The financial crisis and varieties of pension privatization reversals in Eastern Europe

摘要: Since the global financial crisis, those East European countries that had partly privatized their pension systems in 1990s or early 2000s increasingly scaled back mandatory private retirement accounts and restored role of public provision. What explains this wave reversals privatization variation its outcomes? Proponents argued it would boost domestic capital markets economic growth. By revealing how helped increase sovereign debt large a part funds' assets was invested government bonds, crisis strengthened position opponents accounts. But these actors' capacity determination to reverse depended on level country's portfolio structure. Empirically, argument is supported with case studies Hungarian, Polish, Slovak reform.