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March 2023

10Mar

Pay-as-They-Get-In: Attitudes Towards Migrants and Pension Systems

By Tito Boeri, Matteo Gamalerio, Massimo Morelli & Margherita Negri We study whether a better knowledge of the functioning of pay-as-you-go pension systems and recent demographic trends in the hosting country affects natives' attitudes towards immigration. In two online experiments in Italy and Spain, we randomly treated participants with a video explaining how, in pay-as-you-go pension systems, the payment of current pensions depends on the contributions paid by current workers. The video also explains that the ratio between the number of...

March 10, 2023
Articles, System Characterization, System Sustainability, , , ,
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10Mar

A Leveraged Gender Gap: The Combined Effect of Longevity Risk (Mis)-Perception and Financial Risk-Taking

By Giovanna Apicella & Enrico G. De Giorgi Financial risk and longevity risk are the main risks affecting pension income. This paper analyses gender differences related to how financial risk taking and survival expectations are correlated. We analyse data from the “Survey of Health, Ageing and Retirement in Europe” (SHARE) database and find a significant gender gap in self-assessed risk tolerance, consistently with previous literature. Moreover, we show that individuals with realistic survival expectations (i.e., survival expectations that are close...

March 10, 2023
Articles, System Characterization, , , ,
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03Mar

Government spending in Spain from a European perspective

By Mario Alloza, Julia Brunet, Victor Forte-Campos, Enrique Moral-Benito & Javier J. Pérez This document presents a detailed analysis of the structure of general government spending in Spain and its recent evolution in comparison to the rest of the European countries. The weight of Spanish public spending is similar to that of neighbouring countries, although below the average for a reference group of European countries (EU-15). Thus, in 2019 the level of public spending stood at 42% of GDP compared to...

March 3, 2023
Articles, System Characterization, , , ,
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03Mar

Exploring the Integration of AI and ML in Fintech: Emerging Trends and Future Directions

By Rahul Jain This research paper aims to explore the integration of artificial intelligence (AI) and machine learning (ML) in the field of financial technology (Fintech). The paper examines the emerging trends in the integration of AI and ML in Fintech and evaluates the potential benefits and challenges associated with this integration. The study utilizes a qualitative research approach that involves an extensive review of relevant literature, including academic articles, industry reports, and news articles. The findings indicate that AI and...

March 3, 2023
Articles, Innovation, , ,
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03Mar

The Liability Trap: Why the ALEC Anti-ESG Bills Create a Legal Quagmire for Fiduciaries Connected with Public Pensions

By David J. Berger, David H. Webber & Beth Young Two proposed bills barring public pensions from considering environmental, social, and governance investment criteria create massive legal risk for any pension fiduciary or service provider. The American Legislative Exchange Council “boycott bill” and the “fiduciary duty” bill, if adopted, would impose irreconcilable legal requirements on such fiduciaries, and subject them to compliance with arbitrary and unworkable legal demands. The main legal problems the bills create fall into four categories: (1) the unworkable...

March 3, 2023
Articles, Investment, Regulation, , , ,
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February 2023

24Feb

The Portability of Pension Rights: General Principles and the Caribbean Case

By Alvaro Forteza The portability of pension rights is an increasingly important issue in the Caribbean. The large and increasing flows of migrant workers, including both permanent and temporary migrants, the small size of the domestic economies and the process of regional integration and economic openness call for effective means to make pensions portable. This document presents a select survey of the literature on pension portability and reviews the progress made by the Caribbean countries as well as some remaining...

February 24, 2023
Articles, Labor Market, , ,
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24Feb

Fixed and Variable Longevity Annuities in Defined Contribution Plans: Optimal Retirement Portfolios Taking Social Security into Account

By Vanya Horneff, Raimond Maurer & Olivia S. Mitchell This paper investigates retirees’ optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected Social Security benefits. As an alternative, we also evaluate using plan assets to boost Social Security benefits through delayed claiming. We determine that including deferred income annuities in DC accounts is welfare enhancing for all sex/education groups examined. We also show that providing access to well-designed variable...

February 24, 2023
Articles, Pension design, , , ,
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22Feb

Recognize unpaid care work in Colombia: a historical debt to women

By Yaneth Vargas Sandoval This socio-legal research article aims to address unpaid care work in Colombia, so the first part will address how women despite the existence of the right to Equality and non-discrimination as a human right, in the reality of this right is not fulfilled, since it is women who must face unequal conditions in access and permanence in the labor market, they will endure salary gaps and it is difficult for them to access the old-age pension. All...

February 22, 2023
Articles, Labor Market, , ,
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17Feb

EIOPA, Unit-linked Insurance and Polish Product Intervention: A Silent Regulatory Revolution?

By Lucie Škapová When the Polish financial market supervisor, Komisja Nadzoru Finansowego (KNF), notified its intention to prohibit certain unit-linked insurance products marketed in Poland, it created an unprecedented situation: for the first time, a financial market supervisor decided to trigger Chapter III of the PRIIPs Regulation and adopt product intervention measures in the insurance sector. If adopted, these measures would regulate not only the investment strategies of unit-linked insurance products offered in Poland but also their cost structure and...

February 17, 2023
Articles, Investment, Regulation, ,
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17Feb

Putting Labor’s Capital to Work for Labor: Restoring a Worker-Centric Vision of Fiduciary Duty

By David H. Webber  This report has two goals: first, to illustrate how the legal concept of fiduciary duty, designed to protect worker retirement funds, has been captured and distorted in ways that harm workers. Second, to propose means of restoring fiduciary duty to its proper purpose. The state-level fiduciary duties addressed in this report govern the investment of up to $10 trillion in assets and directly shape the retirements of 26 million working-class Americans. They are also just about...

February 17, 2023
Articles, Labor Market, , ,
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