Pension Systems, Demographic Change, and the Stock Market
Pension Systems, Demographic Change, and the Stock Market

Author: Marten Hillebrand

Publisher: Springer Science & Business Media

Published: 2008-10-16

Total Pages: 178

ISBN-13: 3540779728

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Due to the accelerating demographic change of the population the reform of the existing pension systems constitutes one of the greatest political challenges in most European countries. A theoretical discussion of different pension reforms must incorporate not only the demographic aspect but also the role of financial market risk and the impact on production and employment. These notes develop a dynamic macroeconomic model which incorporates these aspects within a flexible theoretical framework. The proposed approach provides a large scale population model and features a sound description of the production side as well as of the financial side of the economy and their interactions with the pension system. Within this framework various adjustment policies of the pension system are studied under different population scenarios. The consequences for the economy and the welfare of consumers are analyzed and compared.

Assessing Chile's Pension System: Challenges and Reform Options
Assessing Chile's Pension System: Challenges and Reform Options

Author: Samuel Pienknagura

Publisher: International Monetary Fund

Published: 2021-09-10

Total Pages: 52

ISBN-13: 151359611X

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Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.

Pension Systems, Demographic Change, and the Stock Market
Pension Systems, Demographic Change, and the Stock Market

Author: Marten Hillebrand

Publisher: Springer

Published: 2009-08-29

Total Pages: 178

ISBN-13: 9783540870647

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Due to the accelerating demographic change of the population the reform of the existing pension systems constitutes one of the greatest political challenges in most European countries. A theoretical discussion of different pension reforms must incorporate not only the demographic aspect but also the role of financial market risk and the impact on production and employment. These notes develop a dynamic macroeconomic model which incorporates these aspects within a flexible theoretical framework. The proposed approach provides a large scale population model and features a sound description of the production side as well as of the financial side of the economy and their interactions with the pension system. Within this framework various adjustment policies of the pension system are studied under different population scenarios. The consequences for the economy and the welfare of consumers are analyzed and compared.

Financial Aspects of the United States Pension System
Financial Aspects of the United States Pension System

Author: Zvi Bodie

Publisher: University of Chicago Press

Published: 2008-04-15

Total Pages: 466

ISBN-13: 0226062899

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This book provides valuable information and analysis to managers, policymakers, and investment counselors in the rapidly expanding field of pension funding. American workers, too, need answers and insights on how to invest their money and plan for their retirement. fifteen of America's leading financial analysts address such pressing questions as -What is the current financial status of the elderly, and how vulnerable are they to inflation? -What is the impact of inflation on the private pension system, and what are the effects of alternative indexing schemes? -What roles can the social security system play in the provision of retirement income? -What is the effect of the tax code and the Employee Retirement Income Security Act of 1974 (ERISA) on corporate pension policy? -How well funded are corporate pension plans, and is a firm's unfunded pension liability fully reflected in the market value of its common stock? Many of the conclusions these experts reach contradict and challenge popular views, thus providing fertile ground for innovation in pension planning.

Aging and the Macroeconomy
Aging and the Macroeconomy

Author: National Research Council

Publisher: National Academies Press

Published: 2013-01-10

Total Pages: 230

ISBN-13: 0309261961

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The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.

The Demographic Dividend
The Demographic Dividend

Author: David Bloom

Publisher: Rand Corporation

Published: 2003-02-13

Total Pages: 127

ISBN-13: 0833033735

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There is long-standing debate on how population growth affects national economies. A new report from Population Matters examines the history of this debate and synthesizes current research on the topic. The authors, led by Harvard economist David Bloom, conclude that population age structure, more than size or growth per se, affects economic development, and that reducing high fertility can create opportunities for economic growth if the right kinds of educational, health, and labor-market policies are in place. The report also examines specific regions of the world and how their differing policy environments have affected the relationship between population change and economic development.

Future Directions for the Demography of Aging
Future Directions for the Demography of Aging

Author: National Academies of Sciences, Engineering, and Medicine

Publisher: National Academies Press

Published: 2018-07-21

Total Pages: 409

ISBN-13: 0309474108

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Almost 25 years have passed since the Demography of Aging (1994) was published by the National Research Council. Future Directions for the Demography of Aging is, in many ways, the successor to that original volume. The Division of Behavioral and Social Research at the National Institute on Aging (NIA) asked the National Academies of Sciences, Engineering, and Medicine to produce an authoritative guide to new directions in demography of aging. The papers published in this report were originally presented and discussed at a public workshop held in Washington, D.C., August 17-18, 2017. The workshop discussion made evident that major new advances had been made in the last two decades, but also that new trends and research directions have emerged that call for innovative conceptual, design, and measurement approaches. The report reviews these recent trends and also discusses future directions for research on a range of topics that are central to current research in the demography of aging. Looking back over the past two decades of demography of aging research shows remarkable advances in our understanding of the health and well-being of the older population. Equally exciting is that this report sets the stage for the next two decades of innovative researchâ€"a period of rapid growth in the older American population.

Old and New Perspectives on Mortality Forecasting
Old and New Perspectives on Mortality Forecasting

Author: Tommy Bengtsson

Publisher: Springer

Published: 2019-03-28

Total Pages: 341

ISBN-13: 3030050750

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This open access book describes methods of mortality forecasting and discusses possible improvements. It contains a selection of previously unpublished and published papers, which together provide a state-of-the-art overview of statistical approaches as well as behavioural and biological perspectives. The different parts of the book provide discussions of current practice, probabilistic forecasting, the linearity in the increase of life expectancy, causes of death, and the role of cohort factors. The key question in the book is whether it is possible to project future mortality accurately, and if so, what is the best approach. This makes the book a valuable read to demographers, pension planners, actuaries, and all those interested and/or working in modelling and forecasting mortality.

World Population Prospects
World Population Prospects

Author: United Nations. Department of Economic and Social Affairs. Population Division

Publisher: United Nations Publications

Published: 2006

Total Pages: 304

ISBN-13: 9789211514094

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This third and last volume of the 2004 Revision of World Population Prospects presents the analytical report of the official United Nations world population estimates and projections. It provides detailed analysis of the results and also documents data sources used and methods applied in the preparation of the 2006 Revision. The report is accompanied by an executive summary. Publishing Agency: United Nations (UN).

Pension Reform
Pension Reform

Author: Robert Holzmann

Publisher: World Bank Publications

Published: 2006

Total Pages: 692

ISBN-13: 082136166X

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This book presents 25 state of the art papers on the conceptual foundations and issues surrounding Non-financial, or Notional, Defined Contribution (NDC), country implementation of NDC (Italy, Latvia, Poland, and Sweden) and case studies for countries where NDC is figured in the reform debate. This book is intended to be a handbook for academics and policy makers who want to become informed about what NDC is and to learn about the pros and cons of this attractive reform proposal.