Rising to the occasion

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      <subfield code="a">Rising to the occasion</subfield>
      <subfield code="c">Paul Johnson</subfield>
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      <subfield code="a">Paul Johnson CBE, director of the Institute for Fiscal Studies, is a highly respected commentator on the economics of public policy, including pensions and climate change. Interest rates are a key driver in shaping policy, and we begin by discussing the impact and causes of the low-rate environment. The large fall in interest rates has had massive economic and social consequences, Johnson says. He refers to the signifi cant intergenerational transfer of wealth caused by the steep rise in asset values and people's reduced capacity for saving. Quantitative easing clearly contributed to the decline in interest rates, but Johnson also cites the glut of international savings, the UK's ageing population, a fl ight to safety in the fi nancial markets, and the regulatory requirement for financial institutions to hold government bonds. With the state of the world's economies remaining fragile due to COVID-19, he expects interest rates to stay low for some time.</subfield>
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      <subfield code="a">Sector público</subfield>
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      <subfield code="t">The Actuary : the magazine of the Institute & Faculty of Actuaries</subfield>
      <subfield code="d">London :  Redactive Publishing, 2019-</subfield>
      <subfield code="g">01/03/2021 Número 2 - marzo 2021 , p. 13-15</subfield>
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