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Variegated financialisation and pension fund asset demand: the case of Colombia and Peru

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Original languageEnglish
Article numbermwaa033
Pages (from-to)789-815
JournalSocio-Economic Review
Early online date29 Oct 2020
Publication statusPublished - 1 Apr 2021


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.


© 2020 Oxford University Press. This is a pre-copyedited, author-produced PDF of an article accepted for publication in Socio-Economic Review following peer review. The version of record [Bruno Bonizzi, Jennifer Churchill, Diego Guevara, Variegated financialization and pension fund asset demand: the case of Colombia and Perú, Socio-Economic Review, mwaa033,] is available online at:

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