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Risk Governance in Pension Funds: Management Control in Dutch Pension Funds

In: Bank Stability, Sovereign Debt and Derivatives

Author

Listed:
  • Leo A. Eerden

    (VU University, Amsterdam)

Abstract

In the decade leading up to the time of writing, early 2013, the performance of Dutch pension funds dropped seriously after a period of gloomy investment results in the nineties. This was partly due to the spread of the international financial crisis, born of the American subprime debt crisis and extending to inter-bank and sovereign debt crises. This turbulence has had a great impact on the development of stock market and investment returns for pension funds in the Netherlands. Markets, and the use of different popular financial instruments, showed severe losses in investment returns. Even after five years of financial crises and (public) efforts to deal with resolution plans, we can suppose that recovery in investment performance is not to be expected in the short and medium term. Over-liquidity in the international financial system, stimulated by a flood of liquidity creation by the European Central Bank and the American Federal Reserve, can rescue banks from defaulting but it negatively affects pension fund investments.

Suggested Citation

  • Leo A. Eerden, 2013. "Risk Governance in Pension Funds: Management Control in Dutch Pension Funds," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Joseph Falzon (ed.), Bank Stability, Sovereign Debt and Derivatives, chapter 9, pages 235-254, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-33215-8_10
    DOI: 10.1057/9781137332158_10
    as

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