Such policies include extending working lives and improving the employability of older workers, encouraging private savings or, most commonly and to the point, supplementing pension accumulation from public first pillar schemes with occupational pensions of second pillar and personal pension of third pillar schemes.
In turn, this reduced market liquidity leads to lower prices and increased volatility, thus creating a negative feedback effect as these developments imply a further tightening of funding liquidity, culminating in further fire sales and so on.