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

Jón Gudjónsson; Svend E. Hougaard Jensen

doi:10.2478/ie-2023-0032

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

Jón Gudjónsson, Svend E. Hougaard Jensen

Department of Economics

Central Bank of Iceland

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Abstract

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 language	English
Journal	Intereconomics: Review of European Economic Policy
Volume	58
Issue number	3
Pages (from-to)	155–159
Number of pages	5
ISSN	0020-5346
DOIs	https://doi.org/10.2478/ie-2023-0032
Publication status	Published - Jun 2023

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