@article{NaczykHassel, author = {Naczyk, Marek and Hassel, Anke}, title = {Insuring individuals … and politicians: financial services providers, stock market risk and the politics of private pension guarantees in Germany}, series = {Journal of European Public Policy}, volume = {26}, journal = {Journal of European Public Policy}, number = {4}, doi = {10.1080/13501763.2019.1574873}, pages = {579 -- 598}, abstract = {Studies of the rise of private defined-contribution pensions traditionally focus on social policy concerns about the allocation of risks and costs for beneficiaries and employers. There is, however, another - low-salience, financial - dimension of pension privatisation. Regulations introducing minimum return guarantees in private pensions impact financial markets because they incentivise fund managers to invest plan portfolios in fixed-income securities rather than in equities. While different segments of the financial industry have divergent preferences over such guarantees, policy-makers are caught in a dilemma: Should they prioritise predictable benefit levels or equity market development? Using the case of the introduction of Germany's 'Riester-Rente', we argue that, as politicians linked the introduction of private defined-contribution plans with cuts in statutory pensions, the re-emergence of a high-salience, social policy image of pensions helped insurance firms' and some trade unionists' case for minimum guarantees to prevail, thereby hindering equity market development in Germany.}, language = {en} } @article{HasselvonVerschuer, author = {Hassel, Anke and von Verschuer, Sophia}, title = {Ein europ{\"a}ischer Rechtsrahmen f{\"u}r Arbeitnehmerbeteiligung in transnationalen Unternehmen}, series = {WSI-MITTEILUNGEN}, volume = {2/2019}, journal = {WSI-MITTEILUNGEN}, pages = {96 -- 105}, abstract = {In Anbetracht der Machtf{\"u}lle transnationaler Unternehmen und der sozialen Auswirkungen zunehmender Globalisierung sind neue Formen der gesellschaftlichen Einbettung von Unternehmen n{\"o}tig. Arbeitnehmerbeteiligung an strategischen Unternehmensentscheidungen ist ein wichtiges Instrument zur Korrektur unternehmerischer Entscheidungen und sie ist insbesondere ein Kernbestandteil des europ{\"a}ischen Sozialmodells. Die Arbeitnehmerbeteiligung bleibt jedoch derzeit unterentwickelt und den gegenw{\"a}rtigen Herausforderungen nicht angemessen. Ein wichtiger Ansatz zu ihrer St{\"a}rkung basiert auf der Vergewisserung ihrer Funktionen in einem institutionell heterogenen Umfeld. Verbindliche Formen der Arbeitnehmerbeteiligung m{\"u}ssen eine aktive Rolle bei der Formulierung von Arbeitnehmerinteressen und in der Unternehmensaufsicht spielen. Im Europarecht gibt es durchaus positive Ans{\"a}tze zur Verankerung von Beteiligungsrechten von Arbeitnehmerinnen und Arbeitnehmern, die jedoch durch weitere Integration des Gesellschafsrechts unterminiert werden. Eine L{\"o}sung besteht in der Formulierung von Bereichsausnahmen in den Regelungen zum EU-Binnenmarkt und einer aktiveren politischen Gestaltung eines arbeitnehmerfreundlichen europ{\"a}ischen Gesellschafsrechts.}, language = {de} } @article{Hassel, author = {Hassel, Anke}, title = {Kann das weg? Optionen der Reform der Grundsicherung f{\"u}r Langzeitarbeitslose}, series = {ifo Schnelldienst}, journal = {ifo Schnelldienst}, number = {6/2019}, issn = {2199-4455 ; 0018-974 X}, pages = {7 -- 9}, language = {de} } @article{HasselNaczykWiss, author = {Hassel, Anke and Naczyk, Marek and Wiß, Tobias}, title = {The Political Economy of Pension Financialisation: Public Policy Responses to the Crisis}, series = {Journal of European Public Policy}, volume = {26}, journal = {Journal of European Public Policy}, number = {4}, doi = {10.1080/13501763.2019.1575455}, pages = {483 -- 500}, abstract = {Financialisation has become a key feature of post-industrial economies. This special issue sheds light on pre-funded private pensions as one key component of financialisation, as they turn savings into investment via financial services providers. Public pension systems face financial pressures, resulting from ageing and rising public debt, while financial services are keen to move into the market of private pension provision. Pre-funded private pensions are shaped by regulatory policies that create and correct markets. The financial crisis has triggered policy responses including shifts in investment strategies and also a re-assessment of the role of pre-funded private pensions as a complementary, rather than a superior, source of old-age income. Policymakers' growing awareness of the benefits of collective occupational schemes administered by the social partners may pave the way for a greater role for collective schemes.}, language = {en} }