{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,5,1]],"date-time":"2026-05-01T18:19:56Z","timestamp":1777659596188,"version":"3.51.4"},"reference-count":45,"publisher":"SAGE Publications","issue":"2","license":[{"start":{"date-parts":[[2017,11,23]],"date-time":"2017-11-23T00:00:00Z","timestamp":1511395200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/journals.sagepub.com\/page\/policies\/text-and-data-mining-license"}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Global Social Policy"],"published-print":{"date-parts":[[2018,8]]},"abstract":"<jats:p>This article aims at contributing to the literature on the financialisation of pensions in Europe by examining the transformations occurring in semi-peripheral Portugal. The Portuguese case accounts for the variegated nature of financialisation in general, and of pension provision in particular, throughout Europe. While the country followed similar processes to those of core European Union (EU) countries, leading to an increasingly integrated financial sector in the international arena, this integration was mainly led by the banking sector rather than by capital markets. This helps account for the relatively reduced role of private retirement income products in the country. Nonetheless, the Portuguese pension system has been equally subject to reform, aiming at reducing its weight in public expenditure. The result is a contraction in coverage and benefit without achieving an equivalent match in supplementary private forms of pension provision. Under a prolonged period of stagnation and crisis, the deterioration of State pensions for the majority continues while a residual private, outward-oriented and foreign-owned pension sector grows for the most affluent, further exposing the systemic and variegated nature of financialisation processes in the semi-periphery.<\/jats:p>","DOI":"10.1177\/1468018117742826","type":"journal-article","created":{"date-parts":[[2017,11,23]],"date-time":"2017-11-23T05:27:22Z","timestamp":1511414842000},"page":"189-209","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":5,"title":["Financialisation of pensions in semi-peripheral Portugal"],"prefix":"10.1177","volume":"18","author":[{"given":"Jo\u00e3o","family":"Rodrigues","sequence":"first","affiliation":[{"name":"University of Coimbra, Portugal"}]},{"given":"Ana C","family":"Santos","sequence":"additional","affiliation":[{"name":"University of Coimbra, Portugal"}]},{"given":"Nuno","family":"Teles","sequence":"additional","affiliation":[{"name":"University of Coimbra, Portugal"}]}],"member":"179","published-online":{"date-parts":[[2017,11,23]]},"reference":[{"key":"bibr1-1468018117742826","unstructured":"Bayliss K, Fine B, Robertson M (2013) From financialisation to consumption: The system of provision approach applied to housing and water. FESSUD Working Paper Series, no. 2, 1 August. Available at: https:\/\/econpapers.repec.org\/paper\/feswpaper\/wpaper02.htm."},{"key":"bibr2-1468018117742826","volume-title":"Banking on Death, or, Investing in Life: The History and Future of Pensions","author":"Blackburn R","year":"2003"},{"key":"bibr3-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1177\/1468018112455633"},{"key":"bibr4-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1787\/5jxrjncwxv6j-en"},{"key":"bibr5-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1093\/oso\/9780199240470.001.0001"},{"key":"bibr6-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1093\/0199261768.001.0001"},{"key":"bibr7-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1093\/acprof:oso\/9780199213368.001.0001"},{"issue":"4","key":"bibr8-1468018117742826","first-page":"15","volume":"2","author":"Costa S","year":"2016","journal-title":"Revista De Estudos Econ\u00f3micos"},{"key":"bibr9-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1093\/jeg\/lbp018"},{"key":"bibr10-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1179\/102452909X12506915718111"},{"key":"bibr11-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1080\/13563460802302560"},{"key":"bibr12-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1093\/acprof:oso\/9780199586028.001.0001"},{"key":"bibr13-1468018117742826","doi-asserted-by":"publisher","DOI":"10.18278\/epa.1.1.5"},{"key":"bibr14-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1177\/1468018112455655"},{"key":"bibr15-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1177\/1468018112456765"},{"key":"bibr16-1468018117742826","volume-title":"Adequate and Sustainable Pensions: Synthesis Report","author":"EC","year":"2006"},{"key":"bibr17-1468018117742826","unstructured":"EC (2012) The 2012 ageing report: Economic and budgetary projections for the 27 EU Member States (2010\u20132060). European Economy 2\/2012. Luxembourg City: Office for Official Publications of the European Communities. Available at: http:\/\/ec.europa.eu\/economy_finance\/publications\/european_economy\/2012\/pdf\/ee-2012-2_en.pdf."},{"key":"bibr18-1468018117742826","unstructured":"EC (2015) The 2015 ageing report: Economic and budgetary projections for the 28 EU Member States (2013\u20132060). European Economy 3\/2015. Luxembourg City: Office for Official Publications of the European Communities. Available at: http:\/\/ec.europa.eu\/economy_finance\/publications\/european_economy\/2015\/pdf\/ee3_en.pdf."},{"key":"bibr19-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1068\/a35307"},{"key":"bibr20-1468018117742826","unstructured":"European Insurance and Occupational Pensions Authority (EIOPA) (2016) Iorps Stress Test Report 2015. Available at: https:\/\/eiopa.europa.eu\/Publications\/Surveys\/EIOPA%20IORPs%20Stress%20Test%20Report%202015%20bookmarks.pdf."},{"key":"bibr21-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1177\/0896920516655387"},{"key":"bibr22-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1007\/s12116-010-9070-z"},{"key":"bibr23-1468018117742826","volume-title":"Economia e gest\u00e3o dos fundos de pens\u00f5es","author":"Garcia MT","year":"2003"},{"key":"bibr24-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1093\/0199247757.001.0001"},{"key":"bibr25-1468018117742826","volume-title":"Relat\u00f3rio de gest\u00e3o do fundo de estabiliza\u00e7\u00e3o financeira da seguran\u00e7a social 2013","author":"Instituto de Gest\u00e3o de Fundos de Capitaliza\u00e7\u00e3o da Seguran\u00e7a Social [IGFCSS]","year":"2014"},{"key":"bibr26-1468018117742826","unstructured":"Instituto de Seguros de Portugal (ISP) (2007) Relat\u00f3rios do sector segurador e dos fundos de pens\u00f5e [Report of the sector of insurance and pensions fund]. Lisbon: ISP. Available at: http:\/\/www.asf.com.pt\/."},{"key":"bibr27-1468018117742826","unstructured":"Instituto de Seguros de Portugal (ISP) (2013) Relat\u00f3rios do sector segurador e dos fundos de pens\u00f5e [Report of the sector of insurance and pensions fund]. Lisbon: ISP. Available at: http:\/\/www.asf.com.pt\/."},{"key":"bibr28-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1080\/00346764.2012.761755"},{"key":"bibr29-1468018117742826","volume-title":"Profiting without Production: How Finance Exploits Us All","author":"Lapavitsas C","year":"2013"},{"key":"bibr30-1468018117742826","first-page":"135","volume-title":"Estado social: De todos para todos","author":"Mendes H","year":"2014"},{"key":"bibr31-1468018117742826","volume-title":"Livro Branco da Seguran\u00e7a Social: Uma s\u00edntese","author":"Minist\u00e9rio do Trabalho e da Solidariedade (MTS)","year":"1998"},{"key":"bibr32-1468018117742826","volume-title":"A Economia das pens\u00f5es","author":"Murteira MC","year":"2011"},{"key":"bibr33-1468018117742826","doi-asserted-by":"publisher","DOI":"10.3917\/rfas.126.0126"},{"key":"bibr34-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1177\/1468018105053678"},{"key":"bibr35-1468018117742826","volume-title":"Ageing in OECD countries: A critical policy challenge","author":"Organisation for Economic Cooperation and Development (OECD)","year":"1996"},{"key":"bibr36-1468018117742826","volume-title":"OECD Pensions Outlook 2005: Public Policies across OECD Countries","author":"Organisation for Economic Cooperation and Development (OECD)","year":"2005"},{"key":"bibr37-1468018117742826","volume-title":"OECD Pensions Outlook 2007: Public Policies across OECD Countries","author":"Organisation for Economic Cooperation and Development (OECD)","year":"2007"},{"key":"bibr38-1468018117742826","unstructured":"Pedras R (2000) A gest\u00e3o dos fundos de pens\u00f5es em Portugal [The management of pension funds in Portugal]. Cadernos do Mercado de Valores Mobili\u00e1rios, no. 8, August 2000, Lisbon: CMVM."},{"key":"bibr39-1468018117742826","doi-asserted-by":"publisher","DOI":"10.4159\/9780674369542"},{"key":"bibr40-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1093\/0199250251.003.0013"},{"key":"bibr41-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1080\/09692290.2016.1143381"},{"key":"bibr42-1468018117742826","first-page":"371","volume-title":"A economia Portuguesa na Uni\u00e3o Europeia: 1986\u20132010","author":"Silva JV","year":"2014"},{"key":"bibr43-1468018117742826","unstructured":"Summers L (2013) Why stagnation might prove to be the new normal. Financial Times, 15 December. Available at: https:\/\/www.ft.com\/content\/87cb15ea-5d1a-11e3-a558-00144feabdc0."},{"key":"bibr44-1468018117742826","volume-title":"The End of Finance","author":"Toporowski J","year":"2000"},{"key":"bibr45-1468018117742826","doi-asserted-by":"publisher","DOI":"10.1596\/0-8213-2970-7"}],"container-title":["Global Social Policy"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/1468018117742826","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/full-xml\/10.1177\/1468018117742826","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/1468018117742826","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,29]],"date-time":"2026-04-29T07:19:54Z","timestamp":1777447194000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1177\/1468018117742826"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2017,11,23]]},"references-count":45,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2018,8]]}},"alternative-id":["10.1177\/1468018117742826"],"URL":"https:\/\/doi.org\/10.1177\/1468018117742826","relation":{},"ISSN":["1468-0181","1741-2803"],"issn-type":[{"value":"1468-0181","type":"print"},{"value":"1741-2803","type":"electronic"}],"subject":[],"published":{"date-parts":[[2017,11,23]]}}}