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Benn Steil

Benn Steil is André Meyer Senior Fellow and Director of International Economics at the Council on Foreign Relations and Editor of the journal International Finance.

Titles by This Author

One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years.