Pension Strategies In Europe And The United States
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Pension Strategies In Europe And The United States
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Author : Robert Fenge
language : en
Publisher: MIT Press
Release Date : 2008
Pension Strategies In Europe And The United States written by Robert Fenge and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Pension trusts categories.
Demographic realities will soon force developed countries to find ways to pay for longer retirements for more people. In Pension Strategies in Europe and the United States, leading economists analyze topical issues in pension policy, with a focus on raising the retirement age, increasing retirement savings, and the political sustainability of reforms that will accomplish these goals. After a substantive and wide-ranging introduction by the editors that weaves together the demographic and economic strands of the story, the chapters present cutting-edge research, offering both theoretical and empirical analyses. Contributors examine such topics as the reform of key structural features of existing pay-as-you-go (PAYG) pension systems, analyzing how benefits should vary with the age of retirement, labor supply elasticity after France's 1993 pension reform, and fiscal response to a demographic shock; the feasibility of PAYG reforms in the United States and the competition among state pension systems that results from labor mobility in Europe; and private, funded systems (increasingly perceived as necessary adjuncts to PAYG systems) in the UK, the US, and the Netherlands, and in terms of individual portfolio management. The editors conclude the volume with a study of recent German and UK reforms and their effects on personal savings.ContributorsTheodore C. Bergstrom, A. Lans Bovenberg, Antoine Bozio, Woojen Chung, Juan C. Conesa, Gabrielle Demange, Richard Disney, Carl Emmerson, Robert Fenge, Luisa Fuster, Carlos Garriga, Christian Gollier, John L. Hartman, Ayse Imrohoroglu, Selahattin Imrohoroglu, Thijs Knaap, Georges de Ménil, Pierre Pestieau, Eytan Sheshinski, Matthew WakefieldRobert Fenge is Senior Research Fellow at the Ifo Institute for Economic Research and Assistant Professor of Economics at the University of Munich. Georges de Ménil is Professor of Economics at École des Hautes Études en Sciences Sociales (EHESS), Paris. Pierre Pestieau is Professor of Economics at the University of Liège. Fenge and Pestieau are coauthors of Social Security and Early Retirement (MIT Press, 2005).
Pension Reforms In Central Eastern And Southeastern Europe
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Author : Igor Guardiancich
language : en
Publisher: Routledge
Release Date : 2013
Pension Reforms In Central Eastern And Southeastern Europe written by Igor Guardiancich and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
This book traces and analyzes the legislation and implementation of pension reforms in four Central, Eastern and Southeastern European countries: Croatia, Hungary, Poland and Slovenia. By comparing the political economy of their policymaking processes, it seeks to pinpoint regularities between institutional settings, actor constellations, decision-making strategies and reform. Guardiancich employs a historical institutionalist framework to analyze the policies, actors and institutions that characterized the period between the collapse of socialism and the global financial crisis of 2008-2011. He argues that viable pension reforms should not be seen simply as an event, but rather as a continuing process that must be fiscally, socially and politically sustainable. In particular, the primary goal of a pension scheme is to reduce poverty, provide adequate retirement income and insure against the risks of old age within given fiscal constraints, and this will happen only if the scheme enjoys continuing political support at all levels. To this end the author individuates those institutional characteristics of countries that increase the consistency of reforms and lower the likelihood of policy reversals in time. Pension Reforms in Central, Eastern and Southeastern Europe will be of interest to students and scholars of political science, political economy, social policy and economics.
Reforming Early Retirement In Europe Japan And The Usa
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Author : Bernhard Ebbinghaus
language : en
Publisher: OUP Oxford
Release Date : 2008-10-16
Reforming Early Retirement In Europe Japan And The Usa written by Bernhard Ebbinghaus and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-16 with Political Science categories.
Since the 1970s early exit from work has become a major challenge in modern welfare states. Governments, employers, and unions alike once thought of early retirement as a peaceful solution to the economic problems of mass unemployment and industrial restructuring. Today governments and international organizations advocate the postponement of retirement and an increase in activity among older workers. Comparing the USA, eight European countries, and Japan, this book demonstrates significant cross-national differences in early retirement across countries and over time. The study evaluates the impact of major variations in welfare regimes, production systems, and labor relations. It stresses the importance of the 'pull factor' of extensive welfare state provisions, particularly in Continental Europe; the 'push factor' of labor shedding strategies by firms, particularly in Anglo-American market economies; and the role of employers and worker representatives in negotiating retirement policies, particularly in coordinated market economies. Over the last three decades, early retirement has become a popular social policy and employment practice in the workplace, adding to the fiscal crises and employment problems of today's welfare states. Attempts to reverse early retirement policies have led to major reform debates. Unilateral government policies to cut back on social benefits have not had the expected employment results due to resistance from employers, workers, and their organizations. Successful reforms require the cooperation of both sides. This study provides comprehensive empirical analysis and a balanced approach to studying both the pull and the push factors affecting early exit from work needed to understand the development of early retirement regimes.
Sustainability Of Pension Systems In The New Eu Member States And Croatia
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Author : Leszek Kasek
language : en
Publisher: World Bank Publications
Release Date : 2008-02-01
Sustainability Of Pension Systems In The New Eu Member States And Croatia written by Leszek Kasek and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-01 with Business & Economics categories.
This study finds that pension reforms in recent years have improved the efficiency and sustainability of pension systems in the new member states of the European Union and Croatia. However, for many countries, these probably have not gone far enough to ensure long-term sustainability, given the aging of the population. Reforms have included changes to Pay-As-You-Go (PAYG) systems, including increases in retirement ages (not at least for women), new benefit formulas, and new indexation mechanism. Some countries (Latvia and Poland) have further strengthened the link of contributions and benefits to the sustainability of the PAYG system through the introduction of national defined contribution accounts. The link is strengthened also by moving to a point system, which has been adopted by many of the countries. Several countries have introduced a second, private, pension pillar, funded through diversion of part of the pension contributions, thereby diversifying risk. However, some countries (in particular the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, while others face challenges to ensure equitable pension systems and adequate living standards for all elderly people.
Pensions In The European Union Adapting To Economic And Social Change
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Author : Gerard Hughes
language : en
Publisher: Springer
Release Date : 2012-12-22
Pensions In The European Union Adapting To Economic And Social Change written by Gerard Hughes and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-22 with Social Science categories.
The ageing, financial and labour market challenges facing the old age pension systems of the member states of the European Union are well known. Those who cast doubt on the ability of the present system of pension provision - at least to the extent that it is pay-as-you-go financed - to cope with the problems posed by these challenges are getting more vociferous. Increasingly there are calls for pay-as-you-go systems to be cut back and for funded systems to be expanded. This book contests the view that funding is the answer. It shows how adaptable the largely pay-as-you-go old age pension systems in the European Union are. Actuaries, economists, lawyers, political scientists, pension advisers, and sociologists, from nine European countries and the United States, consider four main themes: population ageing, competitiveness and retirement; pension financing and economic growth; adapting pension systems to meet change; and decision-making processes. They argue that pay-as-you-go-financed old age pension systems in the European Union have the ability to successfully adapt to economic and social change provided they do not take on too many non-insurance-related risks. Solving the problems of the labour market and controlling the direction and extent of economic development are beyond the powers of old age pension systems, regardless of how they are structured or financed. Separate budgets for separate risks is an indispensable principle if the complex processes of social protection are to be successfully managed, monitored, and made transparent. There can be no single plan for the future development of old age pension systems which would be universally valid for all the countries of the European Union. A single solution cannot take into account the special circumstances obtaining in every nation, and since respect for the special features of national systems is the basis of popular acceptance, the way forward is to reform existing systems in existing contexts.
Strategic Focus On Investment Strategies For Pension Funds In Europe
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Author : Harrison
language : en
Publisher:
Release Date : 2000-05-01
Strategic Focus On Investment Strategies For Pension Funds In Europe written by Harrison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-05-01 with categories.
Evaluating The Financial Performance Of Pension Funds
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Author : Richard Hinz
language : en
Publisher: World Bank Publications
Release Date : 2010-01-14
Evaluating The Financial Performance Of Pension Funds written by Richard Hinz and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-14 with Business & Economics categories.
Countries around the world are increasingly relying on individual pension savings accounts to provide income in old age for their citizens. Although these funds have now been in place for several decades, their performance is usually measured using methods that are not meaningful in relation to this long-term objective. The recent global financial crisis has highlighted the need to develop better performance evaluation methods that are consistent with the retirement income objective of pension funds. Compiling research derived from a partnership among the World Bank, the Organisation for Economic Co-operation and Development (OECD), and three private partners, 'Evaluating the Financial Performance of Pension Funds' discusses the theoretical basis and key implementation issues related to the design of performance benchmarks based on life-cycle savings and investment principles. The book begins with an evaluation of the financial performance of funded pension systems using the standard mean variance framework. It then provides a discussion of the limitations inherent to applying these methods to pension funds and outlines the many other issues that should be addressed in developing more useful and meaningful performance measures through the formulation of pension-specific benchmark portfolios. Practical implementation issues are addressed through empirical examples of how such benchmarks could be developed. The book concludes with commentary and observations from several noted pension experts about the need for a new approach to performance measurement and the impact of the recent global financial crisis on pension funds.
How The Financial Crisis Affects Pensions And Insurance And Why The Impacts Matter
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Author : Gregorio Impavido
language : en
Publisher: International Monetary Fund
Release Date : 2009-07
How The Financial Crisis Affects Pensions And Insurance And Why The Impacts Matter written by Gregorio Impavido and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07 with Business & Economics categories.
We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending's import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves to offset the real appreciation would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness resulting from "Dutch Disease" effects could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.
Pension Reform And The Development Of Pension Systems
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Author : Emily S. Andrews
language : en
Publisher: World Bank Publications
Release Date : 2006
Pension Reform And The Development Of Pension Systems written by Emily S. Andrews and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
"Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
Pension Fund Governance
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Author : Michael Orszag, John Evans, John Piggott
language : en
Publisher: Edward Elgar Publishing
Release Date : 2008-06-30
Pension Fund Governance written by Michael Orszag, John Evans, John Piggott and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-30 with Business & Economics categories.
'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions