The Foundations of Pension Finance


The Foundations of Pension Finance

9781840641868 Edward Elgar Publishing
Edited by Zvi Bodie, Professor of Economics and Finance, School of Management, Boston University, US and E. Philip Davis, Professor of Economics and Finance, Brunel University, UK
Publication Date: 2000 ISBN: 978 1 84064 186 8 Extent: 1,152 pp
The Foundations of Pension Finance presents in two authoritative volumes a selection of the most important published articles on systems of retirement income provision – an area that is of vital importance for the future of the economy in general and the financial system in particular.

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The Foundations of Pension Finance presents in two authoritative volumes a selection of the most important published articles on systems of retirement income provision – an area that is of vital importance for the future of the economy in general and the financial system in particular.

The collection makes a very important contribution towards a better understanding of the various factors which influence the outcomes arising from systems of retirement income provision. The fields of pension finance and pension economics are fortunate in having benefited from penetrating contributions from a range of distinguished scholars.

The volumes are divided into five sections. The first section features material relevant to the role of pensions in the broad overall development of financing arrangements in the context of the economy as a whole. The second focuses more closely on pension provision in the context of capital markets. The third looks at pensions as they affect the economic behaviour of the personal sector, while the fourth is a companion piece examining the link between pensions and corporate finance. The final section examines important issues in pension reform facing government.

This book will be essential reading for economists concerned with pensions and the problems of old age, financial economists as well as practitioners involved in the pension industry.
Critical Acclaim
‘Many of the papers reproduced in these volumes were first published in journals that are relatively inaccessible, so that this is a valuable reference collection for researchers and policymakers.’
– Sandeep Kapur, The Economic Journal

‘The book will be an essential reference source for students, researchers and policymakers.’
– Aslib Book Guide
42 articles, dating from 1958 to 1999
Contributors include: H. Aaron, P. Diamond, M. King, L. Kotlikoff, R.C. Merton, O. Mitchell, R.A.G. Monks, P. Samuelson, W. Sharpe, J. Treynor

Volume I:
Acknowledgements • Introduction
Part I The Financial System and Retirement Income Provision
1. Paul A. Samuelson (1958), ‘An Exact Consumption-Loan Model of Interest With or Without the Social Contrivance of Money’
2. Henry Aaron (1966), ‘The Social Insurance Paradox’
3. P.A. Diamond (1977), ‘A Framework for Social Security Analysis’
4. Robert C. Merton (1983), ‘On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable’
5. Robert C. Merton (1983), ‘On Consumption Indexed Public Pension Plans’
6. James E. Pesando (1992), ‘The Economic Effects of Private Pensions’
7. Zvi Bodie and Robert C. Merton (1993), ‘Pension Benefit Guarantees in the United States: A Functional Analysis’
8. Deborah Roseveare, Willi Leibfritz, Douglas Fore and Eckhard Wurzel (1996), ‘Ageing Populations, Pension Systems and Government Budgets: Simulation for 20 OECD Countries’
Part II Pension Investments and the Capital Markets
9. Zvi Bodie (1990), ‘Managing Pension and Retirement Assets: An International Perspective’
10. Josef Lakonishok, Andrei Shleifer and Robert W. Vishny (1992), ‘The Structure and Performance of the Money Management Industry’
11. Jean Frijns and Carel Petersen (1992), ‘Financing, Administration and Portfolio Management: How Secure is the Pension Promise?’
12. T. Daniel Coggin, Frank J. Fabozzi and Shafiqur Rahman (1993), ‘The Investment Performance of U.S. Equity Pension Fund Managers: An Empirical Investigation’
13. David Blake (1998), ‘Pension Schemes as Options on Pension Fund Assets: Implications for Pension Fund Management’
14. E. Philip Davis (1996), ‘The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour’
15. Robert A.G. Monks (1997), ‘Corporate Governance and Pension Plans’
16. Helmut Reisen and John Williamson (1997), ‘Pension Funds, Capital Controls, and Macroeconomic Stability’
17. Zvi Bodie (1996), ‘What the Pension Benefit Guaranty Corporation Can Learn from the Federal Savings and Loan Insurance Corporation’
Name Index

Volume II:
Part I Pensions and the Household Sector
1. Martin Feldstein (1978), ‘Do Private Pensions Increase National Savings?’
2. Benjamin M. Friedman and Mark Warshawsky (1988), ‘Annuity Prices and Savings Behavior in the United States’
3. Louis-David L. Dicks-Mireaux and Mervyn A. King (1983), ‘Portfolio Composition and Pension Wealth: An Econometric Study’
4. Zvi Bodie (1990), ‘Pensions as Retirement Income Insurance’
5. Alicia H. Munnell and Frederick O. Yohn (1992), ‘What is the Impact of Pensions on Saving?’
6. Zvi Bodie and Dwight B. Crane (1997), ‘Personal Investing: Advice, Theory, and Evidence’
7. Eric M. Engen and William G. Gale (1997), ‘Effects of Social Security Reform on Private and National Saving’
8. Z. Bodie and Dwight B. Crane (1999), ‘The Design and Production of New Retirement Saving Products’
Part II Pensions and Corporate Finance
9. Jack L. Treynor (1977), ‘The Principles of Corporate Pension Finance’
10. William F. Sharpe (1976), ‘Corporate Pension Funding Policy’
11. Jeremy I. Bulow (1982), ‘What Are Corporate Pension Liabilities?’
12. J. Michael Harrison and William F. Sharpe (1983), ‘Optimal Funding and Asset Allocation Rules for Defined-Benefit Pension Plans’
13. Zvi Bodie, Jay O. Light, Randall Morck and Robert A. Taggart, Jr. (1985), ‘Corporate Pension Policy: An Empirical Investigation’
14. Zvi Bodie (1990), ‘The ABO, the PBO and Pension Investment Policy’
15. Ping-Lung Hsin and Olivia S. Mitchell (1997), ‘Public Pension Plan Efficiency’
16. E. Philip Davis (1998), ‘Regulation of Pension Fund Assets’
17. E. Philip Davis (1998), ‘Pensions in the Corporate Sector’
Part III Pension Reform Issues
18. Dimitri Vittas (1993), ‘Swiss Chilanpore: The Way Forward for Pension Reform?’
19. Estelle James and Dimitri Vittas (1996), ‘Mandatory Saving Schemes: Are They an Answer to the Old Age Security Problem?’
20. Laurence J. Kotlikoff (1997), ‘Privatization of Social Security: How It Works and Why It Matters’
21. Robert Holzmann (1997), ‘Pension Reform, Financial Market Development, and Growth: Preliminary Evidence from Chile’
22. Olivia S. Mitchell (1997), ‘Building an Environment for Pension Reform in Developing Countries’
23. E. Philip Davis (1998), ‘Policy and Implementation Issues in Reforming Pension Systems’
24. Salvador Valdés-Prieto (1998), ‘The Private Sector in Social Security: Latin American Lessons for APEC’
25. Zvi Bodie and Robert C. Merton (1992), ‘Pension Reform and Privatization in International Perspective: The Case of Israel’
Name Index
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