Ü Z L E T I J E L E N T É S A N N U A L R E P O R T

Actuariat suisse anti aging

Many people inside and outside the World Bank supported the confer- ence preparation and the revision and editing of the papers.

Látták: Átírás 1 Arrow és a biztosítások Dócs Kristóf A használatalapú biztosítás múltja, jelene és jövője A Deloitte munkatársai Teret a folyóknak! Ezúttal már a nyári számot tartja a kezében az érdeklődő, ami a technológia mai szintjén természetesen már nem szó szerint értendő, hiszen a többség elektronikus formában keresi a Biztosítás és Kockázat számait.

Actuariat suisse anti aging would like to thank in particular Louise Fox, Estelle James and Peter Orszag for their conceptual inputs and editorial dalton szemkörnyékápoló David Ellerman and Joanne Lee for their help in organizing the conference; the participants in the confer- ence for their comments on the papers presented; and Ian Mac Arthur for organizing and handling the revisions and editing of the conference vol- ume in such a superb manner.

At the actuariat suisse anti aging his paper was written he was with the Fiscal Affairs Department. He has published widely on German and international pension reform issues.

Sarah Brooks is a graduate student in political science at Duke University. Her research in international and comparative political economy centers on the politics of institutional reform in developing countries.

Her disser- tation examines the political economy of pension reform in Latin America. Paulette Castel has been working for the World Bank since in the area of poverty reduction and economic management in transition economies. She holds a doctorate in economics from actuariat suisse anti aging Sorbonne, Paris.

Castel advised the government of Kyrgyz on the reform of its pension system. Jose Cuesta is an economist at the Oxford University conducting research on the impact of social transfers—education and health—on income dis- tribution and labor supply in Chile.

He has written extensively on pension reform in Chile and in the last decade has worked on pension reforms in Egypt, Romania, Macedonia, and many Latin American countries.

Kshama Fernandes, of Goa University, has worked on the issues of index fund management, performance comparisons between active and passive management, and VAR estimation in equity and currency markets. She has provided policy advice to governments and led teams involved in policy analysis and preparation of investment projects sup- porting social sector reform. Her research has examined poverty, income distribution, and adjustment in Brazil; female-headed households and child welfare; and social sector reforms in transition economies.

Joaquin Gutierrez is currently manager of the Latin American Group of the Bank of Spain, in charge of supervising the overall activities of large Spanish conglomerates in Latin America. His respon- sibilities included bank restructuring, development of legal and regulato- ry frameworks for banking and banking supervision, and the creation of training programs for country supervisors.

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From to he actuariat suisse anti aging bank examiner in the Bank of Spain, which involved all core supervisory func- tions: off-site surveillance unit team leaderexamination inspector chiefand policy research leading to regulatory development.

Depart- ment of Labor. He has published widely on pension issues and has been involved in pension reforms in many countries. He is on leave of absence from the University of Saarland Germany where he is professor of economics and director of the European Institute.

Her recent research has focused on social security reform, including the political economy of the reform process, adminis- trative costs of individual actuariat suisse anti aging systems, and the impact of population aging on health care systems. Her work is supported by the John D. She was formerly an economist at the World Bank.

His research focuses on pensions, personnel economics, and social insurance. Peter R. Orszag is president of Sebago Associates, Inc. Before founding Sebago Associates, Mr. Orszag served as special assistant to the president for economic poli- cy at the White House.

Palacios is senior pension economist at the World Bank. Palacios has written extensively on topics in pension reform. He has also been involved in pension reform oper- ations in many countries, having worked for several years with the Hungarian government on their pathbreaking pension reform in He is currently working in Korea and India and manages a working paper series called the Pension Reform Primer.

The Primer papers and notes can be found at www. He received a doctorate in eco- nomics from Stockholm University. He has worked as an adviser on pension reform in countries such as Sweden, Latvia, Poland, and Russia. Truman was trained at the University of Oxford and has worked on social security and pension reform projects in Argentina, Uruguay, Mexico and Brazil. Since then, Mr. Ajay Shah, of the Indira Gandhi Institute for Development Research, works in the areas of index construction, index funds, risk measurement, market microstructure, policy issues in securities markets, and pension reform.

New Ideas about Old Age Security: Toward Sustainable Pension Systems in the 21st Century

Joseph E. Stiglitz currently actuariat suisse anti aging at the Brookings Institution. He was for- merly senior vice president of development economics and chief economist fejfájás bevérzett szem the World Bank. From June until he joined the World Bank, Mr. Previously, Mr. Salvador Valdés-Prieto is professor of economics at the Catholic University of Santiago de Chile and one of the Latin American key researchers on pen- sion issues.

Congressional Budget Office. Walliser received a doctorate in economics from Boston University in and a Diplom-Volkswirt degree from Kiel University, Germany, in Introduction Robert Holzmann and Joseph E. Stiglitz Policymakers across the globe are struggling to adapt their pension sys- tems to the reality of actuariat suisse anti aging populations, globalization, and tightening bud- gets.

The World Bank is actively engaged in supporting these policymak- ers, from helping them to identify the economic and demographic challenges facing their countries to highlighting potential policy respons- es and providing implementation support.

Averting the Old Age Crisis, published inadvocated a multipillar approach to pension reform. The multipillar system includes an unfund- ed mandatory pillar, a funded mandatory pillar, and a voluntary private pillar. This led to a spread of multipillar pen- sion systems, which many countries throughout the world have adopted, including Argentina, Bolivia, Columbia, Hungary, Kazakhstan, Latvia, Poland, Sweden, and Uruguay.

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For example, in Lithuania, the World Bank helped the government fashion and implement a relatively modest pay-as-you-go scheme with a redistributional formu- la; continues to work with the government in developing the regulatory framework for voluntary supplementary schemes; and has left to the future the decision of a mandatory funded pillar.

The Bank suggests a similar route for the old Bulgarian, the young Korean, and the nascent Thai unfunded schemes. In Kazakhstan the reform completely replaced the pay-as-you-go scheme with a funded scheme, and Bolivia, Mexico, and Peru are adopting a similar approach.

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The reforms in Argentina and Costa Rica favor a two-pillar approach. While helping countries to design and implement pension reforms, Bank staff encountered many issues that required looking anew at basic old questions and addressing many new ones.

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The conference, New Ideas about Old Age Security, and this resulting volume examine global issues on pension reform that help put in perspective three major sets of pension reform questions. Perhaps most prominent but also least understood are the economic policy ques- tions regarding the economic circumstances that are most conducive to the initiation of a reform and to its eventual success.

Equally important are questions relating to the coverage of the labor force under a reformed sys- tem.

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While it was expected that a reformed system would induce workers in the informal sector to join the formal sector since distortions were pre- sumably actuariat suisse anti agingthese expectations have not been realized in most instances. Other questions concern the distributive effects of reformed sys- tems with respect to generation, income group, and gender. A second set of questions is linked with a move toward funded provi- sions under a multipillar approach.

A related set of concerns involves the cost of annuitizing accumulated assets upon retirement.

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As a result of such volatility, the replacement rate dur- ing retirement for a given contribution rate during a working career may differ substantially among individuals contributing and retiring at differ- ent times.

A third set of questions concerns the multipillar reform approach itself.

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But that consensus does not extend to several key actuariat suisse anti aging új dermis anti aging krém how the framework should be implemented in practice.

Another issue involves the nature of the second pil- lar.

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Other observers note the far-from-stellar performance of publicly managed actuariat suisse anti aging in most other countries that have them. In many of these areas, a key question is whether we should examine average experience or best practices. Can developing countries learn from those that have had the most successful experiences in managing public trust funds or in reducing administrative costs on individual accounts?

Or are the problems associated with public malfeasance on the one hand, or administrative costs on the other, inherent in public or private approach- es respectively? What is inherent and what is avoidable? This introduction provides a short summary for each of the actuariat suisse anti aging in the volume and concludes with a discussion of policy issues—the main areas of agreement and disagreement—and on areas requiring further research.

The key point, according to Orszag and Stiglitz, is that any combination of these four elements is possible, and that individual account proposals typically wrap them all together rather than allowing a choice on each component separately.

The chapter by Orszag and Stiglitz emphasizes that in evaluating the effect of pension reform, initial conditions are important. For many countries, initial choices have largely been made, and it makes little sense to ignore those decisions in analyzing pension reforms.

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The chapter then discusses 10 of the myths that Orszag and Elli bőr öregedésgátló krém believe are present in many discussions of individual accounts. Underlying their analysis of these myths is the role of incentives and behavior at the individual and macro levels.

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It is this relationship, not whether the actuariat suisse anti aging is funded or not, publicly run or not, that matters most for labor market incentives. For example, individuals may not know when they will be unable to work effectively—not so disabled that they qualify for public disability, but with a declined productivity that diminishes the pleasure they receive from the work, which then affects their choice between leisure and work. Many workers may want to purchase insurance against this risk.

But currently, while social insurance provides some insurance of this type, most private markets do not. Removing some of the insurance provided under public plans may increase labor supply, but the objective of public policy is to maximize social welfare, not to max- imize work. Eliminating insurance components that limit labor supply may not necessarily enhance welfare, particularly when broader distribu- tional concerns enter the analysis.

A careful delineation of the underlying reasons for government programs—including an analysis of the underly- ing market failures—is therefore not only essential in designing pension reforms, but actuariat suisse anti aging also suggest complementary reforms such as in capital markets and their regulation or in the government provision of insurance, for example, through indexed bonds or disability insurance.

The commentators on the Orszag-Stiglitz chapter hold markedly dif- ferent positions. Robert Holzmann of the World Bank, in contrast, argues that the myths were misleading because of the way in which they were formulated and because many of the issues have been long recognized within and outside the Bank. She then notes several points of disagreement with the Orszag-Stiglitz chapter, particularly with regard to the political economy judgements that underlie some of the so-called myths.

Axel Börsch-Supan from the University of Mannheim argues that the core question is whether prefunding should be done publicly or private- ly.

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The fundamental disagreement in the debate, according to Börsch- Supan, involves the decisions regarding which choices to leave to the peo- ple and which choices the government should undertake on their behalf. Salvador Valdés-Prieto from the Catholic University of Santiago de Chile focuses on the differences between pension reform in the advanced, industrialized economies and developing economies.

Ü Z L E T I J E L E N T É S A N N U A L R E P O R T

New Approaches to Multipillar Pension Systems The chapter by Louise Fox and Edward Palmer begins with a brief survey of pension reform developments since the publication of Averting the Old Age Crisis and concludes that the late s was a period of blossoming innovation. Second, privately managed individual account systems are growing.

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In particular, the chapter examines the connection between preexisting conditions in a country and the probability of adopting such a multipillar system. The Regulatory Framework for Pension Funds The increasing role of private, funded systems in the provision of retirement income has led to an increasing interest in the analysis of regulatory and supervisory frameworks in the pension industry.

The chapter by Roberto Rocha, Richard Hinz, and Joaquin Gutierrez reviews the regulatory frame- work for pensions across countries and examines whether there is scope for improvements in regulation and supervision. Given the increasing role of private pensions and the need to ensure the safety of the industry, it is natural to ask whether there are aspects of banking regulation and supervision that actuariat suisse anti aging be applicable to pensions.

The chapter also notes that bank supervision has been shifting from a basic inspection of compliance with quantitative regulations to a more general assessment of the quality of risk management in banks.