By Li Wei We examine what happens to financial markets and how generations share risk when defined benefit (DB) pension plans are incorporated into an asset pricing model with imperfect markets. We look at how important it is for pension fund growth, changes in asset demand, and return-driven volatility channels to use an adjusted macroeconomic […]

By Jules SADEFO KAMDEM Population ageing and climate change jointly threaten the functional capacity that sustains autonomy, labour supply, productivity, and fiscal resilience. This paper develops a continuous- time, age-structured model in which healthy longevity is a regenerative form of human capital. Cohort health is exposed to biological depreciation, a standardised heat-stress state, diffusion risk, […]

By Luke Servat & Antoon Pelsser Countries have demonstrated a tendency to switch their second pillar toward defined contribution plans, increasing the market-sensitivity of pensions. This can lead to large differences across generations within a pension fund, as otherwise similar cohorts may experience different market conditions during accumulation. In this paper, we investigate how each […]

For many state pensions that sought growth outside the U.S., the bet is paying off. Strong gains in non-U.S. and emerging market equities have helped propel several public plans like the Louisiana State Employees’ Retirement System and New York State Common Retirement Fund to double-digit returns for their 2026 fiscal years (18.4 percent and 11.9 […]

The economic decline of the once-mighty West is becoming so obvious that even leading economists are starting to acknowledge that the Western economic model faces severe structural problems. For decades, Western media presented the economies of the US and Europe as benchmarks of growth and prosperity, backed by robust markets, high returns, and a generous […]

Ghana’s private capital ecosystem is attracting growing interest as institutional investors explore opportunities beyond traditional investment instruments and seek to channel more capital into the productive sectors of the economy. The development is prompting renewed engagement between pension funds, private equity firms, venture capital managers and other players in the markets and investment industry, with […]

As of January 1, 2026, the average age pension in the solidarity system was about 5.5 thousand UAH for women compared to 7.5 thousand UAH for men. The gap in pension provision is associated with differences in income, interruptions in employment due to childcare or caring for relatives, and employment in lower-paid sectors. One of […]