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A Tradeoff between the Output and Current Account Effects of Pension Reform

Autor: Catalan, Mario; Magud, Nicolas E.
Año: 2012
Resumen: We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.

Fuente: Fondo Monetario Internacional (FMI)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
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The Impact of Longevity Improvements on U.S. Corporate Defined Benefit Pension Plans

Autor: Kiff, John; Kisser, Michael; Soto, Mauricio; Oppers, Erik S.
Año: 2012
Resumen: This paper provides the first empirical assessment of the impact of life expectancy assumptions on the liabilities of private U.S. defined benefit (DB) pension plans. Using detailed actuarial and financial information provided by the U.S. Department of Labor, we construct a longevity variable for each pension plan and then measure the impact of varying life expectancy assumptions across plans and over time on pension plan liabilities. The results indicate that each additional year of life expectancy increases pension liabilities by about 3 to 4 percent. This effect is not only statistically highly significant but also economically: each year of additional life expectancy would increase private U.S. DB pension plan liabilities by as much as $84 billion.

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

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The Impact of Social Protection on Children

Autor: Sanfilippo, Marco; de Neubourg, Chris; Martorano, Bruno
Año: 2012
Resumen: Social protection is particularly important for children, in view of their higher levels of vulnerability compared to adults, and the role that social protection can play in ensuring adequate nutrition, access to and utilization of social services. While existing evidence shows that social protection programmes successfully address several dimensions of child well-being – often in an indirect way – a move towards a more “child sensitive” approach to social protection has recently been advocated at the highest level in the international development community. Until now, however, the efforts that have been made to analyse the evidence regarding how social protection affects children have been based on wider analyses of the overall impact of social protection on different groups of recipients, or on analyses based on specific outcomes. This paper explores this issue in more detail. Based on an extensive analysis of the existing evidence on the impact of social protection programmes in the developing world, the paper aims to assess what are the channels that have to be taken into account to understand how the benefits of social protection could be maximized with specific regard to the different dimensions of children’s well-being.

Fuente: Organización de las Naciones Unidas (ONU)
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Global Pension Systems and Their Reform: Worldwide Drivers, Trends, and Challenges

Autor: Holzmann, Robert
Año: 2012
Resumen: Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain 'new normal' will make future pension systems different from past ones. The objectives of this policy review paper are threefold: (i) to briefly review recent and ongoing key changes that are triggering reforms; (ii) to outline the main reform trends across pension pillars; and (iii) to identify a few areas on which the pension reform community will need to focus to make a difference. The latter includes: creating solutions after the marginalization or, perhaps, demise of Bismarckian systems in countries with high rates of informality; keeping the elderly in the labor market; and addressing the uncertainty of longevity increases in pension schemes.

Fuente: Banco Mundial
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Israel: Technical Note on Stress Test of the Banking, Insurance and Pension Sectors

Autor: Fondo Monetario Internacional (FMI)
Año: 2012
Resumen: The Israel Financial Sector Assessment Program (FSAP) Update stress testing exercise comprises a comprehensive analysis of solvency and liquidity risks of key banking and insurance institutions. Stress tests were carried out in collaboration with the authorities. The FSAP Update team would like to express its appreciation for the contributions of the staff of the BOI and the Capital Markets, Insurance and Savings Division (CMISD) of the Ministry of Finance (MOF) in the undertaking of this exercise. The Israeli staff involved were consistently open, knowledgeable and innovative. […] Any realization of low probability but extreme tail risks from regional geopolitical risks or shock from serious economic crisis in developed economies would pose a challenge, and the authorities need to remain vigilant. Stress tests rely on historical relationships of macro data to risk parameters which may not be representative of future relationships (i.e., there is model risk). Going forward, improvements in solvency and liquidity stress testing procedures should be continued. In the area of corporate credit risk, stress testing satellite models using corporate sector expected default frequencies (EDFs) and enhanced macro model linkages would be desirable, improvements on stress testing credit risk and concentration, MOF and BOI increased collaboration on integrated bank and insurance company stress testing. This should be carried out in a way to better understand systemic risk and help guide micro and macroprudential policies

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

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