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Variegated financialization and pension fund asset demand: the case of Colombia and Perú

Bonizzi, Bruno; Churchill, Jennifer; Guevara, Diego


Bruno Bonizzi

Jennifer Churchill

Diego Guevara


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.


Bonizzi, B., Churchill, J., & Guevara, D. (2021). Variegated financialization and pension fund asset demand: the case of Colombia and Perú. Socio-Economic Review, 19(2), 789–815.

Journal Article Type Article
Acceptance Date Jul 2, 2020
Online Publication Date Oct 29, 2020
Publication Date 2021-04
Deposit Date Jun 2, 2021
Journal Socio-Economic Review
Print ISSN 1475-1461
Electronic ISSN 1475-147X
Publisher Oxford University Press (OUP)
Peer Reviewed Peer Reviewed
Volume 19
Issue 2
Pages 789–815
Keywords General Economics, Econometrics and Finance; Sociology and Political Science
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