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Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries

Autor: Guo, Si; Narita, Futoshi
Año: 2018
Resumen: Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdrawals after disasters, by setting up a life-cycle saving model with myopic households facing large natural disaster shocks. The model demonstrates the key trade-off between building up sufficient retirement savings and ensuring the access to savings against natural disaster shocks, and sheds light on welfare implications of early pension withdrawals.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Regulación y Supervisión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Kosovo Social Protection and Health Expenditure Note

Autor: Banco Mundial
Año: 2018
Resumen: Kosovo is one of the poorest countries in Europe, and a growing proportion of the population is at risk for social exclusion and long-term poverty. Overall spending on social protection has increased significantly over recent years, largely because of increases in pensions and war related benefits resulting in increased fiscal pressure. Pensions are a mechanism to substitute income due to a permanent loss of income generating capacity, such as old age or disability and should not be used as a compensatory measure for other reasons. For this reason, in the early 2000s and faced with the impossibility of using contributory pension records to pay pensions, a universal basic pension was introduced in Kosovo.To contain the expansion of pension spending going forward, the government must refrain from introducing new benefits, disallow increasing benefit levels for all but the basic pensions, and pro-rate existing benefits above basic pension levels contingent on funding availability. The expansion of programs targeted at specific population groups have crowded out spending of the social assistance targeted to the poor, which is both low and declining. Increasing programs' coverage and benefit levels and prioritizing the most disadvantaged are key for increasing the effectiveness and equity of social assistance. Public investments in employment promotion and active labor market programs are limited and insufficient to meet Kosovo's labor market challenges. Given that low levels of health spending, including on drugs, is a leading cause of poverty, the social health insurance reform should not only work to improve health outcomes but also to improve financial risk protection, especially for the poor.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Notas de Pensiones
Idioma:

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Housing Finance: Investment Opportunities for Pension Funds

Autor: Grupo Banco Mundial
Año: 2018
Resumen: The global housing deficit in both developed and developing countries is increasing – driven by demographic and other mega-trends including urbanization and income inequality. Global pension fund assets, on the other hand, are both growing and increasingly looking for long-term, productive investments. There are multiple avenues through which pension funds can invest in the housing sector.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Growing Pains: Is Latin America Prepared for Population Aging?

Autor: Figliuoli, Lorenzo; Flamini, Valentina; Mowatt, Rosalind; Puig, Jaume; Lambert, Frederic; Lissovolik, Bogdan; Galdamez, Misael; Li, Mike; Klemm, Alexander; Soto, Mauricio; Thomas, Saji; Freudenberg, Christoph; Orthofer, Anna
Año: 2018
Resumen: This paper estimates the fiscal costs of population aging in Latin America and provides policy recommendations on reforms needed to make these costs manageable. Although Latin American societies are still younger than most advanced economies, like other emerging markets the region is already in a process of population aging that is expected to accelerate in the remainder of the century. This will directly affect fiscal sustainability by putting pressure on public pension and health care systems in the region that are already more burdened than, for example, in emerging Asia, a region with a similar demographic structure. A stylized cross-country exercise, drawing on demographic projections from the United Nations and methodologies developed by the IMF to derive public spending projections, is used to quantify long-term fiscal gaps generated by population aging in 18 Latin American countries.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Demografía
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Mongolia: Policy Options for Pension Reform

Autor: Dorfman, Mark Charles
Año: 2018
Resumen: This report evaluates the adequacy and sustainability of the Mongolian pension insurance scheme. It analyzes recent changes to pension parameters including amendments enacted in 2017 and early 2018. The report uses actuarial projections to assess the impact of changes, including the contribution rate and retirement age, on the fiscal costs of state subsidies to the scheme. The report finds that 2017-2018 changes including a discounted service buyback, reduction in herders’ retirement ages, and several supplements to service histories for herders and mothers will materially impact the sustainability and incentives of the scheme. It recommends several changes in parameters to limit the growth in fiscal costs and improve incentives. It also presents transition arrangements to smooth the impact of the reforms presented.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Informes
Idioma:

Para visualizar el documento, clic aquí »

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