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July 2024

Dirty Air and Green Investments: The Impact of Pollution Information on Portfolio Allocations

By Raymond Fisman, Pulak Ghosh, Arkodipta Sarkar & Jian Zhang We study exposure to pollution information and investment portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework, we show that retail investors' investments in "brown" stocks are negatively related to local air pollution after a monitoring station appears nearby, with particularly pronounced effects on ``alert'' dates when air quality is listed as harmful to the general population. The effect of pollution information on...

Pension Reforms, Expectations, and Labour Market Behaviour

By Tabea Bucher-Koenen, Irene Ferrari & Yuri Pettinicchi This study examines how expectations about institutional settings and their reform affect middleaged individuals’ labour market behaviour in the context of these reforms. We exploit time and cross-country variation in pension regulations in six European countries. We show that, following a 1-year increase in the pension eligibility age (SEA), individuals expect to claim their pensions around 3.6 months later on average - adjustments are larger among women compared to men. Individuals with...

Reformas de pensiones en América Latina: Balanceando mejoras en beneficios y contención de la presión fiscal

Por S&P Global Ratings El envejecimiento demográfico y el aumento de las demandas sociales en América Latina han generado debates sobre reformas de pensiones, obligando a los gobiernos a abordar de manera equilibrada muchos objetivos que se contraponen. Las bajas tasas de contribución y el anémico y desigual crecimiento económico, entre otros factores, han provocado que sean insuficientes los ahorros para la jubilación para un porcentaje significativo de los beneficiarios del sistema de pensiones. Probablemente, la mayoría de las reformas...

Análisis de la reforma al sistema de pensiones 2024

Por María Valeria García Verdugo El presente documento es una síntesis de la reforma publicada en el Diario Oficial de la Federación (DOF) el día 30 de abril del 2024 y el Decreto del Fondo de Pensiones para el Bienestar publicado en el DOF el día 1° de mayo de 2024. Mediante esta reforma se modifica el sistema de pensiones. Este documento expresa lo más relevante de ambos. Libro completo aquí 

La edad en la pensión de vejez en el régimen de prima media para personas no binarias

Por Maureen Camila Corro Posada El presente artículo tiene como propósito evaluar la situación de las personas de género no binario en Colombia, pues a partir de la sentencia T-033 del 2022, la Corte Constitucional ha ordenado incluir el género no binario en los documentos de identificación. Esta decisión de la Corte conlleva una serie de consecuencias en el ordenamiento jurídico colombiano, en tanto existen derechos u obligaciones que dependen del género en Colombia, tales como acceder a la pensión...

Reformas del sistema privado de pensiones y calidad de vida de los pensionistas en Perú y Chile, 2016-2022

Por Milovan Byrne Mrsich El estudio de investigación tuvo como objetivo establecer si las reformas del sistema privado de pensiones inciden en la calidad de vida de los pensionistas en Perú y Chile, habiéndose demostrado que efectivamente las reformas tienen preponderancia en la fijación del nivel de pensiones de los beneficiarios. Dicho sistema privado de pensiones, a cargo de las administradoras de pensiones – AFP, fue creado en el año 1992, teniendo más de tres décadas, y ya se ha...

2024 Pension adequacy report: Current and future income adequacy in old age in the EU

By European Union  The report’s main focus is on old-age pension systems. It looks primarily at statutory pensions, incorporating the adequacy contribution of supplementary pensions where relevant. The report also looks at the role of survivors’ pensions in providing adequate old-age income for surviving spouses. In the context of its analysis of income inequalities and redistribution mechanisms, the report also considers minimum income provision for older people and how taxation affects income distribution in old age. Given the importance of services...

Sustainable Investing in Pensions: Top Tips for Sponsors of Pension Schemes

 By Accounting for Sustainability This top tips guidance is written for organizations that sponsor a pension scheme on the why and how to engage with your pension trustees on sustainable investing. Just as more and more companies are embedding social and environmental risk and opportunity into strategy and decision making, it is vital that their pension schemes follow suit. The impact that climate change and other environmental, social and governance (ESG) risks can have on value and returns is driving changes across...

Retirement Decisions in the Age of Covid-19 are Older Employees in Digital Occupations Working Longer?

By Giovanni Gallo & Amparo Nagore This paper investigates the retirement response to the pandemic and to the resulting acceleration in the adoption of new technologies. Using the European Union Statistics of Income and Living Conditions datasets and making use of the natural experiment of many workers being forced to work from home in Europe during the lockdown, we compare the retirement response of older workers in digital occupations (i.e. more exposed to digital technology) versus non-digital occupations to detect...

Career Expectations and Outcomes: Evidence (on Gender Gaps) from the Economics Job Market

By Brooke Helppie McFall, Eric D. Parolin & Basit Zafar This paper investigates gender gaps in long-term career expectations and outcomes of PhD candidates in economics. For this purpose, we match rich survey data on PhD candidates (from the 2008-2010 job market cohorts) to public data on job histories and publication records through 2022. We document four novel empirical facts: (1) there is a robust gender gap in career expectations, with females about 10 percentage points less likely to ex-ante expect to get...