisis and Financialisation of Anglo‐ American Capitalism." New Political Economy 9(4):539- 558. https://doi.org/10.1080/1356346042000311164
Langley, P. 2006. "The Making of Investor Subjects in Anglo-American Pensions." Environment and Planning D: Society and Space 24(6):919-934. https://doi.org/10.1068/d405t
Langley, P. 2008. The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America. Oxford: Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199236596.001.0001
Lindquist, G.S. and Wadensjö, E. 2011. "Sweden: A Viable Public-Private Pension System." Pp. 240-259 in The Varieties of Pension Governance: Pension Privatization in Europe, edited by B. Ebbinghaus. Oxford: Oxford University Press. https://doi.org/10.1093/acprof:oso/9780199586028.003.0009
Locke, R.M. & Thelen, K. (1995). "Apples and oranges revisited: Contextualized comparisons and the study of comparative labour politics." Politics & Society 23(3): 337-367. https://doi.org/10.1177/0032329295023003004
Mabbett, D. 2012. "The Ghost in the Machine: Pension Risks and Regulatory Responses in the United States and the United Kingdom." Politics & Society 40(1):107-129. https://doi.org/10.1177/0032329211434692
Macheda, F. 2012. "The role of pension funds in the financialisation of the Icelandic economy." Capital & Class 36(3): 433-473. https://doi.org/10.1177/0309816812460753
Mader, P., Mertens, D., and Van der Zwan, N. 2020. "Financialization: An Introduction." Pp. 1-16 in The Routledge International Handbook of Financialization. London: Routledge. https://doi.org/10.4324/9781315142876-1 PMid:31858318
McCarthy, M.A. 2017. Dismantling Solidarity: Capitalist Politics and American Pensions Since the New Deal. Ithaca (NY): Cornell University Press. https://doi.org/10.7591/cornell/9780801454226.001.0001
McCarthy, M.A. 2020. "A dual democratization of finance? Labour's political question after financialization." Pp. 340- 343 in in Mader, P., Mertens, D. and Van der Zwan, N. (eds.). The Routledge International Handbook of Financialization. London: Routledge.
McCarthy, M.A., Sorsa, V-P, and van der Zwan, N. 2016. "Investment Preferences and Patient Capital: Financing, Governance, and Regulation in Pension Fund Capitalism." Socio-Economic Review 14(4):751-769. https://doi.org/10.1093/ser/mww020
Naczyk, M. 2016. "Creating French-Style Pension Funds: Business, Labour and the Battle over Patient Capital." Journal of European Social Policy 26(3):205-218. https://doi.org/10.1177/0958928716642944
Naczyk, M., and Domonkos, S. 2016. "The financial crisis and varieties of pension privatization reversals in Eastern Europe." Governance 29(2): 167-184. https://doi.org/10.1111/gove.12159
Naczyk, M and Hassel, A. 2019. "Insuring Individuals … and Politicians: Financial Services Providers, Stock Market Risk and the Politics of Private Pension Guarantees in Germany." Journal of European Public Policy 26(4):579-598. https://doi.org/10.1080/13501763.2019.1574873
Natali, D. 2018. "Occupational Pensions in Europe: Trojan Horse of Financialization?" Social Policy & Administration 52(2):449-462. https://doi.org/10.1111/spol.12376
OECD. 2019a. Pensions at a Glance 2019. Paris: OECD.
OECD. 2019b. Annual Survey of Investment Regulation of Pension Funds. Paris: OECD.
Office for National Statistics. 2020. "Employee Workplace Pensions in the UK." Retrieved January 8, 2020 (https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/bulletins/annualsurveyofhoursandearningspensiontables/2018provisionaland2017revisedresults).
Orenstein, M.A. 2013. "Pension privatization: Evolution of a paradigm." Governance 26(2): 259-281. https://doi.org/10.1111/gove.12024
Rodrigues, J., Santos, A.C. and Teles, N. 2018. "Financialisation of pensions in semi-peripheral Portugal." Global Social Policy 18(2): 189-209. https://doi.org/10.1177/1468018117742826
Saritas, S. 2020. "Financialisation of pensions: The case of Turkey." Global Social Policy 20(1): 60-79. https://doi.org/10.1177/1468018119856042
Seawright, J. and Gerring, J. 2008. "Case selection techniques in case study research: A menu of qualitative and quantitative options." Political research quarterly 61(2): 294-308. https://doi.org/10.1177/1065912907313077
Sorsa, V-P. 2016. "Public-Private Partnerships in European Old-Age Pension Provision: An Accountability Perspective." Social Policy & Administration 50(7):846- 874. https://doi.org/10.1111/spol.12186
Stewart, F. 2007. Benefit Security Pension Fund Guarantee Schemes. Paris: OECD. https://doi.org/10.1787/9789264028111-6-en
Sundén, A. 2009. "The Swedish pension system and the economic crisis." Center for Retirement Research at Boston College 9: 25.
The Pensions Regulator. 2018. The DB Landscape. Defined Benefit Pensions 2018. Brighton: The Pensions Regulator.
Thinking Ahead Institute 2019, Pensions & Investments World 300. Retrieved June 16, 2020 (https://www.thinkingaheadinstitute.org/en/Library/Public/Research-and-Ideas/2019/09/P_I_300_2019_research_paper)
Trampusch, C. 2018. "A State-Centred Explanation of the Finance-Pension Nexus: New Zealand's Pension Reforms as a Typical Case." Social Policy & Administration 52(1):343-364. https://doi.org/10.1111/spol.12304
Van der Zwan, N. 2014. "Making sense of financialization." Socio-Economic Review 12(1): 99-129. https://doi.org/10.1093/ser/mwt020
Van der Zwan, N. 2018. "The Financial Politics of Occupational Pensions: A Business Interests Perspective." Pp. 271- 91 in Business Interests and the Development of the Modern Welfare State. London: Routledge. https://doi.org/10.4324/9781351002394-11
Waine, B. 2001. "Social Insecurity and the Retreat from Social Democracy: Occupational Welfare in the Long Boom and Financialization." Review of International Political Economy 8(1):96-118. https://doi.org/10.1080/09692290010010308
Wang, Y. 2020. "Financialization and state transformations. " Pp. 188-199 in Mader, P., Mertens, D. and Van der Zwan, N. (eds.). The Routledge International Handbook of Financialization. London: Routledge. https://doi.org/10.4324/9781315142876-16
Wiss, T. 2015. "Pension Fund Vulnerability to the Financial Market Crisis: The Role of Trade Unions." European Journal of Industrial Relations 21(2):131-147. https://doi.org/10.1177/0959680114530237
Wiss, T. 2019. "Reinforcement of Pension Financialisation as a Response to Financial Crises in Germany, the Netherlands and the United Kingdom." Journal of European Public Policy 26(4): 501-520. https://doi.org/10.1080/13501763.2019.1574870
World Bank 2020, "Age dependency ratio, old (% of working-age population) - OECD members, Germany, Netherlands, Sweden, United Kingdom." Retrieved June 16, 2020 (https://data.worldbank.org/indicator/SP.DYN.LE00.IN?locations=OE-DE-NL-SE-GB).
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2020 Consejo Superior de Investigaciones Científicas (CSIC)
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
© CSIC. Los originales publicados en las ediciones impresa y electrónica de esta Revista son propiedad del Consejo Superior de Investigaciones Científicas, siendo necesario citar la procedencia en cualquier reproducción parcial o total.Salvo indicación contraria, todos los contenidos de la edición electrónica se distribuyen bajo una licencia de uso y distribución “Creative Commons Reconocimiento 4.0 Internacional ” (CC BY 4.0). Puede consultar desde aquí la versión informativa y el texto legal de la licencia. Esta circunstancia ha de hacerse constar expresamente de esta forma cuando sea necesario.
No se autoriza el depósito en repositorios, páginas web personales o similares de cualquier otra versión distinta a la publicada por el editor.