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January 2017

12Jan

Workable Pension Systems: Reforms in the Caribbean

By P. Desmond Brunton & Pietro Masci - Expenditure on pensions is frequently the highest single item in the public sector budgets of most countries. At the same time, demographic trends in almost every country show that populations are aging rapidly, due to lower fertility rates and improvements in life expectancy. The implications of these trends are that budget deficits are becoming unsustainable, with significant negative effects on competitiveness and economic growth. Inefficient management and underfunding of public pension systems as...

January 12, 2017
Articles, Uncategorized
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12Jan

The Norway Model

By David Chambers, Elroy Dimson & Antti Ilmanen - The Norwegian Government Pension Fund Global was recently ranked the largest fund on the planet. It is also highly rated for its professional, low-cost, transparent, and socially responsible approach to asset management. Investment professionals increasingly refer to Norway as a model for managing financial assets. We present and evaluate the strategies followed by the Fund, review long-term performance, and describe how it responded to the financial crisis. We conclude with some...

January 12, 2017
News
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12Jan

Building Long-Term Portfolio Benchmarks for Pension Funds in Emerging Economies

By Jorge Sabat - The movement from a defined benefit to a defined contribution pension system has important implications in the area of portfolio allocation. While the focus of defined benefit pension funds is essentially in the long term, some defined contribution funds might have incentives to invest with shorter-term horizons. The case of open pension funds, such as the ones in several countries in Latin America and Central and Eastern European countries, shows that competition on short-term returns may...

January 12, 2017
Adequacy, Investing
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12Jan

Longevity Annuity: An Annuity for Everyone?

By Jason S. Scott - As of 2005, individuals had an estimated $7.4 trillion invested in IRAs and employer-sponsored retirement accounts. Given these investments, many retirees will face the difficult problem of turning a pool of assets into a stream of retirement income. Purchasing an immediate annuity is a common recommendation for retirees looking to maximize retirement spending. However, the vast majority of retirees are unwilling to annuitize all of their assets. This paper demonstrates that a new type of...

January 12, 2017
Aging, Articles
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12Jan

Individual Accounts as Social Insurance: A World Bank Perspective

By Robert HolzMann and Robert Palacios - The trend toward including individual accounts as part of the mandatory pension system continues unabated. Nine Latin American countries have introduced individual accounts (Chile, Peru, Argentina, Colombia, Uruguay, Bolivia, Mexico, El Salvador and Nicaragua) and several more are preparing to do so (Ecuador, Dominican Republic) A similar trend has emerged in Europe where the former socialist countries are taking the lead: Hungary, Kazakhstan, Latvia and Poland have already passed reform legislation and many...

January 12, 2017
News
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12Jan

Identification for Development: The Biometrics Revolution – Working Paper 315

By Alan Gelb and Julia Clark - Formal identification is a prerequisite for development in the modern world. The inability to authenticate oneself when interacting with the state—or with private entities such as banks—inhibits access to basic rights and services, including education, formal employment, financial services, voting, social transfers, and more. Unfortunately, under documentation is pervasive in the developing world. Civil registration systems are often absent or cover only a fraction of the population. In contrast, people in rich countries...

January 12, 2017
Labor Market, Regulation
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