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Pension management between financialization and intergenerational solidarity: a socio-economic analysis and a comprehensive model

Sierra Torre, Marion; Biondi, Yuri (2018), Pension management between financialization and intergenerational solidarity: a socio-economic analysis and a comprehensive model, Socio-Economic Review, 16, 4, p. 791-822. 10.1093/ser/mwx015

Type
Article accepté pour publication ou publié
Date
2018
Journal name
Socio-Economic Review
Volume
16
Number
4
Pages
791-822
Publication identifier
10.1093/ser/mwx015
Metadata
Show full item record
Author(s)
Sierra Torre, Marion
Institut de Recherche Interdisciplinaire en Sciences Sociales [IRISSO]
Biondi, Yuri cc
Institut de Recherche Interdisciplinaire en Sciences Sociales [IRISSO]
Abstract (EN)
In recent decades, the management modes of pension obligations have been coevolving with political and financial economic strategies aimed at promoting and favouring active financial markets and institutional investors, as well as transnational harmonization and convergence of accounting standards between private and public sectors. In this context, our article provides a theoretical analysis of these management modes of pension obligations, based on a comprehensive review of existing practice and regulation. The latter are still inconsistent with the individual savings model that has been fostered by international institutions, including the World Bank, the International Monetary Fund and the International Public Sector Accounting Standards (IPSAS) Board. According to our frame of analysis, a variety of viable modes of pension management exists and may be acknowledged. Overcoming the received opposition between defined contribution and defined benefit systems, our approach elaborates a model of pension management with a view to clarifying and improving pension protection, that is, the assurance of continued provision of pension payments at their agreed levels under viable alternative modes of pension management. The definition of financial sustainability depends on the pension management mode that is applied. With the help of this model, we further develop policy recommendations for accounting and prudential regulations concerning pension obligations.
Subjects / Keywords
financialization; public pensions; public sector reforms; public finance; accounting standards
JEL
M48 - Government Policy and Regulation
M41 - Accounting
K23 - Regulated Industries and Administrative Law
H55 - Social Security and Public Pensions
G28 - Government Policy and Regulation
G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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