Other publications may include books, quarterly reviews, annual reports and economic bulletins from the ECB, PhD theses and Danmarks Nationalbank’s policies.
Pension Savings - Part 1
The pension system has undergone changes, reflected in constant growth in savings-based pension schemes. As a result, contributions and payouts under such schemes have soared. Moreover, household pension wealth has doubled over the last 15 years. This is reflected in substantial expansion of household balance sheets, with increased assets and liabilities. The pension sector has become one of the key players in the Danish financial markets due to the massive pension wealth held by pension companies. The European sovereign debt crisis caused financial market anomalies, reflected in pressure on the financial buffers of pension companies in some periods. This turn of events could trigger a snowball effect, with declining interest rates leading to abnormal pressure on the demand for Danish bonds, which would, in turn, exert further downward pressure on interest rates. This could have negative implications for pension savers. Therefore, parts of the regulation were adapted; for instance the discount curve was changed in late 2011.