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Lessons of the financial crisis for the design of national pension systems
Burtless, Gary - 2009
The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...
Persistent link: https://www.econbiz.de/10003872221
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Lessons of the Financial Crisis for the Design of National Pension Systems
Burtless, Gary - 2009
The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...
Persistent link: https://www.econbiz.de/10013157457
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Funded and unfunded pension schemes : risk, return and welfare
Miles, David - 2000
funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different …
Persistent link: https://www.econbiz.de/10009781509
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A portfolio approach to the optimal mix of funded and unfunded pensions
Bouhakkou, Léa; Coën, Alain; Folus, Didier - In: Applied economics 52 (2020) 16, pp. 1733-1744
Persistent link: https://www.econbiz.de/10012197588
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From PAYG to Private Pensions : Income Gaps, Asset Allocation and Diversification Benefits
Berk, Ales S. - 2012
Current demographic dynamics driven by low fertility and increasing longevity requires adjustments of the traditional frameworks of providing pensions. In this article we highlight three crucial issues policymakers should address by implementing those adjustments. First, fiscal limitations given...
Persistent link: https://www.econbiz.de/10013102070
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Lessons of the financial crisis for the design of national pension systems
Burtless, Gary - In: CESifo economic studies : CESifo, a joint initiative of … 56 (2010) 3, pp. 323-349
The recent financial crisis and the historical record suggest important lessons about the design of national pension systems. First, wide fluctuations in asset returns make it hard for well-informed savers to select a saving rate or a sensible investment strategy for defined-contribution (DC)...
Persistent link: https://www.econbiz.de/10008666198
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The impact of fees on the return of the second pension pillar in Romania
Dumitrescu, Bogdan; Hândoreanu, Cătălina Adriana - In: Financial studies 25 (2021) 1, pp. 65-77
Setting an adequate level for the fees charged by pension fund administrators is a key design element for policymakers when establishing a second pension pillar. A proper balance between the interest of future pensioners and the ones of administrators is required, but an optimal level of fees is...
Persistent link: https://www.econbiz.de/10012664493
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Risk sharing and transition in the reform of pension systems in Europe <span.>
Miles, David; Timmermann, Allan - In: Información comercial española / Cuadernos económicos (1998) 64, pp. 39-73
Persistent link: https://www.econbiz.de/10001528971
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Risk sharing and transition costs in the reform of pension systems in Europe
Miles, David; Timmermann, Allan - In: Economic policy : a European forum (1999), pp. 251-286
Persistent link: https://www.econbiz.de/10001471569
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Can Asset Allocation Limits Determine Portfolio Risk-Return Profiles in DC Pension Schemes?
Gutierrez, Tomás - 2018
maximum limits by asset class) in order to create funds with different risk-return profiles. In this article we challenge this … approach and show that such funds exhibit erratic risk-return profiles that deviate significantly from the intended design. We … propose to replace all minimum and maximum asset allocation constraints by a single risk metric (or measure) that controls …
Persistent link: https://www.econbiz.de/10012913303