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Social Science > Demography

You are looking at 1 - 10 of 12 items for :

  • Type: Journal Issue x
  • Insurance; Insurance Companies; Actuarial Studies x
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Cover IMF Working Papers
Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands
Mr. Marc Gerard
The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members. Yet the long-term sustainability of the Dutch pension funds has been undermined in recent years by protracted low interest rates and unfavorable demographic developments, exacerbating controversies over intergenerational transfer mechanisms within the plans. This has prompted a national debate over ways to move toward more individualization while preserving financial security at retirement for all. This paper draws on this experience, illustrated by stress testing simulations and assessed vis-à-vis solutions implemented in peer countries, to discuss the main policy trade-offs associated with the reform of mature pension systems in advanced economies.
Keywords:
WP; wage; interest rate; ratio; benefit; labor market; solvency; pension funds; defined benefit plans; defined contribution plans; fully funded; pension mathematics; stress tests; solvency ratio; fixed income; benefit indexation; rate of return; risk pooling; inflation shock; industry wage development; replacement function; indexation benefit; benefit curtailment; Pension spending; Pensions; Labor markets; Aging; Wages; Global
Cover The Economics of Public Health Care Reform in Advanced and Emerging Economies
The Economics of Public Health Care Reform in Advanced and Emerging Economies
Mr. David Coady
,
Mr. Benedict J. Clements
, and
Mr. Sanjeev Gupta

Abstract

Using cross-country analysis and case studies, this book provides new insights and potential policy responses for the key fiscal policy challenges that both advanced and emerging economies will be facing.

Keywords:
BOOK; spending; health system; health outcome; cost; EAP country; health spending; OECD health data; Health care spending; Health care; Insurance; Global; Asia and Pacific; Europe; East Asia; Africa; system efficiency; Caribbean
Cover IMF Working Papers
The Impact of Longevity Improvements on U.S. Corporate Defined Benefit Pension Plans
Mr. John Kiff
,
Michael Kisser
,
Mauricio Soto
, and
Mr. S. E Oppers
This paper provides the first empirical assessment of the impact of life expectancy assumptions on the liabilities of private U.S. defined benefit (DB) pension plans. Using detailed actuarial and financial information provided by the U.S. Department of Labor, we construct a longevity variable for each pension plan and then measure the impact of varying life expectancy assumptions across plans and over time on pension plan liabilities. The results indicate that each additional year of life expectancy increases pension liabilities by about 3 to 4 percent. This effect is not only statistically highly significant but also economically: each year of additional life expectancy would increase private U.S. DB pension plan liabilities by as much as $84 billion.
Keywords:
WP; mortality table; mortality rate; life expectancy; group Annuity mortality table; Pension Plans; Longevity Risk; Mortality; pension liability; Individual Annuity mortality table; freedom pension plan sponsor; DB pension plan provider; benefit pension plans; Pensions; Pension spending; Aging; Insurance; Global
Cover IMF Working Papers
Irrational Exuberance in the U.S. Housing Market: Were Evangelicals Left Behind?
Mr. Christopher W. Crowe
The recent housing bust has reignited interest in psychological theories of speculative excess (Shiller, 2007). I investigate this issue by identifying a segment of the U.S. population-evangelical protestants-that may be less prone to speculative motives, and uncover a significant negative relationship between their population share and house price volatility. Evangelicals' focus on Biblical prophecy could account for this difference, since it may enable them to interpret otherwise negative events as containing positive news, dampening the response of house prices to shocks. I provide evidence for this channel using a popular internet measure of "prophetic activity" and a 9/11 event study. I also analyze survey data covering religious beliefs and asset holding, and find that 'end times' beliefs are associated with a one-third decline in net worth, consistent with these beliefs providing a form of psychic insurance (Scheve and Stasavage, 2006a and 2006b) that reduces asset demand.
Keywords:
WP; standard deviation; house prices; economics of Religion; asset price cycles; share of evangelical; dependent variable; growth series; price appreciation; population share; price volatility; evangelical area; Housing prices; Housing; Asset bubbles; Insurance; Middle East; Global
Cover IMF Staff Country Reports
Mexico: Financial Sector Assessment Program Update: Technical Note: The Pension Annuity Market
International Monetary Fund
This paper presents a technical note on Mexico’s Financial Sector Assessment Program update. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. The rationale for the choice of specialized annuity providers has been, on the one hand, to avoid the contagion effect from composite life and nonlife insurance companies operating annuities, and on the other hand, the implicit government guarantee associated with a benefit provision for which participation has been mandated by the federal government.
Keywords:
ISCR; CR; annuity company; interest rate; private sector; annuity provider; key rate; annuity market; company performance; market penetration; rate of return; base salary; pension annuity provider; Insurance; Pensions; Pension spending; Insurance companies; Aging; Central and Eastern Europe; Global
Cover IMF Working Papers
Public Pension Reform: A Primer
Mr. Alain Jousten
The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal Retirement Accounts proposal in particular. A particular emphasis is put on annuitization and risk-taking in the economy. Our discussion signals some inadequacy of the proposed measures with respect to the goals of viability of the system and individual financial security during retirement.
Keywords:
WP; pension plan; rate of return; early retirement; present discounted value; investment strategy; household behavior; welfare programs; social security; pension funds; demographic trends; retirement; risk pooling; adverse selection; retirement age; PRA proposal; plan sponsor; PRA saving; economic value; PRA investor; Pensions; Pension spending; Aging; Insurance; Europe; Africa; Asia and Pacific
Cover IMF Working Papers
Macroeconomic Implications of Natural Disasters in the Caribbean
Mr. Tobias N. Rasmussen
Each year natural disasters affect about 200 million people and cause about $50 billion in damage. This paper compares the incidence of natural disasters across countries along several dimensions and finds that the relative costs tend to be far higher in developing countries than in advanced economies. The analysis shows that small island states are especially vulnerable, with the countries of the Eastern Caribbean standing out as among the most disaster-prone in the world. Natural disasters are found to have had a discernible macroeconomic impact, including large effects on fiscal and external balances, pointing to an important role for precautionary measures.
Keywords:
WP; ECCU country; country; GDP; government; market; price; Natural Disasters; Eastern Caribbean; Developing Countries; ECCU insurance market; countries of the Eastern Caribbean Currency Union; island state; market insurance; Insurance; Personal income; Fiscal stance; Caribbean; Global
Cover IMF Staff Country Reports
Sweden: Selected Issues
International Monetary Fund
The Selected Issues paper analyzes tax policy trends at the local level in Sweden and assesses the effectiveness of the vertical fiscal policy coordination system. The study reviews Sweden’s local public finances from an international perspective and empirically explores various explanations for the gradual increase in local tax rates. It discusses long-term challenges for local public finances and aggregate fiscal policy coordination. The design of vertical fiscal policy coordination in other countries is described. The paper also examines the Swedish experience of work absence in a European context.
Keywords:
ISCR; CR; sickness absence; absence rate; insurance system; replacement rate; cash benefit; Länder government; tax burden; income tax; Aging; Europe; Western Europe; Global
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Aruba: Statistical Appendix
International Monetary Fund
The statistical data on indicators of tourism activity, estimated GDP and components, real GDP, contributions to real GDP growth, changes in the consumer price index, legal minimum wages, summary of trends in public finance, and tax revenue of Aruba are presented in the paper. The data on operational budget of the social insurance bank, government debt, balance- of-payments summary, monetary survey, monetary developments, and changes in sources of broad money with respect to Aruba are also presented.
Keywords:
ISCR; CR; broad money; Aruba; net lending; staff estimate; central bank of Aruba; CPI indexation; Nontax revenue; interest revenue; Oil sector; Insurance; Consumption; Aging
Cover IMF Working Papers
Regulation of Withdrawals in Individual Account Systems
Mr. Jan Walliser
Funded mandatory pension systems based on individual accounts are spreading around the world. With the maturation of these systems, regulating the withdrawal of retirement savings will become increasingly important. Government regulation of withdrawals should mandate the purchase of inflation-indexed life annuities exceeding income available from government welfare programs for the retiree and potential survivors. Proper functioning of insurance markets does not, however, require annuitizing the entire account balance. Instead, more flexibility for the choice of withdrawals could be permitted for any remaining funds, helping to tailor income streams to individual needs and living arrangements.
Keywords:
WP; annuities market; annuity insurance markets well; investment portfolio; refund annuity; annuity; pension reform; individual accounts; family annuity contract; annuity company; Insurance; Aging; Retirement; Pensions; Income; Eastern Europe