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Author : John Hassler
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book Intergenerational Risk Sharing, Stability and Optimality of Alternative Pension Systems written by John Hassler and published by . This book was released on 1997 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Antonio Rangel
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 (91 download)
Download or read book Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing? written by Antonio Rangel and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are market and voting institutions capable of producing optimal intergenerational risk-sharing? To study this question, we consider a simple endowment economy with uncertainty and overlapping generations. Endowments are stochastic; thus it is possible to increase the welfare of every generation using intergenerational transfers that might depend on the state of the world. We characterize the transfers that are necessary to restore efficiency and compare them to the transfers that take place in markets and voting institutions. Unlike most of that literature, we study both ex-ante and interim risk-sharing. Our main conclusion is that both types of institutions have serious problems. Markets cannot generate ex-ante risk-sharing because agents can trade only after they are born. Furthermore, markets generate interim efficient insurance in some but not all economies because they cannot generate forward (old to young) intergenerational transfers. This market failure, in theory, could be corrected by government intervention. However, as long as government policy is determined by voting, intergenerational transfers might by driven more by redistributive politics than by risk sharing considerations. Successful government intervention can arise, even though agents can only vote after they are born, but only if the young determine policy in every election.
Author : Christoph Borgmann
Publisher : Springer Science & Business Media
ISBN 13 : 9783540222682
Total Pages : 202 pages
Book Rating : 4.2/5 (226 download)
Download or read book Social Security, Demographics, and Risk written by Christoph Borgmann and published by Springer Science & Business Media. This book was released on 2005 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume addresses the most important issues of the ongoing discussion on designing social security. It provides fundamental results for pay-as-you-go social security, covers the issues of social security during demographic transition and examines the inclusion of risk aspects into the analysis of social security. An empirical case study of Germany yields the surprising result that de facto the German public pension scheme already comprises an implicit demographic factor. This book allows a subtle understanding of how interacting risks are treated within different pension systems and thereby provides a basis for the development of innovative ways of risk sharing.
Author : Marco Micocci
Publisher : CRC Press
ISBN 13 : 1439817545
Total Pages : 766 pages
Book Rating : 4.4/5 (398 download)
Download or read book Pension Fund Risk Management written by Marco Micocci and published by CRC Press. This book was released on 2010-01-25 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: As pension fund systems decrease and dependency ratios increase, risk management is becoming more complex in public and private pension plans. Pension Fund Risk Management: Financial and Actuarial Modeling sheds new light on the current state of pension fund risk management and provides new technical tools for addressing pension risk from an integr
Author : John Y. Campbell
Publisher : University of Chicago Press
ISBN 13 : 0226092569
Total Pages : 509 pages
Book Rating : 4.2/5 (26 download)
Download or read book Risk Aspects of Investment-Based Social Security Reform written by John Y. Campbell and published by University of Chicago Press. This book was released on 2009-02-15 with total page 509 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce—such as the volatility in the market prices of investment assets—are the focus of this offering from the NBER. Exploring the issues involved in measuring risk and developing models to reflect the risks of various investment-based systems, economists evaluate the magnitude of the risks that both retirees and taxpayers would assume. The insights that emerge show that the risk is actually moderate relative to the improved return, as well as being balanced by the ability of an investment-based system to adapt to differences in individual preferences and conditions.
Author : Robert Holzmann
Publisher : World Bank Publications
ISBN 13 : 0821394797
Total Pages : 535 pages
Book Rating : 4.8/5 (213 download)
Download or read book Nonfinancial Defined Contribution Pension Schemes in a Changing Pension World written by Robert Holzmann and published by World Bank Publications. This book was released on 2012-11-01 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nonfinancial Defined Contribution (NDC) schemes are now in their teens. The new pension concept was born in the early 1990s, implemented from the mid-1990s in Italy, Latvia, Poland and Sweden, legislated most recently in Norway and Egypt and serves as inspiration for other reform countries. This innovative unfunded individual account scheme created high hopes at a time when the world seemed to have been locked into a stalemate between piecemeal reforms of ailing traditional defined benefit schemes and introducing pre-funded financial account schemes. The experiences and conceptual issues of NDC in its childhood were reviewed in a prior anthology (Holzmann and Palmer, 2006). This new anthology published in 2 volumes serves to review its adolescence and with the aim of contributing to a successful adulthood. Volume 1 on Progress, Lessons, Implementation includes a detailed analysis of the experience and the key policy lessons in the old and new pilot countries and the implementation of NDCs elements in other reform countries. This volume 2 on Gender, Politics, Financial Stability includes deeper and new analyses of these issues that found little or no attention in the 2006 publication. The gender perspective includes 5 chapters with, perhaps, the most complete discussion on gender and pension issues available to date. The financial stability perspective addresses in 6 chapters critical micro- and macroeconomic aspects such as the balancing mechanism, the use of a reserve fund, the handling of legacy costs, and technicalities related to the management of the longevity risk when designing annuities. While the 2 volumes address many issues it also opens a number of new questions for which good answers are not yet readily available.
Author :
Publisher : ScholarlyEditions
ISBN 13 : 1464966273
Total Pages : 456 pages
Book Rating : 4.4/5 (649 download)
Download or read book Issues in Political Systems Research: 2011 Edition written by and published by ScholarlyEditions. This book was released on 2012-01-09 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in Political Systems Research / 2011 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Political Systems Research. The editors have built Issues in Political Systems Research: 2011 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Political Systems Research in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Political Systems Research: 2011 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Author : Aaron S. Edlin
Publisher : Columbia University Press
ISBN 13 : 0231160151
Total Pages : 282 pages
Book Rating : 4.2/5 (311 download)
Download or read book The Economists' Voice 2.0 written by Aaron S. Edlin and published by Columbia University Press. This book was released on 2014-11-04 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EconomistsÕ Voice: Top Economists Take On TodayÕs Problems featured a core collection of accessible, timely essays on the challenges facing todayÕs global markets and financial institutions. The EconomistsÕ Voice 2.0: The Financial Crisis, Health Care Reform, and More is the next installment in this popular series, gathering together the strongest essays published in The EconomistÕs Voice, a nonpartisan online journal, so that students and general readers can gain a deeper understanding of the financial developments shaping their world. This collection contains thirty-two essays written by academics, economists, presidential advisors, legal specialists, researchers, consultants, and policy makers. They tackle the plain economics and architecture of health care reform, its implications for society and the future of the health insurance industry, and the value of the health insurance subsidies and exchanges built into the law. They consider the effects of financial regulatory reform, the possibilities for ratings reform, and the issue of limiting bankersÕ pay. An objective examination of the financial crisis and bank bailouts results in two indispensable essays on investment banking regulation after Bear Stearns and the positives and negatives of the Paulson/Bernanke bailout. Contributors weigh the merits of future rescues and suggest alternative strategies for addressing the next financial crisis. A final section examines a unique array of topics: the stability of pension security bonds; the value of a carbon tax, especially in fostering economic and environmental sustainability; the counterintuitive perils of net neutrality; the unforeseen consequences of government debt; the meaning of the Google book search settlement; and the unexploited possibilities for profit in NFL overtime games.
Author : Lans Bovenberg
Publisher : Cambridge University Press
ISBN 13 : 1139510908
Total Pages : 435 pages
Book Rating : 4.1/5 (395 download)
Download or read book The Future of Multi-Pillar Pensions written by Lans Bovenberg and published by Cambridge University Press. This book was released on 2012-06-21 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension systems are under serious pressure worldwide. This pressure stems not only from the well-known trend of population aging, but also from those of increasing heterogeneity of the population and increasing labour mobility. The current economic crisis has aggravated these problems, thereby exposing the vulnerability of many pension schemes to macroeconomic shocks. This book reconsiders the multi-pillar pension scheme against the background of these pressures. It adopts an integral perspective and asks how the pension system as a whole contributes to the three basic functions of pension schemes: facilitating life-cycle financial planning, insuring idiosyncratic risks and sharing macroeconomic risks across generations. It focuses on the optimal balance between the various pension pillars and on the optimal design of each of the schemes. It sketches a number of economic trade-offs, showing that countries may opt for different pension schemes depending on how they react to these trade-offs.
Author : Gabriele Camera
Publisher : Springer Science & Business Media
ISBN 13 : 3540295003
Total Pages : 268 pages
Book Rating : 4.5/5 (42 download)
Download or read book Recent Developments on Money and Finance written by Gabriele Camera and published by Springer Science & Business Media. This book was released on 2006-01-09 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assembles theoretical contributions to monetary theory, banking and finance. This book includes papers spanning themes from monetary policy to the optimal design of financial systems, and from the study of the causes of financial crises to payment systems design. It serves as a reference to researchers interested in the study of financial systems.
Author : Bert Johan Brys
Publisher : Rozenberg Publishers
ISBN 13 : 9051709986
Total Pages : 138 pages
Book Rating : 4.0/5 (517 download)
Download or read book Tax Arbitrage in the Netherlands written by Bert Johan Brys and published by Rozenberg Publishers. This book was released on 2005 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Claude d'Aspremont
Publisher : Springer Science & Business Media
ISBN 13 : 1461507839
Total Pages : 247 pages
Book Rating : 4.4/5 (615 download)
Download or read book Institutional and Financial Incentives for Social Insurance written by Claude d'Aspremont and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional and Financial Incentives for Social Insurance provides both an empirical and a theoretical account of the main difficulties presently threatening social insurance systems in most industrialized countries. It analyzes the remedies that have been discussed and sometimes introduced and addresses many questions still left largely unresolved: Are newly implemented or proposed reforms providing the correct incentives to all participants in the system? Is the quality of service improving and, if not, what can be done? How should the budgetary problems be solved considering both intra-generational and inter-generational redistributive policies? The volume describes a number of studies of social security systems in various countries and assesses the effect of various policies, including welfare or unemployment benefits, training and other active labour market policies, the provision of pension, and competition and budget devolution in health care. It applies empirical tests to individual preferences concerning unemployment compensation, and it analyzes nonfunded and funded social security systems, the transition from one system to the other, and the willingness to pay for pensions.
Author : Andrew Ang
Publisher : Oxford University Press
ISBN 13 : 019938231X
Total Pages : 717 pages
Book Rating : 4.1/5 (993 download)
Download or read book Asset Management written by Andrew Ang and published by Oxford University Press. This book was released on 2014-07-07 with total page 717 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Years of experience as a finance professor and a consultant have led him to see that what matters aren't asset class labels, but instead the bundles of overlapping risks they represent. Factor risks must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Clearly written yet full of the latest research and data, Asset Management is indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, to harvest them efficiently in their portfolios, and to embark on the search for true alpha.
Author : Stephen E. Spear
Publisher : Emerald Group Publishing
ISBN 13 : 1837530548
Total Pages : 200 pages
Book Rating : 4.8/5 (375 download)
Download or read book Overlapping Generations written by Stephen E. Spear and published by Emerald Group Publishing. This book was released on 2023-09-04 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn’t become the central workhorse model for macroeconomics, as opposed to the neoclassical growth model. The authors here explore the co-evolution of the two models.
Author : Robin Blackburn
Publisher : Verso
ISBN 13 : 9781859844090
Total Pages : 562 pages
Book Rating : 4.8/5 (44 download)
Download or read book Banking on Death written by Robin Blackburn and published by Verso. This book was released on 2003 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: A panoramic view of the origins and development of the pension idea.
Author : John Doling
Publisher : Routledge
ISBN 13 : 1351163221
Total Pages : 205 pages
Book Rating : 4.3/5 (511 download)
Download or read book Ageing Matters written by John Doling and published by Routledge. This book was released on 2018-01-18 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: The implications of population ageing have long concerned politicians, policy makers and governmental and non-governmental organizations in the welfare states of Europe. However, an ageing workforce is increasingly a matter of concern for the developed and fast-developing countries of Asia. Japan leads the field in this respect on account of the speed of its postwar economic development. But the little tigers of Hong Kong, Singapore, South Korea and Taiwan are poised to catch up, and Malaysia, though in the second tier of developing Asian economics, faces the prospect of population ageing sufficient to daunt an as yet under-prepared infrastructure for old age support. This book is the first to examine in detail the experiences and prospects of population ageing in those Asian countries with the highest GDP per capita. The authors pose the question to what extent Asia and 'old Europe' can learn from each other in terms of policy planning. The first section of the book sets out the field in terms of the demographic characteristics and policy predicaments of European and Asian countries. The second section presents case-studies of six countries: Japan, Hong Kong, Singapore, South Korea, Taiwan and Malaysia.
Author : Onno W. Steenbeek
Publisher : Springer Science & Business Media
ISBN 13 : 354074374X
Total Pages : 247 pages
Book Rating : 4.5/5 (47 download)
Download or read book Costs and Benefits of Collective Pension Systems written by Onno W. Steenbeek and published by Springer Science & Business Media. This book was released on 2007-10-11 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recommended by Nobel Laureate Robert C. Merton, this book offers the world a first-hand opportunity to learn why the Dutch pension system is so often praised and how it operates. The book also discusses aspects of the system that are less favorable, such as implicit value transfers from younger to older generations that limit mobility of labor. Throughout the discussions, the authors provide quantitative evidence to support their assertions.
