February 2017

03Feb

Derechos sociales y prohibición de regresividad: el caso issste y su voto de minoría

By Fernando Silva y Emmanuel Rosales Tanto la doctrina académica como la jurisprudencial han reconocido la prohibición de regresividad de los derechos sociales. En términos muy generales, dicha norma "constitucional" implica que las leyes no deben empeorar la situación de regulación del derecho vigente, desde el punto de vista del alcance y amplitud del goce de los derechos sociales. En todo caso, la regresividad de una norma legal en materia de seguridad social determina una presunción de invalidez o de...

February 3, 2017
Artículos, Noticias, Spanish
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03Feb

Social Reforms in China: 2016-2020

By Andoni Maiza and Ricardo Bustillo The need to evolve from an export-based economic model towards a different model where domestic consumption plays a larger role is what has driven the Chinese government to design new social policies to give households greater confidence and boost consumption levels. The 13th Five-Year Plan 2016-2020 includes measures to expand the coverage of the pension system, health insurance, and unemployment insurance, and also provides for a new raise to the minimum wage. However, there...

February 3, 2017
Regulation, System Sustainability
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03Feb

Constitutional Reform and Universal Pension Law

By Noemí Monroy Enriquez En México, en los próximos años, la tendencia demográfica se caracterizará por el incremento de la población adulta de 65 años o más, la cual, en su mayoría, no cuenta con algún ingreso para su subsistencia. El fenómeno del incremento de la población de edad avanzada no solamente es nacional; de acuerdo con el informe de Naciones Unidas, el crecimiento de la población adulta de 60 años y más se ha acelerado, lo que genera todo...

February 3, 2017
Adequacy, Regulation
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03Feb

Market risk analysis for Mexico´s pension funds: an autoregressive approach

By Marissa Martínez and Francisco Venegas The aim of this paper is to analyze the market risk of two types of investment funds, Basic SIEFORE 1 (SB1) and Basic SIEFORE 2 (SB2). To do this, we propose a performance index that will be used in ARIMA-GARCH models and some of its extensions, with the purpose of examining the dynamic behavior of the returns and their volatility on such investment funds. Moreover, the risk premium of both types of funds is...

February 3, 2017
Investing, Savings,
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03Feb

Social security, pensions and old age adults’ poverty in Mexico.

By Araceli Damián After discussing the role of pension systems in capitalism as instruments of redistribution of income between capital and labor and, therefore, of the class struggle, it is recounted how, in a context of a fragmented and inconclusive Welfare State, pension systems emerged in Mexico, and recent reforms to pension systems are analyzed, showing their impact in the reduction of benefits. Lastly, the poverty of the population of retirement age is analyzed in relation to their access to...

February 3, 2017
Labor Market, System Sustainability,
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03Feb

Pensions in Mexico A Long-Term Risk

By Victor M. Soria With the coming of economic globalization, over the last two decades, pre-existing problems in pension systems in practically all the countries of the world have sharpened. On the one hand, with increased life expectancy, the population pyramid now contains a larger number of retired persons and people ofretirement age; the increase in unemployment has lowered the number of contributors to social security systems; and on the other hand, financial liberalization and the economic adjustments brought by globalization...

February 3, 2017
Investing, Savings,
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03Feb

Dilemas de la protección social frente a la desaceleración económica

Esta publicación presenta una reflexión respecto de los desafíos de los sistemas de protección social en el Cono Sur frente a las nuevas condiciones tanto del contexto macroeconómico como del mercado laboral. El análisis incluye la situación en Argentina, Brasil, Chile, Paraguay y Uruguay. (more…)

February 3, 2017
Artículos, Regulación, Sostenibilidad del Sistema
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03Feb

Do Savings Increase in Response to Salient Information about Retirement and Expected Pensions?

By Mathias Dolls, Philipp Doerrenberg, Andreas Peichl and Holger Stichnoth How can retirement savings be increased? We explore a unique policy change in the context of the German pension system to study this question. As of 2004, the German pension authority started to send out annual letters providing detailed and comprehensible information about the pension system and individual expected pension payments. This reform did not change the level of pensions, but only manipulated the knowledge about and salience of expected...

February 3, 2017
Savings,
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03Feb

Matching Contributions for Pensions

By Richard Hinz, Robert Holzmann, David Tuesta, Noriyuki Takayama Establishing robust, equitable, and effective social protection is essential to reducing poverty and boosting prosperity at all levels of development. The demographic transition that has already transformed most high-income societies will exert similar and growing pressures on others, reinforcing the role of pensions and savings for old age as a central pillar of social protection systems. Despite this increasing imperative, achieving full coverage and adequate benefits within a financially sustainable pension system...

February 3, 2017
Regulation,
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03Feb

Retirement and its funding

By Norton Reamer and Jesse Downing In the wake of the global financial crisis of 2007–2009, investment was on people’s minds. From the fraud perpetrated by Bernie Madoff, to the mortgage crisis of 2007 and 2008 and the inadequate yields on “safe” bonds, it seemed as if no part of the economy had been more unsuccessfully managed or regulated than the part related to investing for our families’ futures. And yet, in the ensuing years, the stock market was making...

February 3, 2017
Investing,
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