Download or read book Pension Funds and National Saving written by Pablo Lopez Murphy and published by World Bank Publications. This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Murphy and Musalem conduct an empirical study of the effect of the accumulation of pension fund financial assets on national saving using a panel of 43 industrial and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase national saving when these funds are the result of a mandatory pension program. By contrast, national saving might be unaffected when pension funds are the result of a public program implemented to foster voluntary pension saving"--Abstract.
Download or read book Pension Funds and National Saving written by Pablo Lopez Murphy and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors conduct an empirical study on the effect of the accumulation of pension fund financial assets, on national saving, using a panel of 43 industrial, and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase national saving, when these funds are the result of a mandatory pension program. By contrast, national saving might be unaffected, when pension funds are the result of a public program, implemented to foster voluntary pension saving.
Download or read book Pension Funds and National Saving written by Pablo Lopez-Murphy and published by . This book was released on 2016 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Murphy and Musalem conduct an empirical study of the effect of the accumulation of pension fund financial assets on national saving using a panel of 43 industrial and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase national saving when these funds are the result of a mandatory pension program. By contrast, national saving might be unaffected when pension funds are the result of a public program implemented to foster voluntary pension saving.This paper is a product of the Human Development Group, Middle East and North Africa Region. The study was funded by the Bank's Research Support Budget under the research project quot;Contractual Savings Institutions and National Saving.quot.
Download or read book Pension Funding Share Prices and National Saving written by Martin S. Feldstein and published by . This book was released on 1980 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines empirically the effect of unfunded pension obligations on corporate share prices and discusses the implications of these estimates for national saving, the decline of the stock market in recent years, and the rationality of corporate financial behavior. The analysis uses the information on inflation-adjusted income and assets that large firms were required to provide for 1976 and subsequent years. The evidence for a sample of nearly 200 manufacturing firms is consistent with the conclusion that share prices fully reflect the value of unfunded pension obligations. Since the conventional accounting measure of the unfunded pension liability has a number of problems (which we examine in the paper), it would be more accurate to say that the data are consistent with the conclusion that shareholders accept the conventional measure as the best available information and reduce share prices by a corresponding amount. The most important implication of the share price response is that the existence of unfunded private pension liabilities does not necessarily entail a reduction in total private saving. Because the pension liability reduces the equity value of the firm, shareholders are given notice of its existence and an incentive to save more themselves. For this reason, unfunded private pensions differ fundamentally from the unfunded Social Security pension and the other unfunded federal government civilian and military pensions
Download or read book Public Policy Toward Pensions written by Sylvester J. Schieber and published by MIT Press. This book was released on 1997 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to Schieber and Shoven, pension policy will emerge as one of the key economic issues of the next decade. This book provides a guide to the debate.Public and private pensions control almost a quarter of the United States' tangible wealth--equivalent to all of the country's residential real estate. They account for most current saving in the country, are a crucial component of household retirement resources, and have significant effects on labor market mobility and efficiency. Collectively, they hold a tremendous proportion of all common stock. The stock market has boomed during the past decade, as baby boomers have rapidly accumulated pension assets. Now economists are starting to wonder what will happen when the baby boomers retire. It is already clear that the Social Security system will require drastic changes to remain solvent. Will the stock market experience a similar meltdown as baby boomers withdraw their assets from pension plans? What policies might help to avoid such a crisis? According to Schieber and Shoven, pension policy will emerge as one of the key economic issues of the next decade. This book provides a guide to the debate. Topics include the impact of pensions on personal and national saving, the potential for a Pension Benefit Guarantee Corporation financial crisis, the dramatic growth in 401(k) plans, public sector plants, the prospects for adequate retirement income in the future, and recommended directions for pension policies. The book contains ten chapters, four written by Schieber and Shoven.ContributorsRobert Clark, Ping-Lung Hsin, Olivia Mitchell, James Poterba, Andrew Samwick, Jonathan Skinner, Steven Venti, Carolyn Weaver, David Wise, and Elisa Wolper.
Download or read book Pensions in the U S Economy written by Zvi Bodie and published by University of Chicago Press. This book was released on 2008-04-15 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pensions in the U.S. Economy is the fourth in a series on pensions from the National Bureau of Economic Research. For both economists and policymakers, this volume makes a valuable contribution to current research on pensions and the economics of the elderly. The contributors report on retirement saving of individuals and the saving that results from corporate funding of pension plans, and they examine particular aspects of the plans themselves from the employee's point of view. Steven F. Venti and David A. Wise offer a careful analysis of who contributes to IRAs and why. Benjamin M. Friedman and Mark Warshawsky look at the reasons more retirement saving is not used to purchase annuities. Personal saving through pension contribution is discussed by B. Douglas Bernheim and John B. Shoven in the context of recent government and corporate pension funding changes. Michael J. Boskin and John B. Shoven analyze indicators of the economic well-being of the elderly, addressing the problem of why a large fraction of the elderly remain poor despite a general improvement in the economic status of the group as a whole. The relative merits of defined contribution versus defined benefit plans, with emphasis on the risk aspects of the two types of plans for the individual, are examined by Zvi Bodie, Alan J. Marcus, and Robert C. Merton. In the final paper, pension plans and worker turnover are the focus of the discussion by Edward P. Lazear and Robert L. Moore, who propose pension option value rather than the commonly used accrued pension wealth as a measure of pension value.
Download or read book The Future of Saving written by Mr.David Amaglobeli and published by International Monetary Fund. This book was released on 2019-01-15 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This SDN explores how demographic changes have affected and will affect public and private sector savings, highlighting the interaction between pension systems, labor markets, and demographic variables.
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Download or read book Social Security financing implications of government stock investing for the trust fund the federal budget and the economy report to the Special Committee on Aging U S Senate written by and published by DIANE Publishing. This book was released on with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Policies and Household Saving written by James M. Poterba and published by University of Chicago Press. This book was released on 2007-12-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The declining U.S. national saving rate has prompted economists and policymakers to ask, should the federal government encourage household saving, and if so, through which policies? In order to better understand saving programs, this volume provides a systematic and detailed description of saving policies in the G-7 industrialized nations: the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. Each of the seven chapters focuses on one country and addresses a core set of topics: types of accumulated household savings and debt; tax policies toward capital income; saving in the form of public and private pensions, including Social Security and similar programs; saving programs that receive special tax treatment; and saving through insurance. This detailed summary of the saving incentives of the G-7 nations will be an invaluable reference for policymakers and academics interested in personal saving behavior.
Download or read book National Savings the Current Account Aging Population a Pension Fund Model written by J. A. Bikker and published by . This book was released on 1996 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Demographics Pension Systems and the Saving Investment Balance written by Hua Chai and published by International Monetary Fund. This book was released on 2018-12-07 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic variables and pension system generosity interact to affect both private and public saving behavior. We then extend this framework to a two-country setting and simulate scenarios of demographic change and pension reform. We find that the generosity of the pension system plays an important role in determining the movement of the global interest rate and patterns of international capital flows.
Download or read book What is the Impact of Pensions on Saving written by Alicia Haydock Munnell and published by . This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Improving U S Retirement Security and National Saving by Enhancing Employer based Pension Plans written by Sylvester J. Schieber and published by . This book was released on 1999 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Older and Wiser written by Lawrence Thompson and published by Routledge. This book was released on 2019-05-23 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1998, this volume was developed as part of the Stockholm Initiative and sets out to assess the situation of providing for retirement and pensions. In the wake of intense debate over pay-as-you-go pensions, Lawrence Thomson for the most part leaves social and cultural issues for subsequent analysis, instead examining the economic
Download or read book U S Private Savings Crisis written by United States. Congress. Senate. Committee on Finance. Subcommittee on Deficits, Debt Management, and Long-term Economic Growth and published by . This book was released on 1994 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pensions in the European Union Adapting to Economic and Social Change written by Gerard Hughes and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ageing, financial and labour market challenges facing the old age pension systems of the member states of the European Union are well known. Those who cast doubt on the ability of the present system of pension provision - at least to the extent that it is pay-as-you-go financed - to cope with the problems posed by these challenges are getting more vociferous. Increasingly there are calls for pay-as-you-go systems to be cut back and for funded systems to be expanded. This book contests the view that funding is the answer. It shows how adaptable the largely pay-as-you-go old age pension systems in the European Union are. Actuaries, economists, lawyers, political scientists, pension advisers, and sociologists, from nine European countries and the United States, consider four main themes: population ageing, competitiveness and retirement; pension financing and economic growth; adapting pension systems to meet change; and decision-making processes. They argue that pay-as-you-go-financed old age pension systems in the European Union have the ability to successfully adapt to economic and social change provided they do not take on too many non-insurance-related risks. Solving the problems of the labour market and controlling the direction and extent of economic development are beyond the powers of old age pension systems, regardless of how they are structured or financed. Separate budgets for separate risks is an indispensable principle if the complex processes of social protection are to be successfully managed, monitored, and made transparent. There can be no single plan for the future development of old age pension systems which would be universally valid for all the countries of the European Union. A single solution cannot take into account the special circumstances obtaining in every nation, and since respect for the special features of national systems is the basis of popular acceptance, the way forward is to reform existing systems in existing contexts.
