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Frontiers in Pension Finance

Edited by Dirk Broeders, De Nederlandsche Bank, The Netherlands, Sylvester Eijffinger, Professor of Economics, Tilburg University, the Netherlands and CEPR and Aerdt Houben, De Nederlandsche Bank, the Netherlands and formerly of the International Organisation of Pension Supervisors
How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines state-of-the-art analyses with innovative policy proposals to increase the efficiency and resilience of pension systems and to advance these systems’ contribution to global financial stability. Renowned pension experts offer cutting-edge guidance for future decision making and the development of best practices. This exciting exploration of the frontiers in pension finance highlights key aspects of securing long term retirement provisions.
Extent: 360 pp
Hardback Price: $164.00 Web: $147.60
Publication Date: 2008
ISBN: 978 1 84720 660 2
Availability: In Stock
Paperback Price: $56.00 Web: $44.80
Publication Date: 2009
ISBN: 978 1 84844 587 1
Availability: In Stock
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  • Economics and Finance
  • Money and Banking
  • Public Finance
  • Social Policy and Sociology
  • Economics of Social Policy
How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines state-of-the-art analyses with innovative policy proposals to increase the efficiency and resilience of pension systems and to advance these systems’ contribution to global financial stability. Renowned pension experts offer cutting-edge guidance for future decision making and the development of best practices. This exciting exploration of the frontiers in pension finance highlights key aspects of securing long term retirement provisions.

Frontiers in Pension Finance will be of interest to a wide-ranging audience, especially academic researchers, pension practitioners, supervisors and public sector policymakers.
‘In this fresh and valuable volume, experts from across the world provide guidance on pension design, risk management, and governance that is urgently needed in this rapidly changing pension environment. Aging populations are putting pressure on pay-as-you-go pension systems and spurring a shift to prefunded plans. Greater prefunding requires efficient risk management and judicious regulation and supervision. This book provides state-of-the-art analyses of these issues and should be required reading for scholars, practitioners, and anyone interested in the future of pensions.’
– Alicia H. Munnell, Boston College Carroll School of Management and Center for Retirement Research, US
Contributors: K. Ambachtsheer, J. Ashcroft, S. Berstein, H. Bjerre-Nielsen, D. Blake, Z. Bodie, A. Börsch-Supan, L. Bovenberg, D. Broeders, G. Brunner, I. Düzgün, S. Eijffinger, J. Exley, J. Gold, R. Hinz, R. Hoevenaars, A. Houben, R. Jones, K. Knot, K. Koedijk, R. Maurer, O. Mitchell, R. Molenaar, T. Nijman, L. Papademos, A. Rinaldi, R. Rocha, R. Rogalla, P. Schotman, T. Steenkamp, C. Teulings, M. Weiss, N. Wellink, D. Witteveen
Contents:

Preface
Nout Wellink

1. An Introduction to Frontiers in Pension Finance
Dirk Broeders, Sylvester Eijffinger and Aerdt Houben

2. Are Market Values Fair?
Jon Exley
Discussion by Peter Schotman

3. The Intersection of Pensions and Enterprise Risk Management
Jeremy Gold
Discussion by Theo Nijman

4. The Victory of Hope Over Angst? Funding, Asset Allocation and Risk Taking in German Public Sector Pension Reform
Raimond Maurer, Olivia Mitchell and Ralph Rogalla
Discussion by Tom Steenkamp, Roy Hoevenaars and Roderick Molenaar

5. Labour Productivity in an Aging Society
Axel Börsch-Supan, Ismail Düzgün and Matthias Weiss
Discussion by Klaas Knot

6. It is all Back to Front: Critical Issues in the Design of Defined Contribution Pension Plans
David Blake
Discussion by Solange Berstein

7. Risk-based Supervision of Pension Funds: A Review of International Experience and Preliminary Assessment of the First Outcomes
Gregory Brunner, Richard Hinz and Roberto Rocha
Discussion by Coen N. Teulings

8. The Ideal Pension-Delivery Organization: Theory and Practice
Keith Ambachtsheer
Discussion by Ambrogio Rinaldi

9. Pension Guarantees, Capital Adequacy and International Risk Sharing
Zvi Bodie
Discussion by Kees Koedijk

10. Frontiers in Pension Finance and Reform: Institutional Innovation in the Netherlands
Lans Bovenberg
Discussion by Ross Jones

11. Population Aging, Financial Markets and Monetary Policy
Lucas Papademos

12. Panel Discussions
Dirk Witteveen, John Ashcroft, Henrik Bjerre-Nielsen and Lans Bovenberg

Index