Progress and Challenges of Nonfinancial Defined Pension Schemes, Volume 1: Addressing Marginalization, Polarization, and the Labor Market, Robert Holzmann, Edward Palmer, Robert Palacios, Stefano Sacchi
Описание: Offering public pensions with an account scheme that pays out what one paid in plus interest, and that keeps the system financially sound while not using financial markets has emerged as a reform benchmark for all pension schemes worldwide. The publication analyses country experiences, design and operational challenges, and solutions.
Автор: Holzmann Robert Название: Nonfinancial Defined Contribution Pension Schemes in a Chang ISBN: 0821394789 ISBN-13(EAN): 9780821394786 Издательство: Mare Nostrum (Eurospan) Цена: 5267.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: 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.<br><br> The experiences and conceptual issues of NDC in its childhood were reviewed in a prior anthology (Holzmann and Palmer, 2006). This new anthology serves to review its adolescence and with the aim of contributing to a successful adulthood. To this end the book offers a deep and comprehensive review of the experience of countries where NDC schemes have been in place for a decade or more, takes stock of the discussions of the place of NDCs in the world of pension reform, and addresses in detail important issues related to implementation and design, such as the of the “NDC story”, making transparent the legacy costs, financial accounting, balancing, creation of a reserve fund, gender, and longevity. The book also contains analyses of the pros and cons of NDC contra FDC and a typical paygo DB scheme in two Latin American countries. <br><br> The key policy conclusions include: (i) NDC schemes work well (as documented by the experience of Italy, Latvia, Poland and Sweden during the crisis) but there is room to make them work even better; (ii) Go for an immediate transition to the new scheme to avoid future problems; (iii) Identify the legacy costs and their explicit financing during the transition as they will hit you otherwise soon; (iv) Adopt an explicit stabilising mechanism to guarantee solvency; (v) Establish a reserve fund to guarantee liquidity; (vi) Elaborate an explicit mechanism to share the systemic longevity risk; and, last but not least; (vii) Address the gender implications of NDC with deeper analysis and open political discourse.
Pension fund benefits are crucial for pensioners' welfare and pension fund savings have accumulated to huge amounts, covering a major part of world-wide institutional investments. However, the literature on pension fund economics and finance is rather limited, caused, in part, to limited data availability. This book contributes to this literature and focuses on three important areas. The first is pension fund (in)efficiency, which has a huge impact on final benefits, particularly when annual spoilage accumulates over a lifetime. Scale economies, pension plans complexity and alternative pension saving plans are important issues.
The second area is investment behavior and risk-taking. A key question refers to the allocation of investments over high risk/high return and relatively safe assets. Bikker investigates whether pension funds follow the life-cycle hypothesis: more risk and return for pension funds with young participants. Many pension funds are rather limited in size, which may raise the question how financially sophisticated the pension fund decision makers are: rather professionals or closer to unskilled private persons?
The third field concerns two regulation issues. How do pension fund respond to shocks such as unexpected investment returns or changes in life expectancy? What are the welfare implications to the beneficiary for different methods of securing pension funding: solvency requirements, a pension guarantee fund, or sponsor support?
This groundbreaking book will challenge the way pension fund economics is thought about and practiced.
Автор: Drucker Название: The Pension Fund Revolution ISBN: 1138537365 ISBN-13(EAN): 9781138537361 Издательство: Taylor&Francis Рейтинг: Цена: 22202.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: In The Pension Fund Revolution, originally published nearly two decades ago under the title The Unseen Revolution, Drucker reports that institutional investors, especially pension funds, have become the controlling owners of America`s large companies, the country`s only capitalists
Автор: Blake David Название: Issues in Pension Funding ISBN: 1138023078 ISBN-13(EAN): 9781138023079 Издательство: Taylor&Francis Рейтинг: Цена: 6430.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: First published in 1992, this book explains how pension funds work in order to highlight their impact on the economy as a whole. David Blake explores the different systems in operation at the time of writing, both state run and private sector, and describes policy initiatives such as personal pension schemes. Longer life-expectancy, overseas investment, equal opportunities and short-termism in capital markets are among the issues discussed as David Blake assesses how pension funds typically behave. This is a title of continued relevance, which addresses the questions repeatedly raised within government and wider society.
Описание: First published in 1992, this title conducts an in-depth examination of the investment behaviour of pension funds, presenting the first econometric model in this area. Using the well-established framework of modern portfolio theory, David Blake derives a model of optimal portfolio behaviour that explains pension fund asset holdings in terms of the most important macroeconomic and cyclical indicators. He shows how factors such as industry profitability, the balance of payments and the monetary and fiscal policies of the government influence pension fund investments. Broad in scope, this reissue will be of particular value to students and academics with an interest in econometrics, investment analysis and the pension fund industry.
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