Pension Funds and Financial Repression

Pension funds in some economies are used as a captive audience to channel capital at below market rates to government. This policy is only one tool in the financial repression toolkit, but it is receiving increased attention as governments around t...

Full description

Bibliographic Details
Main Authors:	Davis, Richard Mark, Stewart, Fiona, Knaack, Peter
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2021
Subjects:	PENSION FUNDS FINANCIAL REPRESSION PUBLIC FINANCIAL MANAGEMENT PUBLIC DEBT MANAGEMENT FISCAL POLICY
Online Access:	http://documents.worldbank.org/curated/en/428481620721045342/Pension-Funds-and-Financial-Repression http://hdl.handle.net/10986/35584

id	okr-10986-35584
recordtype	oai_dc
spelling	okr-10986-355842021-09-17T00:20:40Z Pension Funds and Financial Repression Davis, Richard Mark Stewart, Fiona Knaack, Peter PENSION FUNDS FINANCIAL REPRESSION PUBLIC FINANCIAL MANAGEMENT PUBLIC DEBT MANAGEMENT FISCAL POLICY Pension funds in some economies are used as a captive audience to channel capital at below market rates to government. This policy is only one tool in the financial repression toolkit, but it is receiving increased attention as governments around the world struggle to increase fiscal space and reduce their sovereign debt burden as they rebuild their economies after the pandemic. First, this paper provides an analysis of financial repression using pension funds from a historical perspective. It then assesses the welfare and distributional implications of this policy and distills lessons learned from a variety of advanced and emerging economies. The wide range of possible interventions and idiosyncratic country conditions make a general set of policy recommendations elusive, but the paper suggests four high-level principles that can help policymakers assess the costs and benefits of implementing policies that employ pension funds as a captive audience for financial repression. 1 2021-05-17T16:09:25Z 2021-05-17T16:09:25Z 2021 Report http://documents.worldbank.org/curated/en/428481620721045342/Pension-Funds-and-Financial-Repression http://hdl.handle.net/10986/35584 English Equitable Growth, Finance and Institutions Insight; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Social Protection Study
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	PENSION FUNDS FINANCIAL REPRESSION PUBLIC FINANCIAL MANAGEMENT PUBLIC DEBT MANAGEMENT FISCAL POLICY
spellingShingle	PENSION FUNDS FINANCIAL REPRESSION PUBLIC FINANCIAL MANAGEMENT PUBLIC DEBT MANAGEMENT FISCAL POLICY Davis, Richard Mark Stewart, Fiona Knaack, Peter Pension Funds and Financial Repression
relation	Equitable Growth, Finance and Institutions Insight;
description	Pension funds in some economies are used as a captive audience to channel capital at below market rates to government. This policy is only one tool in the financial repression toolkit, but it is receiving increased attention as governments around the world struggle to increase fiscal space and reduce their sovereign debt burden as they rebuild their economies after the pandemic. First, this paper provides an analysis of financial repression using pension funds from a historical perspective. It then assesses the welfare and distributional implications of this policy and distills lessons learned from a variety of advanced and emerging economies. The wide range of possible interventions and idiosyncratic country conditions make a general set of policy recommendations elusive, but the paper suggests four high-level principles that can help policymakers assess the costs and benefits of implementing policies that employ pension funds as a captive audience for financial repression. 1
format	Report
author	Davis, Richard Mark Stewart, Fiona Knaack, Peter
author_facet	Davis, Richard Mark Stewart, Fiona Knaack, Peter
author_sort	Davis, Richard Mark
title	Pension Funds and Financial Repression
title_short	Pension Funds and Financial Repression
title_full	Pension Funds and Financial Repression
title_fullStr	Pension Funds and Financial Repression
title_full_unstemmed	Pension Funds and Financial Repression
title_sort	pension funds and financial repression
publisher	World Bank, Washington, DC
publishDate	2021
url	http://documents.worldbank.org/curated/en/428481620721045342/Pension-Funds-and-Financial-Repression http://hdl.handle.net/10986/35584
_version_	1764483379717210112

Pension Funds and Financial Repression

Similar Items