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        Variegated financialisation and pension fund asset demand: the case of Colombia and Peru

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        Ser_Final_Submit_Revised_Second_Round.pdf (PDF, 453Kb)(embargoed until 29/10/2022)
        Author
        Bonizzi, Bruno
        Churchill, Jennifer
        Guevara, Diego
        Attention
        2299/23415
        Abstract
        This article seeks to explain concretely how one ‘variegation’ of financialization in the emerging economy setting is being shaped by the growth of domestic pension funds. Taking Colombia and Perú as case studies, we explore the evolution of pension fund demand subsequent to substantial pension policy reforms in the 1990s. Drawing on comparative political economy and the recent literature on subordinate financialization in emerging economies, we present a three-tiered conjecture regarding what is shaping pension fund demand: (a) the particular institutional context of ‘hierarchical market economies’ and neoliberal market reforms, (b) the ‘extraverted’ growth regime and (c) subordinate financial integration. The resulting demand calls forth financial innovation and movement towards market-based financial mechanisms as seen with financialization elsewhere, yet in this instance occurring largely outside of domestic capital markets.
        Publication date
        2021-04-01
        Published in
        Socio-Economic Review
        Published version
        https://doi.org/10.1093/ser/mwaa033
        Other links
        http://hdl.handle.net/2299/23415
        Relations
        Hertfordshire Business School
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