Pension Funds: Retirement-Income Security and Capital Markets: an International Perspective

By E. Philip Davis | Go to book overview

Introduction

Whereas in 1990 there were 500 million people over 60 in the world, by 2030, as a consequence of lower fertility and the diffusion of medical advances, there will be 1.4 billion. A quarter will be very old and two-thirds women. The issue of population ageing at such a rate poses economic problems of considerable magnitude, on a global scale. When life expectancy was relatively low, there was no need to save or otherwise provide for old age. Instead, the world will be increasingly characterized by a large segment of the population having claims to a share of output, without providing labour on a sufficient scale to maintain their incomes. How to organize a system of such claims in a manner that maintains economic efficiency and growth is a major issue for advanced countries, and a challenge to the Third World. All such systems, given the time horizon of a lifetime and the likely changes and shocks that will occur, involve risk, whether financial or political. And the resulting choice, and its consequences for the development of pension funds and other institutional investors, will undoubtedly be the major determinant of the resulting structure of the financial system.

In this context, this book offers an overview of the economic issues relating to one possible approach to population ageing--namely, the development of funded pension schemes to complement social security, as they have arisen in the industrial countries. The raw material for the analysis is a combination of the economic theory of pension funds and experience regarding social security, as well as the structure, regulation, and performance of pension funds in twelve OECD countries and two developing countries, using information available up to the time of writing--mid-1994. The countries studied are the USA, the UK, the Netherlands, Switzerland, Sweden, Denmark, Japan, Canada, Germany, Australia, France, and Italy, together with Chile and Singapore. The definition of pension funds employed is of financial intermediaries, usually sponsored by non-financial companies, which collect and invest funds on a pooled basis for eventual repayment to members in pensions. The principal focus is on the implications of the development of pension funds for financial markets, but labour-market, fiscal, and distributional issues also enter the picture. The material is relevant to students, economists, and specialists in pension funds, financial markets, and institutions; pension-fund managers and trus-

-1-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Pension Funds: Retirement-Income Security and Capital Markets: an International Perspective
Table of contents

Table of contents

  • Title Page iii
  • Acknowledgements vi
  • Contents vii
  • List of Tables xi
  • Introduction 1
  • 1: An Overview of the Economic Issues 5
  • Glossary 298
  • General Index 329
  • Index of Names 334
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 337

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.