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Journal of Economic Geography Advance Access originally published online on May 4, 2009
Journal of Economic Geography 2009 9(5):619-639; doi:10.1093/jeg/lbp018
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© The Author (2009). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

The power of finance: accounting harmonization's effect on pension provision

Adam D. Dixon* and Ashby H. B. Monk**

*University of Oxford, School of Geography and the Environment, South Parks Road, Oxford OX1 3QY, UK. email <adam.dixon{at}ouce.ox.ac.uk>
**University of Oxford, School of Geography and the Environment, and Boston College, Center for Retirement Research, Boston, USA.

JEL classifications: J32, P5

Occupational defined benefit (DB) pensions today are outmoded and increasingly costly corporate burdens and are now in decline. However, the transformation of DB is found to be contingent on the institutional setting in which transformation occurs. In this article we offer a modest conceptualization of the interplay between global pressures for change and convergence, particularly accounting harmonization, and the local institutional environment and geography that filter these forces in the context of DB pensions. We demonstrate this behavior through analyses of DB transformation and decline in the UK and the Netherlands.

Keywords: Defined benefit pensions, fair value accounting, global finance, institutional change
Date submitted: 9 November 2008     Date accepted: 7 April 2009


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