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The impact of the 2007‐2009 crisis on social security and private pension funds: A threat to their financial soundness?

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  • Ariel Pino
  • Juan Yermo

Abstract

Social security and pension funds were affected on an unparalleled scale by the recent financial crisis. They reported massive unrealized investment losses and their governance mechanisms have been challenged, therefore endangering their financial soundness and questioning their capacity to deliver adequate benefits. The year 2009 ended with financial markets recovering, but also with portfolio reallocations and traditional risk management approaches being revisited. Governments have reacted to the crisis and implemented recovery plans that could issue a warning about the mid‐term fiscal situation. Post‐crisis fiscal stress may generate a trade‐off between a re‐establishment of a sound fiscal situation and a reduction in social expenditure. This article analyses the impact of the crisis on social security and pension funds and address all the aforementioned issues.

Suggested Citation

  • Ariel Pino & Juan Yermo, 2010. "The impact of the 2007‐2009 crisis on social security and private pension funds: A threat to their financial soundness?," International Social Security Review, John Wiley & Sons, vol. 63(2), pages 5-30, April.
    • Handle: RePEc:wly:intssr:v:63:y:2010:i:2:p:5-30
    DOI: 10.1111/j.1468-246X.2010.01359.x
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    Cited by:

    1. Milos Kopa & Kristina Sutiene & Audrius Kabasinskas & Ausrine Lakstutiene & Aidas Malakauskas, 2022. "Dominance Tracking Index for Measuring Pension Fund Performance with Respect to the Benchmark," Sustainability, MDPI, vol. 14(15), pages 1-28, August.
    2. Daniele Franco & Pietro Tommasino, 2020. "Lessons From Italy: A Good Pension System Needs an Effective Broader Social Policy Framework," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(2), pages 73-81, March.

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