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Systemic Risk, Pension Funds, Insurers, Asset Managers [28]

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Bullet points include: Capital waterfall concept also applies to pension funds. Indeed to the whole economy? Systemic risk debates can be very wide-ranging, c.f. Carney (2015) and climate change. Pensions community often refers to a pensions system. So presumably this system is subject to ‘systemic risk’ at least in relation to itself. E.g. what would happen if there was a severe enough recession to cause a national pension protection scheme to run into difficulties? How do those outside the pensions community view the link between the pension system, the (wider?) financial system and the (wider?) economy? And will this view change in the future?

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