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Funded and Unfunded Pension Schemes: Risk, Return and Welfare

Miles, David K. - CESifo - 2000

This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on fun ded pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between funded and unfunded systems when there are sources of...

Persistent link: https://www.econbiz.de/10005181541

Risk Return and Portfolio Allocation under Alternative Pension Systems with Imperfect Financial Markets

Cerny, Ales; Miles, David K - C.E.P.R. Discussion Papers - 2001

This Paper uses stochastic simulations on calibrated models to assess the steady state impact of different pension arrangements in an environment where financial markets are less than perfect. Surprisingly little is known about the optimal split between funded and unfunded systems when there are...

Persistent link: https://www.econbiz.de/10005792047

Universities of the third age in Poland : emerging model for 21st century

Klimczuk, Andrzej - 2013

Main objective of this paper is to describe emergence of a Polish Universities of the Third Age model. These are a multidisciplinary non-formal education centers, which allow formation of positive responses to the challenges of an ageing population. Article indicates main organizational changes...

Persistent link: https://www.econbiz.de/10011450488

Aging and Public Financing Costs : Evidence from U.S. Municipal Bond Markets

Butler, Alexander W. - 2020

We examine the impact of population aging on municipal access to credit. A one standard deviation increase in a state's population age leads to a 23 basis point increase in municipal bond issue spread. Three mechanisms drive this effect: income tax revenue, healthcare liabilities, and pension...

Persistent link: https://www.econbiz.de/10012850634

Stock market returns and annuitization

Previtero, Alessandro - In: Journal of Financial Economics 113 (2014) 2, pp. 202-214

I investigate the strong negative relation between recent stock returns and the annuitization of retirement savings using a novel data set with over 100,000 actual payout decisions. After controlling for several standard explanations (e.g., wealth effects), I present evidence supporting naïve...

Persistent link: https://www.econbiz.de/10011039200

Fiscal and Social Policy : Financing Long-Term Care in Germany

Götze, Ralf - 2014

This paper deals with the coverage of long-term care (LTC) in Germany since the post-war period. Until the 1990s, long-term care was mainly a task of the family with means-tested, tax-financed care assistance as a last resort. In 1994, after two decades of political debate, the German parliament...

Persistent link: https://www.econbiz.de/10013064866

Securitization of Longevity and Mortality Risk

Cipra, Tomas - In: Czech Journal of Economics and Finance (Finance a uver) 60 (2010) 6, pp. 545-560

This paper deals with Alternative Risk Transfer (ART) through the securitization of longevity and mortality risks in pension plans and commercial life insurance. Various types of such mortality-linked securities are described (e.g., CATM bonds, longevity bonds, mortality forwards and futures,...

Persistent link: https://www.econbiz.de/10008876450

Subjective life expectancy and private pensions : conference paper

Bucher-Koenen, Tabea; Kluth, Sebastian - 2013

expectancy, because it directly infuences the expected rate of return. We examine the market for private annuities in Germany and …

Persistent link: https://www.econbiz.de/10010340956

MODELS FOR HOUSEHOLD PORTFOLIOS AND LIFE-CYCLE ALLOCATIONS IN THE PRESENCE OF LABOUR INCOME AND LONGEVITY RISK

Torricelli, Costanza - Dipartimento di Economia "Marco Biagi", Università … - 2009

Campbell (2006) stressed the two main challenges of household finance: empirical analyses that highlight how households do invest (i.e. positive household finance) have important measurement problems, while suggestions about how investments should be made (i.e. normative household finance)...

Persistent link: https://www.econbiz.de/10005196395

Optimal Gradual Annuitization: Quantifying the Costs of Switching to Annuities

Horneff, Wolfram J.; Maurer, Raimond H.; Stamos, Michael Z. - 2007

how much he consumes and how much he invests in stocks, bonds, and annuities. Pricing the annuities we account for … asymmetric mortality beliefs and administration expenses. We show that the retiree does not purchase annuities only once but … annuities only once and has to perform a (complete or partial) switching strategy. This restriction reduces both the utility and …

Persistent link: https://www.econbiz.de/10010316095