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

While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on households a...

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Bibliographic Details
Published in:Inter economics 2023-06, Vol.58 (3), p.155-159
Main Authors: Gudjonsson, Jon, Hougaard Jensen, Svend Erik
Format: Article
Language:English
Subjects:
financial market supervision
financial sector
financial system
Finanzmarktaufsicht
Finanzsektor
Finanzsystem
G01
G23
G28
Great Britain
Großbritannien
pension fund
Pensionskasse
stability
Stabilität
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Summary:While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on households and firms. Using the UK gilt crisis as a case in point, we recommend widening the scope for macroprudential policy to reflect the significance of pension funds for financial stability.
ISSN:1613-964X
1613-964X
DOI:10.2478/ie-2023-0032