Panetta, Ida Claudia (2006): Financial markets trend: ageing and pension system reform.
Download (283Kb) | Preview
Ageing have prompted important changes in the structure of pension system with substantial differences across the most developed countries. Given that ageing populations are driving a growing need for private form of saving for retirement, the pension fund industry is like to exert an increasing influence in the financial markets. Much of the additional retirement related flows to capital markets will be intermediated by pension funds although their importance varies considerably across country. This work reviews recent change in the pension funds industry (updated at 2006) originated from pension system reform across countries as well as risk management practices, such as ALM; the paper also focus the potential implication of pension funds investments strategies on financial markets identifying the main gaps in the availability of financial instruments needed for pension funds.
|Item Type:||MPRA Paper|
|Original Title:||Financial markets trend: ageing and pension system reform|
|Keywords:||pension system, financial markets, pension fund industry|
|Subjects:||H - Public Economics > H5 - National Government Expenditures and Related Policies > H55 - Social Security and Public Pensions
G - Financial Economics > G2 - Financial Institutions and Services > G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation
|Depositing User:||Ida Claudia Panetta|
|Date Deposited:||06. Nov 2009 09:21|
|Last Modified:||12. Feb 2013 04:47|
Attfield C. and E. Cannon (2003), “The impact of age distribution variables on the long run consumption function”,Working Paper, Bristol University
Axel Boersch-Supan Christina B. Wilke (August 2003 ),“The German Public Pension System: How it Was, How it Will Be”, Mannheim University.
Bergantino, Steven M. (1998), “Life Cycle Investment Behaviour, Demographics, and Asset Prices”. PhD Dissertation, MIT.
BIS (2005), “International banking and financial market developments”, Quarterly Review, March.
Blommestein H. (1998), “Ageing induced capital flows to emerging markets do not solve the OECD’s basic pension problem”, in eds H Blommestein and N Funke, “Institutional investors in the new financial landscape”, OECD, Paris.
Brugiavini A. (1999) ‘Social security and retirement in Italy’, in J. Gruber and D. Wise (a cura di) Social Security and Retirement around the World, NBER Conference Report series. Chicago e London: University of Chicago Press.
CEA (June 2003), “European Insurance in Figures, Basic Data 2002, Complete 2001 Data”.
Deaton, A.S. (1992). Understanding Consumption, Oxford University Press, Oxford.
Davis, E. P. (2003), “Institutional investors, financial market efficiency and financial stability”, Pension Institute Discussion Paper PI-0303.
Davis, E. P. and C. Li (2003), “Demographics and financial asset prices in the major industrial economies”, Brunel University Department of Economics and Finance Discussion Paper No. 03-07.
Disney R. (1996) “Can we afford to grow older?”, MIT Press - European Commission (December 2002) “The Adequacy and Sustainability of Pensions”.
Fair R.C.and Dominguez K.M. (1991), “Effects of the Changing U.S. Age Distribution on Macroeconomic Equations” in The American Economic Review, Vol. 81, No. 5 (Dec., 1991), pp. 1276-1294.
Friedman M. (1957), “A Theory of the Consumption Function”. Princeton University Press.
Goyal A. (2001), “Demographics, Stock Market Flows, and Stock Returns”, Working Paper: Anderson Graduate School of Management, UCLA.
G10 (1998), The Macroeconomic and Financial Implications of Ageing Populations.
G10 (2002), Turbulence in Asset Markets: The Role of Micro Policies.
IMF (2004a), “Risk management and the pension fund industry”, Global Financial Stability Report, September.
IMF (2004b), “How will demographic change affect the global economy?”, World Economic Outlook, September. IMF(2005), “Household balance sheets”, Global Financial Stability Report, April.
Levine R. (1999), “Law, finance and economic growth”, Journal of Financial Intermediation, 8.
Levine R. (2000), “Bank based or market based financial systems – which is better?”, paper presented at the World Bank conference on “Financial structure and economic development”, 10-11 February 2000.
Loayza N. V., Schmidt-Hebbel K. and Serven L. (2000), “What drives private savings around the world?”, Review of Economics and Statistics, 82
Loayza N. V., Rancière R., Servén L., and Ventura J. (2001), “Macroeconomic Volatility and Welfare in Developing Countries: An Introduction” The World Bank Economic Review Advance Access originally published online.
McMorrow K. and Roeger W. (2003) “Economic and financial market consequences of ageing populations”, European commission, Economics Working Papers No. 182.
Masson, P., Bayoumi, T. and Samiei, H. (1995), International evidence on the determinants of private saving’, IMF Working Paper No. W95/51.
McMorrow K. and Roeger W. (2003), “Economic and financial market consequences of ageing populations”, European Economy Economic Papers No 182, European Commission, Brussels.
Modigliani F. (1986), “Life cycle, individual thrift, and the wealth of nations”. American Economic Review, vol: 76, pp. 297-312.
Modigliani F. and Brumberg R. (1954), “Utility Analysis and the Consumption Function: An Interpretation of Cross- Section Data”, in K. Kurihara, ed.: Post-Keynesian Economics. Rutgers University Press.
OECD (2002), “Guidelines for pension fund governance”, Financial Market Trends, No. 83.
OECD (2004), Institutional Investors – Statistical Yearbook, Paris.
OECD (2005a), “Global pension statistics project: data update”, Financial Market Trends, No. 88.
OECD (2005b), Improving Financial Literacy, Paris, forthcoming (November).
Poterba J. (1998). “Population Age Structure and Asset Returns: An Empirical Investigation”, NBER Working Paper 6774.
Poterba J. (2001). “Demographic Structure and Asset Returns”, Review of Economics and Statistics, 83, 565-584.
Poterba J. (2004), “The impact of population ageing on financial markets”, NBER Working Paper No. 10851.
Turner D. Giorno, C. e De Serres, A. (1998) “The Macroeconomic Implications of Ageing in a Global Context” OECD, Economics Department Working Papers No 193.
UK Government Actuary’s Department (April 2003),“Occupational Pension Schemes 2000”.
UK National Statistics (2003a) “The Pensioners’ Income Series 2001/2”.
UK National Statistics (2003b) “The Expenditure and Food Survey”.
UK Pensions Policy Institute (July 2003 ), “State Pension Models”.
United Nations (2004), “Demographic data 2004”, UN, New York.
Visco I. (2002), “Ageing populations: economic issues and policy challenges”, in Siebert, H. (ed), Economic Policy for Aging Societies, Berlin, Springer.