The redistributive design of social security systems

J Ignacio Conde‐Ruiz, P Profeta - The Economic Journal, 2007 - academic.oup.com
Countries with low intragenerational redistribution in social security systems (Bismarckian)
are associated with larger public pension expenditures, a smaller fraction of private pension …

Pension funds and emerging markets

JA Chan‐Lau - Financial Markets, Institutions & Instruments, 2005 - Wiley Online Library
This paper focuses on the investment behavior of pension funds in developed and emerging
market countries. First, it analyzes the main determinants of the emerging market asset …

Ageing and financial stability

EP Davis - Ageing, financial markets and monetary policy, 2002 - Springer
This article reviews some of the potential pitfalls for systemic financial stability that may arise
from the process of population ageing in coming decades. Although the issues are of global …

Insurance and economic growth

B Taub - Journal of Public Economics, 1989 - Elsevier
Individuals in a growing economy suffer from heterogeneous stochastic productivity shocks.
In the absense of perfect information, income subsidies that encourage investment are …

Managing investment risk in defined benefit pension funds

D Franzen - 2010 - oecd-ilibrary.org
This paper inquires into the forces that drive the practice of risk management at defined
benefit (DB) pension funds in Germany, Netherlands, United Kingdom and the United States …

Annuities markets around the world: Money's worth and risk intermediation

E James, X Song - Available at SSRN 287375, 2001 - papers.ssrn.com
Annuities markets around the world are small. However, they have been growing in recent
years and are likely to grow further as a result of reforms in public social security systems …

Pension fund management with hedging derivatives, stochastic dominance and nodal contamination

V Moriggia, M Kopa, S Vitali - Omega, 2019 - Elsevier
The main goal of a pension fund manager is sustainability. We propose an Asset and
Liability Management model structured as a multi-stage stochastic programming problem …

Prudent person rules or quantitative restrictions? The regulation of long-term institutional investors' portfolios

EP Davis - Journal of Pension Economics & Finance, 2002 - cambridge.org
This paper examines the rationale, nature and financial consequences of two alternative
approaches to portfolio regulations for life insurers and pension funds, namely prudent …

When the welfare state meets the regulatory state: EU occupational pension policy

M Haverland - Journal of European Public Policy, 2007 - Taylor & Francis
The increasing relevance of occupational pensions for the income security of the elderly
moves this policy area to the core of the tension between national redistributive welfare …

An option-based approach to bank vulnerabilities in emerging markets

JA Chan-Lau, A Jobert, QJ Kong - 2004 - papers.ssrn.com
We measure bank vulnerability in emerging markets using the distance-to-default, a risk
neutral indicator based on Merton's (1974) structural model of credit risk. The indicator is …