Pension Superpowers and Financial Markets in the Sino-American Century
Bibliographic record
Abstract
In this primer published in the Feb. 2020 issue of Private Debt Investor (PDI), Nicolas J. Firzli, World Pensions Council, looks at how institutional asset owners will come to the fore in the new geo-economic context defined by renewed Sino-American coopetition across ASEAN countries, Australia, Eastern Europe and the MENA area, Brexit and the resurgence of one-nation conservatism in Britain, the slow, relative decline of the European Union and the secular rise of Pension Superpowers. The paper also looks at the pivotal part played by pension (US, Canada, AUS, UK and Holland) and SWF (Abu Dhabi, Singapore, China) asset owners in the rapid transformation of investment processes and corporate governance norms in both OECD (notable Germany) and Emerging Markets & Developing Economies (EMDEs): the centrality of sustainable finance and the SDG-driven firm of the future is also assessed in that context. Anglo-Saxon and Dutch pension funds are the driving force behind the secular quest for yield and fintech, which are fast transforming the world economy. From that perspective, they are more than 30 years ahead of their French, German and Belgian counterparts. As the Rt. Hon. Nick Sherry, founder of the Australian Ministry for Superannuation, and the author have both argued, the secular trend towards private equity and private debt (Non Listed Assets) started essentially because of the ‘venture capital operating company exception’ (VCOCE) to the US Employee Retirement Income Security Act (ERISA) and the exceptional investment leeway attached to the notion of trusteeship in Australian law.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".