Pension supervision: understanding international practice and country context
By Richard P. Hinz & Anca Mataoanu (more…)
04Feb
February 2017
04Feb
Pension systems and their meaning for welfare: a comparison of PAYG and FF pension systems
By Wencke Böhm Full Content: EconBiz
04Feb
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
04Feb
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...
04Feb
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...
04Feb
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...
04Feb
Cash Balance Pension Plan Conversions and the New Economy
By Julia Coronado & Phillip Copeland Many firms that sponsor traditional defined benefit pensions have converted their plans to cash balance plans in the last ten years. Cash balance plans combine features of defined benefit (DB) and defined contribution (DC) plans, and yet their introduction has proven considerably more controversial than has the increasing popularity of DC plans. The goal of this study is to estimate a hierarchy of the influences on the decision of a firm to convert its...
04Feb
The Effects Of Economic And Political Shocks On Corporate Governance Systems In Chile
By Fernando Lefort & Eduardo Walker We present a synthesis of the major political and economic events that have influenced the development of laws and capital markets in Chile, and their impact on the evolution of Chilean conglomerates through time. We find that laws and regulations in Chile have been extremely «path dependent», corresponding in most cases to reactions to crises or major events, and argue that these events have persistently shaped corporate governance systems in Chile. We identify the...
04Feb
Economic integration across Latin America: evidence from labor markets, 1990-2013
By Daniel Lederman & Raymond Robertson Combining macroeconomic and microeconomic data and three indicators of international market integration, this paper assesses the degree to which Latin American labor markets are integrated. The results suggest that relative to East Asia, Latin American labor markets are somewhat more integrated, but considerable differences across countries persist. In addition, the evidence indicates that the degree of labor market integration across Latin American borders is significantly less than that of labor markets within Mexico and...