Pension Funds and Financial Stability: The Case of the UK Gilt Crisis

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While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on households and firms. Using the UK gilt crisis as a case in point, we recommend widening the scope for macroprudential policy to reflect the significance of pension funds for financial stability.
Original languageEnglish
JournalIntereconomics: Review of European Economic Policy
Issue number3
Pages (from-to)155–159
Number of pages5
Publication statusPublished - Jun 2023

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