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Rethinking Pension Reform - Franco Modigliani

Hardcover Published: 2nd August 2004
ISBN: 9780521834117
Number Of Pages: 266

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This book is unique as it presents an academic and a practical aspect on managing pension funds to clarify the global debate on social security. The authors establish the basic choices in designating any system to help policy makers develop the system that achieves their many objectives. They examine reforms in Latin America to highlight flaws and to estimate the true cost of these reforms and factors affecting these costs. The authors then discuss how the United States and Spain can implement robust systems incorporating many of the ideal features. The success of reforms depends on financial innovation to mitigate key risks and innovations are discussed which demonstrate how pension reform choices affect the achievement of retirement objectives. Finally, the authors examine some proposed hybrid options to show how the beneficial features of these hybrids can be captured through good design in a single fund.

'... the book is an exemplary model for policy analysis in which the crisis is diagnosed and solutions proposed, tested and related institutions recommended. This is surely a wonderful testament to Modigliani's long career as an economist and Muralidhar's hard work in realising his vision.' Gordon L. Clark, Investment & Pensions Europe '... makes a significant contribution to the growing literature on public pension reform ... valuable theoretical lessons for pension reformers of all stripes ... The authors' approach is imaginative and their economic analysis, as expected, is first-rate ... Rethinking Pension Reform represents a significant contribution to the continuing debate over public pension reform, and it constitutes a fitting legacy for its distinguished co-author.' Journal of Pension, Economics, and Finance

Prefacep. vii
Acknowledgmentsp. xi
A Tribute to Francop. xv
A Primer on Pension Reformp. 1
A Taxonomy of Pension Reform Issuesp. 17
An Evaluation of Pension Reformsp. 42
Welfare Costs of Defined Contribution Schemesp. 71
The Transition from PAYGO to Funding with a Common Portfolio: Application to the United Statesp. 103
Social Security Reform in Spainp. 145
The "Two-Pension Fund" Theoremp. 189
The Case for Mixed Systems and Variable Contributions: Improving the Performance of Pension Systemsp. 204
Referencesp. 225
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780521834117
ISBN-10: 0521834112
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 266
Published: 2nd August 2004
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.9 x 15.2  x 1.9
Weight (kg): 0.52

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