Dealing With the New Giants: Rethinking the Role of Pension Funds

Abstract

"Pension funds are one of the largest and fastest growing investors in global capital markets. They play a dual role, helping individuals save for old age and reduce the risks they face; while at the same time allocating capital efficiently across firms in order to ensure innovation and growth. Creating a pension system with the right mixture of public and private provision, and regulating this system effectively is essential if these 'new giants' are to play both roles effectively. The authors of this eighth publication in the series of Geneva Reports on the World Economy draw attention to two contrasting scenarios which very effectively illustrate the tension between these two roles. In the first scenario, public pay as you go systems grow, crowding out private retirement savings, while at the same time inflexible labour markets discourage individuals from accumulating human capital and encourage workers to be risk averse

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