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This article examines premature withdrawals from pension funds that were initiated as responses to the COVID-19 pandemic. It looks at withdrawal programmes both in emerging market and in advanced economies. Although measures might have been expedient in countries where social protection systems (social assistance and job furlough schemes) are relatively underdeveloped, they could also be regressive. Furthermore, they undermined the concept of pension funds as retirement income resources and, in some cases, they might threaten people’s living standards once they became old. The paper also suggests that such withdrawal programmes have a populist flavour.

Summary

This chapter argues that many insolvency systems in advanced economies also fail to efficiently perform the functions of insolvency law. As a result, it is argued that insolvency law also needs to be reinvented in many advanced economies. Fortunately, certain trends and policy discussions taking place around the world seem to be improving the attractiveness of insolvency systems in many countries. In fact, this chapter argues that, interestingly, these reforms are leading to certain levels of convergences of insolvency laws around the world. Yet, due to the international divergences existing in market and institutional environments, it is important to make sure that countries do not adopt undesirable legal transplants. In their attempt to improve their insolvency systems, however, the chapter concludes by arguing that many of the ideas and policy recommendations suggested for the design of insolvency law in emerging economies should also be adopted in many advanced economies.

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Cashing out pension savings: An appropriate response to “temporary” income shortfalls?

9 - Reinventing Insolvency Law Beyond Emerging Economies

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2 results

Cashing out pension savings: An appropriate response to “temporary” income shortfalls?

9 - Reinventing Insolvency Law Beyond Emerging Economies

Summary