An Empirical Analysis Of The Annuity Rate In Chile

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An Empirical Analysis of the Annuity Rate in Chile

Author : Roberto Rezende Rocha
Publisher : World Bank Publications
ISBN 13 : 0530155249
Total Pages : 30 pages
Book Rating : 4.5/5 (31 download)

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Book Synopsis An Empirical Analysis of the Annuity Rate in Chile by : Roberto Rezende Rocha

Download or read book An Empirical Analysis of the Annuity Rate in Chile written by Roberto Rezende Rocha and published by World Bank Publications. This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Empirical analyses of annuities markets have been limited to a few industrial countries and restricted by data limitations. Chile provides excellent conditions for research on annuities because of the depth of its market and the availability of data. The authors use a panel of life insurance company data to examine econometrically the main determinants of the annuity rate, defined as the internal rate of return on annuities. The results indicate that the annuity rate is determined by the risk-free interest rate, the share of privately-issued higher yield securities in the portfolio of providers as a proxy for the spread over the risk-free rate, the leverage of providers, the level of broker's commissions, the market share of individual providers, the level of the premium, and the degree of market competition. The results also show that efforts to improve market transparency produced structural shifts in the parameters of the annuity rate equation. The results are consistent with separate research on money's worth ratios, and indicate the need to develop appropriate financial instruments, allowing providers to hedge their risks while extracting higher returns, and also to ensure competition and transparency in annuities markets, in order to ensure good outcomes for annuitants. "--World Bank web site.

An Empirical Analysis of the Annuity Rate in Chile

Author : Roberto Rocha
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis An Empirical Analysis of the Annuity Rate in Chile by : Roberto Rocha

Download or read book An Empirical Analysis of the Annuity Rate in Chile written by Roberto Rocha and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical analyses of annuities markets have been limited to a few industrial countries and restricted by data limitations. Chile provides excellent conditions for research on annuities because of the depth of its market and the availability of data. The authors use a panel of life insurance company data to examine econometrically the main determinants of the annuity rate, defined as the internal rate of return on annuities. The results indicate that the annuity rate is determined by the risk-free interest rate, the share of privately-issued higher yield securities in the portfolio of providers as a proxy for the spread over the risk-free rate, the leverage of providers, the level of broker's commissions, the market share of individual providers, the level of the premium, and the degree of market competition. The results also show that efforts to improve market transparency produced structural shifts in the parameters of the annuity rate equation. The results are consistent with separate research on money's worth ratios, and indicate the need to develop appropriate financial instruments, allowing providers to hedge their risks while extracting higher returns, and also to ensure competition and transparency in annuities markets, in order to ensure good outcomes for annuitants.

Developing Annuities Markets

Author : Roberto Rezende Rocha
Publisher : World Bank Publications
ISBN 13 : 082136667X
Total Pages : 292 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Developing Annuities Markets by : Roberto Rezende Rocha

Download or read book Developing Annuities Markets written by Roberto Rezende Rocha and published by World Bank Publications. This book was released on 2007 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developing Annuities Markets: The Experience of Chile is part of a multicountry World Bank project analyzing the market for retirement products. Among countries that have reformed their pension systems since the early 1990s, the Chilean case has emerged as the most relevant for drawing policy lessons on the role of the private sector in the provision of retirement income for two reasons: the depth, sophistication, and efficiency of the country's retirement products market, and the fact that this market was successfully developed from scratch by a middle-income country. The book examines in det.

An Analysis of Money's Worth Ratios in Chile

Author : Craig Thorburn
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4./5 ( download)

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Book Synopsis An Analysis of Money's Worth Ratios in Chile by : Craig Thorburn

Download or read book An Analysis of Money's Worth Ratios in Chile written by Craig Thorburn and published by World Bank Publications. This book was released on 2006 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "Empirical analyses of annuities markets have been limited to a few industrial countries and restricted by data limitations. Chile provides excellent conditions for research on annuities because of the depth of its market and the availability of data. The authors use an extensive dataset on individual annuities to examine econometrically a measure of market performance-money's worth ratios (MWRs)-or the ratio of the expected present value of annuity payments to the premium. The results show that annuitants in Chile have generally a good deal for their premiums, as indicated by MWRs higher than one, and also higher than those estimated for other countries. The difference between Chile and other countries is striking considering that annuities in Chile are indexed to prices. The wide range of indexed instruments in Chile, allowing providers to hedge their risks while extracting higher returns, helps explain the difference. The high degree of market competition has also contributed to this outcome. Efforts to improve market transparency through a new electronic quotation system have decreased the dispersion of MWRs. Finally, MWRs tend to decrease for contracts with longer durations, reflecting pricing for higher longevity and reinvestment risks. These results are consistent with separate research on the annuity rate, and indicate the need to ensure competition and market transparency, as well as to develop appropriate financial instruments for providers to ensure good outcomes for annuitants."--World Bank web site.

Social Security

Author : Paul O. Deaven
Publisher : Nova Publishers
ISBN 13 : 9781604562439
Total Pages : 172 pages
Book Rating : 4.5/5 (624 download)

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Book Synopsis Social Security by : Paul O. Deaven

Download or read book Social Security written by Paul O. Deaven and published by Nova Publishers. This book was released on 2008 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security, in the United States, currently refers to the Federal Old-Age, Survivors, and Disability Insurance (OASDI) program. The original Social Security Act[1] and the current version of the Act, as amended encompass several social welfare or social insurance programs. The larger and better known initiatives of the program are: Federal Old-Age, Survivors, and Disability Insurance; Unemployment Insurance; Temporary Assistance to Needy Families; Health Insurance for Aged and Disabled (Medicare); Grants to States for Medical Assistance Programs (Medicaid); State Children's Health Insurance Program (SCHIP); Supplemental Security Income (SSI). Social Security in the United States is a social insurance program funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA). The term, in everyday speech, is used only to refer to the benefits for retirement, disability, survivorship, and death, which are the four main benefits provided by traditional private-sector pension plans. By dollars paid, the U.S. Social Security program is the largest government program in the world. Largely because of solvency questions ranging from immediate crisis to large projected future shortfalls, reform of the Social Security system has been a major political issue for more than three decades. This book presents the latest issues and developments related to this program.

Annuity Markets in Chile

Author : Eduardo Walker
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4./5 ( download)

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Book Synopsis Annuity Markets in Chile by : Eduardo Walker

Download or read book Annuity Markets in Chile written by Eduardo Walker and published by World Bank Publications. This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "The author studies annuity rates in Chile and relates them with industry competition. He finds (1) that annuity insurance companies paying higher broker commissions paid lower annuity rates; and (2) a structural break of the long-run elasticity of annuity rates to the risk-free rate in 2001. Moreover, this structural break coincided with the submission of a new draft pension law proposing greater transparency in annuity markets and a generalized drop in broker commissions. The high commissions charged in the 1990s were partly returned to annuitants as informal (and illegal) cash rebates. Myopic pensioners preferred cash rebates over present values. Thus, the legal threat caused the drop in broker commissions, reduced the illegal practice of cash rebates, increased competition by way of annuity rates, and raised the long-run elasticity to one."--World Bank web site.

Social Protection and Labor at the World Bank, 2000-08

Author : Robert Holzmann
Publisher : World Bank Publications
ISBN 13 : 0821376543
Total Pages : 258 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Social Protection and Labor at the World Bank, 2000-08 by : Robert Holzmann

Download or read book Social Protection and Labor at the World Bank, 2000-08 written by Robert Holzmann and published by World Bank Publications. This book was released on 2009 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Protection & Labor at the World Bank, 2000-2008 presents a progress review of the sector strategy by the World Bank, published in early 2001. The strategy proposed a new conceptual frameworkOCoSocial Risk ManagementOCoto review and reform existing interventions and propose new ones that better assist vulnerable people in addressing the many risks to which they are exposed."

The World Bank Research Program, 2005-2007

Author :
Publisher : World Bank Publications
ISBN 13 : 0821374060
Total Pages : 286 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis The World Bank Research Program, 2005-2007 by :

Download or read book The World Bank Research Program, 2005-2007 written by and published by World Bank Publications. This book was released on 2008 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.

Global Financial Stability Report, April 2017

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1475564562
Total Pages : 126 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Global Financial Stability Report, April 2017 by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Global Financial Stability Report, April 2017 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-04-19 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial stability has continued to improve since the October 2016 Global Financial Stability Report (GFSR). Economic activity has gained momentum, as outlined in the April 2017 World Economic Outlook (WEO), amid broadly accommodative monetary and financial conditions, spurring hopes for reflation. Chapter 2 analyzes the potential long-term impact of a scenario of sustained low growth and low real and nominal rates for the business models of financial institutions and the products offered by the financial sector. Chapter 3 examines whether countries still retain influence over their domestic financial conditions in a globally integrated financial system. The chapter develops financial conditions indices that make it possible to compare a large set of advanced and emerging market economies.

The Role of Law and Regulation in Sustaining Financial Markets

Author : Niels Philipsen
Publisher : Routledge
ISBN 13 : 1317750403
Total Pages : 389 pages
Book Rating : 4.3/5 (177 download)

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Book Synopsis The Role of Law and Regulation in Sustaining Financial Markets by : Niels Philipsen

Download or read book The Role of Law and Regulation in Sustaining Financial Markets written by Niels Philipsen and published by Routledge. This book was released on 2014-11-13 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the role of law and regulation in sustaining financial markets in both developed and developing countries, particularly the European Union, United States and China. The central argument of this book is that law matters for the operation of financial markets, which, in turn, significantly influences the performance of firms, industries, and economies. The Role of Law and Regulation in Sustaining Financial Markets is divided into four parts. Part one addresses the connection between law, financial development, and economic growth. Part two deals with the role of financial regulation, which can be used to correct market failures, such as negative externalities, information asymmetries, and monopolies. Part three focuses on the design, functioning, and performance of different financial instruments. Part four examines the topic of Corporate Social Responsibility. This book contributes to the ‘law and finance’ literature by studying certain conventional issues, such as the relationship between finance and economic growth, and the effects of regulatory quality on financial development, from new perspectives and/or with new evidence, data, and cases. It also explores novel topics, such as project finance contracts, insurance and climate change, the shadow banking system, that have been overlooked in current literature. This book is meaningful not only for the EU and the US, which have suffered considerably from the financial crisis of 2008, but also for China, which is struggling to build a sound institutional infrastructure to govern its increasingly complicated financial system. By comparing the regulatory philosophies and practices of the EU, the US and China, this book will help the reader to understand the diverse nature of the global ‘law and finance’ nexus and avoid succumbing to the myth of "one size fits all".

World Bank Research Program

Author : World Bank
Publisher :
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.:/5 (7 download)

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Book Synopsis World Bank Research Program by : World Bank

Download or read book World Bank Research Program written by World Bank and published by . This book was released on 2005 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Advances and Applications in Computer Science, Electronics, and Industrial Engineering

Author : Marcelo V. Garcia
Publisher : Springer Nature
ISBN 13 : 3030977196
Total Pages : 350 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Advances and Applications in Computer Science, Electronics, and Industrial Engineering by : Marcelo V. Garcia

Download or read book Advances and Applications in Computer Science, Electronics, and Industrial Engineering written by Marcelo V. Garcia and published by Springer Nature. This book was released on 2022-05-25 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the proceedings of the 3rd Conference on Computer Science, Electronics, and Industrial Engineering (CSEI 2021), held in Ambato in October 2021, with participants from 10 countries and guest speakers from Chile, Colombia, Brasil, Spain, Portugal, and United States. Featuring 20 peer-reviewed papers, it discusses topics such as the use of metaheuristics for non-deterministic problem solutions, software architectures for supporting e-government initiatives, and the use of electronics in e-learning and industrial environments. It also includes contributions illustrating how new approaches to these converging research areas are impacting the development of human societies around the world. As such, it is a valuable resource for scholars and practitioners alike.

Annuity Markets in Chile

Author : Eduardo Walker H.
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Annuity Markets in Chile by : Eduardo Walker H.

Download or read book Annuity Markets in Chile written by Eduardo Walker H. and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The author studies annuity rates in Chile and relates them with industry competition. He finds (1) that annuity insurance companies paying higher broker commissions paid lower annuity rates; and (2) a structural break of the long-run elasticity of annuity rates to the risk-free rate in 2001. Moreover, this structural break coincided with the submission of a new draft pension law proposing greater transparency in annuity markets and a generalized drop in broker commissions. The high commissions charged in the 1990s were partly returned to annuitants as informal (and illegal) cash rebates. Myopic pensioners preferred cash rebates over present values. Thus, the legal threat caused the drop in broker commissions, reduced the illegal practice of cash rebates, increased competition by way of annuity rates, and raised the long-run elasticity to one."--World Bank web site.

Labor Markets and Social Policy in Central and Eastern Europe

Author : N. A. Barr
Publisher : World Bank Publications
ISBN 13 : 9780195209983
Total Pages : 414 pages
Book Rating : 4.2/5 (99 download)

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Book Synopsis Labor Markets and Social Policy in Central and Eastern Europe by : N. A. Barr

Download or read book Labor Markets and Social Policy in Central and Eastern Europe written by N. A. Barr and published by World Bank Publications. This book was released on 1994 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Essence of Reform.

The Impact of Privatization on the Performance of the Infrastructure Sector

Author : Luis Andrés
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Impact of Privatization on the Performance of the Infrastructure Sector by : Luis Andrés

Download or read book The Impact of Privatization on the Performance of the Infrastructure Sector written by Luis Andrés and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors analyze the impact of privatization on the performance of 116 electric utilities in 10 Latin American countries. The analysis makes a number of contributions to the literature on changes in infrastructure ownership. First, this is the first systemic analysis of the impact of privatization on the distribution of the electricity sector. Second, it constructs an unbalanced panel data set of key indicators for each country. Third, it includes a broader-than in past studies-range of indicators, such as output, employment, productivity, efficiency, quality, coverage, and prices, offering a fuller picture of the effects of privatization on consumers. Fourth, this research covers a longer period of time, and evaluates three stages-before, transition, and after-allowing for the identification of the short- and long-run effects of privatization, as opposed to previous analyses' short time series data that do not identify long-run outcomes. Finally, the counterfactual is considered through the analysis in trends. The authors apply two different methodologies. The first methodology uses means and medians from each period and tests the significance of the changes between periods. The second methodology consists of an econometric model that captures firm fixed effects, firm-specific time trends, and heteroscedasticity corrections. When needed, the authors used firm-specific time trends to better understand the outcomes. The results suggest that changes in ownership generate significant improvements in labor productivity, efficiency, and product and service quality, and that most of those changes occur in the transition period. Improvements in the post transition period-beyond two years after the change in ownership-are much more modest. "--World Bank web site.

The Handshake

Author : Olivia Jensen
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Handshake by : Olivia Jensen

Download or read book The Handshake written by Olivia Jensen and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper uses a new dataset, "WATSAN," of private sector participation (PSP) projects for water and sanitation in developing countries to examine the determinants of the number of projects signed for each country between 1990 and 2004. The new dataset improves on existing sources, in particular in its coverage of projects with local investors, and provides adequate data for cross-country regression analysis. The authors use a negative binomial regression model to investigate the factors influencing the number of PSP projects in a sample of 60 developing countries with 460 PSP projects. The regression results provide support for the hypotheses that PSP is greater in larger markets where the ability to pay is higher and where governments are fiscally constrained. The authors test several indicators of institutional quality and find that these are generally significant in determining the number of projects signed for each country. Measures of the protection of property rights and the quality of the bureaucracy emerge as the most important institutions that encourage PSP. Rule of law and the control of corruption are significant, albeit at a lower level, while the quality of contract law and political stability are not robustly significant. "--World Bank web site.

An Opportunity for a Different Peru

Author : Marcelo Giugale
Publisher : World Bank Publications
ISBN 13 : 082136863X
Total Pages : 860 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis An Opportunity for a Different Peru by : Marcelo Giugale

Download or read book An Opportunity for a Different Peru written by Marcelo Giugale and published by World Bank Publications. This book was released on 2007 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the first time in the republican history of Peru, the presidential transition takes place in democracy, social peace, fast economic growth and favorable world markets. In other words, there has never been a better chance to build a different Peru - a richer country, more equal and governable. There are multiple ways to achieve that goal. New reforms must stem from a widespread and participatory debate, one of a common vision conceived for and by Peruvians. This book aims at making a technical and independent contribution to such debate; it summarizes the knowledge available about the challenges to be faced by the new administration. The study does not recommend silver bullets, but suggests policy options. It is based on the analysis of the current reality and in six decades of relationships with Peru, in which the Bank has implemented more than 100 projects and prepared more than 500 technical reports covering the wide range of development topics. When necessary, the study provides lessons that the Bank has learned elsewhere. The study provides a conceptual framework to the analysis of the country's 34 economic sectors and the two historical perspectives behind them. In doing so, it offers a comprehensive reform agenda that sheds light on possible priorities and courses of action.