Public or Private Orientation of Pension Systems in the Light of the Recent Financial Crisis

Autor: Christine Lagoutte, Anne Reimat
Rok vydání: 2013
Předmět:
Zdroj: Review of Social Economy. 71:306-338
ISSN: 1470-1162
0034-6764
DOI: 10.1080/00346764.2012.761755
Popis: This paper studies the appropriateness of a public or private orientation of pension systems in the light of the recent financial crisis, which has underscored the difficulties and contradictions associated with each system. The different institutional arrangements, in which public or private pension systems are embedded, are key components when assessing their responses to the crisis. Particularly, private pension systems are intertwined with financial markets, while social insurance-based pension systems are linked to the labour market mechanisms. This paper compares the British and French pension systems, as “archetypes” of private-oriented and public-oriented systems, respectively, the first relying on the market and private pension schemes, and the second on mandatory social insurance. This paper shows that the crisis has upheld the founding principles of the public (French) and private (British) pension systems to maintain the existing institutional configurations. At the same time, both systems hav...
Databáze: OpenAIRE
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