Wharton Pension Research Council Working Papers


Peter A. Fisher

Document Type

Working Paper

Date of this Version



The financial crisis generated significant new regulatory and supervisory architecture to ensure financial stability and enhance consumer welfare. New structures were instituted at the state, provincial, regional, and global levels. While advancing stated primary objectives, these new structures frequently create unintended consequences affecting dimensions of social welfare that lie outside individual supervisory mandates. Unintended effects of new policy and oversight can influence macro-economic growth; availability, quality, and pricing of financial products; returns to capital; and solvency. As a result, new supervisory and regulatory structures can have a variety of ultimate effects on long-term individual financial security, where macro-economic growth, adequate returns to capital, and efficient risk allocation are integral.


The published version of this Working Paper may be found in the 2016 publication: Retirement System Risk Management.


Insurance, Pensions, Supervision, Regulation, Social Welfare

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2015 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.



Date Posted: 12 March 2019