From pension funds to piggy banks
(Perverse) consequences of the S tability and G rowth P act since the crisis
Bibliographic Data
| ID | 9971749 |
|---|---|
| Authors | Bernard H Casey (Institute for Employment Research University of Warwick Coventry United Kingdom), Bernard Casey (0000-0001-5349-3257, University of Warwick, corresponding author) |
| Year | 2014 |
| Volume | 67 |
| Issue | 1 |
| Pages | 27-48 |
| Publication date | 2014-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | International Social Security Review (JOURNAL) |
| Journal identifiers | ISSN: 0020-871X • E-ISSN: 1468-246X |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/issr.12029 |
| OpenAlex | W1528426804 |
| Language | EN |
| Citations received | 8 |
| References cited | 10 |
As part of their strategy for economic and monetary union, E uropean governments committed themselves to fiscal discipline – particularly by placing limits on annual deficits and on public debt. Subsequently, and as they sought to respond to the “current crisis”, they embraced the view that only if public finances were kept under control would sustainable recovery be possible. Rules of fiscal governance were strengthened. To help them meet these rules, the governments of many member States of the E uropean Union made changes to their pension systems or to funds they had established specifically to pay the costs of population ageing. The intention was not to cut retirement benefits or to improve the efficiency of the relevant pension schemes and institutions. Rather, it was to free up resources immediately. Funded pension schemes and pension funds were treated like “piggy banks” that were raided when times became hard. Moreover, the policies pursued succeeded in meeting their objectives only because the system of national accounts according to which outcomes are judged does not recognize the way in which most of the fiscal gains are matched by future fiscal liabilities
Business · Corporate governance · Debt · Economic policy · Economics · Financial system · Pension · Population · Population ageing · European Socioeconomic and Political Studies · Finance · Fiscal Policies and Political Economy · Regional Development and Policy
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| Unique citing works | 8 |
|---|---|
| Citations per year | 0,8 |
| Citation span | 2016 - 2022 (7) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 8 |