admin, Author at Pension Policy International

04FebFebruary 4, 2017

Stress Tests for Defined Benefit Pension Plans: A Primer

By Gregorio Impavido Stress testing is a useful and increasingly popular, yet sometimes misunderstood, method of analyzing the resilience of financial systems to adverse events. This paper aims to help demystify stress tests and illustrate their strengths and weaknesses. Using an Excel-based template with institution-specific data, readers are walked through the basics of liability valuation and stress testing of assets and liabilities of a typical defined benefit plan. Full Content: EconBiz

February 4, 2017

Books, Regulation, Supervision, System SustainabilityInvestment, Sustainability

04FebFebruary 4, 2017

Pension supervision: understanding international practice and country context

By Richard P. Hinz & Anca Mataoanu (more…)

February 4, 2017

Articles, Regulation, SupervisionPolitical economy, Sustainability

04FebFebruary 4, 2017

Pension systems and their meaning for welfare: a comparison of PAYG and FF pension systems

By Wencke Böhm Full Content: EconBiz

February 4, 2017

Books, Regulation, System SustainabilityPolitical economy

04FebFebruary 4, 2017

Pension systems and financial constraints in a three-country OLG model of intra-EMU and global trade imbalances

By Karl Farmer & Bogdan Mihaiescu Full Content: EconBiz

February 4, 2017

Books, Regulation, System SustainabilityInvestment, Political economy

04FebFebruary 4, 2017

Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents

By Joanna Tyrowicz, Krzysztof Makarski and Marcin Bielecki We analyze the effects of increasing the retirement age in two economies with overlapping generations and within cohort ex ante heterogeneity. The first economy has a defined benefit system, and the second economy is in transition from a defined benefit to a defined contribution. We find that if increase in the retirement age is phased in a way that allows agents to adjust, welfare is not reduced and welfare effects have a...

February 4, 2017

Aging, Articles, Pension designLabor Market, Political economy

04FebFebruary 4, 2017

Redesigning pension systems: the institutional structure of pension systems should follow population developments

By Marek Gora For decades, pension systems were based on the rising revenue generated by an expanding population (demographic dividend). As changes in fertility and longevity created new population structures, however, the dividend disappeared, but pension systems failed to adapt. They are kept solvent by increasing redistributions from the shrinking working-age population to retirees. A simple and transparent structure and individualization of pension system participation are the key preconditions for an intergenerationally just old-age security system. Full Content: EconBiz

February 4, 2017

Articles, Books, Labor Market, Pension design, Regulation

04FebFebruary 4, 2017

Do Non-Monetary Prices Target the Poor? Evidence from a Field Experiment in India

By Bridget Hoffmann This paper uses willingness to pay (WTP) data from a field experiment in Hyderabad, India in 2013 to determine whether non-monetary prices better target health products to the poor than monetary prices. Monetary WTP is increasing in income and non-monetary WTP is weakly decreasing in income. Household fixed effects in a pooled sample of monetary WTP and non-monetary WTP are used to compare the correlation of income and WTP across price types. It is found that non-monetary...

February 4, 2017

Articles, Labor Market, Pension designSocial Protection

04FebFebruary 4, 2017

Balance Sheet Effects in Colombian Non-Financial Firms

By Sergio Restrepo, Adolfo Barajas, César Pabón & Roberto Steiner After building up foreign currency-denominated (FC) liabilities over several years, the balance sheets of Colombian firms might be particularly vulnerable to a shift in external conditions. This paper undertakes four exercises in order to get a better understanding of these vulnerabilities. First, probit/logit estimations are used to identify the firm-level and macroeconomic determinants of FC borrowing by non-financial corporations. Second, the implications of the balance sheet vulnerability for real activity...

February 4, 2017

Articles, Investing, RegulationCorporate Governance, Political economy

04FebFebruary 4, 2017

What Capabilities Do the New Innovation and Structural Change Policies in Uruguay Require?

By Carlos Bianchi, Guillermo Fuentes, Lucía Pittaluga This paper analyzes three organizations that implement productive development policies in Uruguay: (i) the Dirección Nacional de Recursos Naturales Renovables (National Directorate of Renewable Natural Resources); (ii) sectoral councils; and (iii) the Agencia Nacional de Investigación e Innovación (National Agency of Research and Innovation). Selected cases show that during the past decade, there was a major effort to boost productive development policies in Uruguay and build capabilities for that purpose. The paper also...

February 4, 2017

Articles, Regulation, System SustainabilityCorporate Governance, Sustainability

04FebFebruary 4, 2017

The Political Economy of Pension Reform: Public Opinion in Latin America and the Caribbean

By Fabiana Machado Countries around the world are facing important challenges to the sustainability of their pension systems. Changing policies, especially those of large scope and financial magnitude, is a political challenge. It takes a combination of willingness, capacity and enough political support to change the status quo and avoid costly subsequent reversals. Taking advantage of several waves of public opinion data in Latin America and the Caribbean, this paper aims to identify and analyze individual-level factors that are relevant...

February 4, 2017

Articles, RegulationPolitical economy, Regulation

February 2017