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date: 24 August 2019

(p. 859) Index

(p. 859) Index

Figures, notes and tables are indexed in bold e.g. 90f, 215n, 123t. When more than one table appears on the same page they are labeled a and b.

1/n strategy 608
Aaron, H. 236, 269
Aaron-Samuelson condition 269
Aaronson, Stephanie 734
AASB 119 (Australia) 532
Abel, Andrew B. 565
Abrahams, Katharine G. 726
Abrams, Charles 598n
accident insurance 763
accountability 489–491
accounts 368, 374, 401, 404, 405, 418, 519, 522, 528, 529, 690, 741
accrual 524
funded 707
generational 419, 433–435f, 436, 436t
individual 434
profit and loss 530–531, 536
Achenbaum, A. 39
active selection 569–570
actuarial-based systems 130, 146, 284, 402, 508, 511, 521, 524, 530, 537, 565, 843 see also public pensions
adjustment 318, 318f, 326, 326f, 328, 531
balance 501–502
gains and losses 532, 534–535, 536
management 828
neutrality 270, 275, 278, 280, 281, 287
public pensions 268–287
reductions 225, 318, 323, 324
reforms 327f(b)
tables 521
valuations 71, 230, 402, 826
Adams, Scott J. 728
Administradores de Fondos de Pensiones (AFPs) (Chile) 586
advanced funded systems 502
adverse selection 250, 567–568, 577
adviser-client relationship 648f
Affect, A. 403
Africa 8, 62, 63, 73, 233, 783, 784f, 785, 829, 831, 833
pensions 816–833
ageing 722, 843
economics 82, 172–175
medical ethics 640
normal 640–641
USA 343, 352
Age Discrimination Act (1986) (USA) 731
Age Discrimination in Employment Act (1967) (ADEA) (USA) 727–730, 732, 735
age-adjusted rebates (UK) 371
(p. 860) age/risk relationship 197
aged poor (UK) 39
Agnew, Julie 608
agriculture, decline 44
Agulnik, P. 243
aid funding 793, 795
Ainslie, George 610
Aizcorbe, Ana M. 634n
Akerloff, George A. 386
Alcon, Arnaa 135
Alderson, M. 408
Alesina, A. 150
Algeria 130
Allen, F. 484, 490
Allen, Steven G. 554, 555, 710
allocative efficiency 213
Alonso, W. 112
Alternative Secured Pension (UK) 376
altruism 144, 150, 185, 188, 195–196, 198, 567
Alzheimer's disease 641
Ameriks, John 191, 193, 196, 575, 605–606, 610
amortization 506, 510–511
Ando, Albert 626
André, Christopher 627
Andrews, Emily S. 377n
Andrietti, V. 109
Anglo-Saxon countries 18, 19, 24, 78–79, 83–84, 86–89, 90f, 94, 179, 208, 210, 488, 492, 495, 505–507, 509, 517, 685, 692, 694, 704, 767, 771, 841
Anglo-American systems 17, 90, 92f, 93, 148, 274, 484
Anker, Richard 129
annuities 6, 22, 35, 73, 88, 111, 128, 130, 134, 145, 232, 249, 286, 365, 376, 377, 504, 511, 513, 514, 519, 544, 563, 573, 574t, 575, 580, 588, 595, 633, 754, 756, 812
factors 282, 283
inflation-indexed 565, 573
markets 250, 562–581
nominal payouts 573
products 577–578
regulations 578–579
taxation 572–573
voluntary 566–567, 573, 577
Apelt, Linda 635n
Apgar, William C. 625
‘architecture of allocative mechanisms’ 207, 215
Ardington, E. 788, 821
Arenas de Mesa, A. 668, 679
Argentina 70–73, 134, 232, 247, 248, 260, 381–382, 587, 590, 663, 665, 666, 667, 668, 670, 673, 677, 679, 785, 786, 787, 789, 792
Argyle, M. 644
Arita, F. 187
Arnold, R. D. 176
Arnott, R. 404
Arnsperger, C. 144
Arrondel, L. 185, 187, 192
Arrow, Kenneth J. 728
Arts, W. 152
Artus, P. 198
Ashe, Michael 598n
Ashenfelter, Orley 736n
Asher, M. G. 61, 246, 799, 800, 801, 809, 811, 812, 833
Asia 4, 54, 56, 57, 59, 62, 63, 73, 170, 233, 246, 782, 812, 813 see also incomes, Asia
Asset Liability Management (ALM):
asset pricing models 452
assets 82, 132, 174, 177, 179, 184, 192, 195, 203, 204, 207, 234, 236, 255, 257, 258, 259, 260, 260t, 280, 295, 343, 365, 374, 376, 408, 419, 420, 422, 424, 425, 427–428, 430, 431, 432, 437, 443, 445–446, 450–452, 456, 457, 459, 469, 470, 489, 491, 505, 506, 507, 510, 521, 523, 524–526, 528, 535, 549, 580, 586, 588, 619, 621, 623, 625, 754, 791, 848 (p. 861) see also pension funds strategic asset allocation; tactical asset allocation
accumulation 244, 250, 563
ceiling 529, 531, 534, 537
classes 257, 257t, 444, 447, 462, 464
costs 550–551, 591
financial 213, 258, 597, 628, 629
household financial 90, 90f
long-term 205, 206, 207, 257
retirement 818
risk 432f, 446
financial 191–193, 195–197, 428
assortative mating 136–137
assumptions (financial reports): 405–406
asymmetric information 548, 558, 559, 565, 592, 594, 604, 729
Attanasio, O. 263, 280
Auerbach, A. J. 174, 433, 825
Ausink, John 333n
austerity 759, 769–771
Australia 17, 34, 38, 39, 41, 42, 62, 63, 78, 83, 85, 89, 106, 123, 135, 204, 243, 247, 248, 249, 250, 257, 257t, 258, 260, 261, 262, 263, 273, 296, 360, 514, 515, 532, 574, 575, 586, 614, 623, 624, 627, 638, 694–695, 696, 842
Austria 304, 306, 504, 505, 507
average premiums 232
average prices 535
Averting the Old Age Crisis (World Bank) 72, 176, 204, 782
baby-boom generation 16, 126, 174, 351, 608, 712–713, 733, 849
backloading 724–725
Bach, J. 855n
Bader, V. 486
Bailey, Clive 122, 130, 238n
Bailey, J. V. 467
Bailliu, J. 204
Bajtelsmit, Vickie L. 125, 129, 135, 136, 137
Balan, David J. 737n
balance sheets 419, 419f, 420–432, 443–444, 511, 530, 531, 535
approach 521–522, 524, 525, 529, 532, 533, 537
Baldwin, P. 101, 143, 150, 692
Balkans 598
Ball, R. M. 83
Bangladesh 782, 789
banking industry 36–37, 211, 213, 828–829
pension payments 788
bankruptcy 446, 548–549, 555–556
Banks, James 576
Barberis, N. 418, 419, 429
Barbone, Luca 816, 827, 828, 832
Barr, N. 151, 153, 212, 667, 841
Barrell, Ray 635n
Barrientos, Armando 59, 61, 782, 783, 785, 786, 787, 788, 793, 796n
Barro, R. 188
Baron, John M. 736n
Barsky, R. B. 190, 191, 194
basic needs 15, 17, 24
basic pensions 854, 855
Basic State Pension (UK) 369–370, 371, 373, 375
Bateman, H. 89, 261
Bayesian methods 452
Bayly, C. A. 15
Beattie, R. 176
Beaujot, R. 849
Becker, Gary S. 135, 580, 193, 504, 722, 724, 728
Beckert, J. 99
Beebower, G. L. 475
behavioral economics 607, 609–611, 613, 614, 705
behavioral finance 198
Belgium 106, 130, 148, 313, 511, 513, 517, 703, 705, 743, 766
(p. 862) Bell, D. 102
Belsky, Eric S. 621, 627, 635n
Beltanski, L. 689
benchmarks 462, 467–474, 484, 516
Benediktsson, Haukur C. 585
benefits 4, 8, 9, 13, 15, 19, 42, 63, 73, 83, 86, 146–147, 151, 155, 156, 177, 178, 215, 224, 227, 233, 258, 259, 260t, 282, 297, 299, 303, 310, 317, 328, 364, 366–367, 387, 434, 436, 488, 489, 505, 510, 512, 516, 525, 526–527, 549, 564, 570, 585–586, 596, 705, 707, 712, 730, 741, 743, 746, 747, 749, 751, 754–755, 763, 795, 801, 824, 825, 844, 854 see also social security systems, benefits
delayed 317, 323, 331
earned by husband 86
Latin America 667–680
phased withdrawal 249
portability 591
reduction 16–17, 324, 749
retirement 243, 244, 247, 269, 286, 303, 314, 514
social security 330, 394
trade unions 386–390
uprating of overseas 295–296
UK 11, 15, 61, 63, 328
USA 68, 325, 364, 367, 387, 394, 485, 505
Beneria, Lourdes 130
Bennett, P. 694
bequests 249, 250, 513, 564, 567, 576, 588, 626, 851
bereavement benefits (UK) 294
Berger, Mark C. 736n
Berger, S. 764
Berghahn, V. R. 104
Bernasek, Alexandra 135, 136
Bernatzi, Shlomo 264, 606, 608, 613
Bernheim, B. Douglas 124, 187, 204, 264, 576, 605, 606, 607
Bernstein, Jared 383
Berry, Mike 635n
Bertrand, Marianne 788, 821
Bertranou, Fabio 71, 679, 786, 792
Besley, T. 490, 494
Beveridge, William Henry, 1st Baron Beveridge: 66, 68, 274, 280, 694, 761, 767, 768, 772, 773
Beveridge Report (1942) (UK) 15, 42, 66, 73
Bewley, Truman F. 557
Bhattacharya, S. 461
Bicksler, J. 403
bilateral contractual relationships 494
bills 451
Binstock. R. H. 150
biometrics 515
birth rate 233, 237 see also fertility
Bismarckian Continental systems 78, 82–83, 90f, 91, 92f, 93, 275, 280, 686, 692, 761, 764, 765, 772, 773
black women 124
Black, Dan A. 736n
Black, Fischer 403, 443, 446, 447, 453n, 485
Blackburn, Robin 110, 111, 392
Blackley, Canon William 39, 40
Blake, David 68, 371, 372, 452n, 467, 475, 476, 477, 478n, 580
Blanchet, D. 188
Blau, Francine D. 130
Blinder, A. S. 151, 546, 550, 557, 684, 685
Blöndal, S. 278, 280
Blossfield, H. P. 851
blue-collar employees 44, 80, 83, 765, 760, 761, 765, 774
Blue Cross plan (USA) 347
Blundell, Richard 557
Broadway, Robin 565
Boardman, Tom 580
Boccuti, C. 340
Bodie, Zvi 2–7, 406, 452n, 453n, 537n, 556, 737n
Boelhouwer, Peter 634n
Boender, C. G. J. 418
Boeri, T. 11, 153, 279, 770
Bois, J.-P. 43
Bolivia 260, 261, 585, 587, 590, 598, 663, 664, 665, 666, 669, 670, 673, 674, 679, 781, 783
Bommier, A. 193
(p. 863) bonds 22, 206, 207, 256, 264, 366, 402–403, 429, 432, 443, 446, 447, 450, 451, 452, 466, 470, 508, 545, 572, 625, 629, 841 see also governments, bonds
corporate rate 533, 536
inflation-indexed 231, 250, 255, 265, 515, 527
ownership 189, 198, 205
rates 22
UK 467
Bonoli, G. 17, 686, 770
bonuses 587
book-reserve pensions 87–88, 504, 505, 595, 596, 597, 694
Booth, Charles 13, 39, 41
Börsch-Supan, A. 173, 174, 279, 281, 743, 770
borrowing 544
increase 263
Bosworth, B. P. 740, 754, 756
Botswana 62, 782, 829
Bourdelais, P. 39
Bovenberg, L. 154
Bowers, H. 408
Bowie, D. 478n
Bowles, S. 150
Brady bonds 679
Brandt, M. W. 418, 453n
Brazil 208, 232, 665, 675, 782, 785, 786, 787, 788, 791, 792, 793, 828
Brennan, M. J. 418, 452
Brenner, R. 104
Breyer, F. 151
bridge jobs (USA) 710, 711
Brinson, G. P. 475
Britain see UK
British Civil Service 79–80
British Empire 41, 61, 233
British Post office Savings Bank 38
Brőder, A. 22
Brooks-Gunn, J. 852
Broverman, Samuel 570
Brown, Geoffrey 476, 477, 565
Brown, Jeffrey 565, 571, 572, 575, 576
Brown, Kyle N. 396n
Brown, R. L. 234
Brugiavini, Agar 11, 280, 281, 576
Brumberg, R. 174, 183, 184
Brunner, Johann 578
Brydon, D. 485
Buchmueller, T. 347
Budd, A. 15
Bulow, Jeremy 331, 406
Buntin, M. B. 347
bureaucracy 33, 36
Burkhauser, Richard V. 557, 729
Burns, S. 175
Burrows, William 452n, 580
Burtless, Gary 136, 704, 740, 754, 756, 849, 855n
Butrica, Barbara A. 123, 128, 849, 850
Burundi 785
Butler, Gillian 6
buyback provisions 827
Byrne, J. P. 216n
Cahill, K. E. 20, 710, 714, 715
Cambois, E. 855n, 856n
Campbell, John Y. 179, 418, 422, 423, 429, 450, 451, 452, 453n
Campbell, N. 16
Canada 38, 39, 62, 63, 78, 83, 86, 87, 88, 91, 106, 123, 173, 174, 187, 188, 205, 228, 229, 273, 296, 303, 324, 325, 326, 327–328, 329, 331, 360, 399, 506, 507, 574, 577, 623, 627, 743, 744, 745, 748, 757, 770, 842
Cancian, Maria 136
Canner, Glenn B. 625, 635n
Cannon, Edmund 573
capacity see competence
capital 106, 174, 188, 206, 386, 485, 495, 504, 531, 597, 625, 666, 713
accumulation (pensions funds) 675–676, 676t, 677–678, 681
formation 206, 214
funded pensions 756–757
income 90f, 92f, 174
(p. 864)
markets 151–152, 180, 192, 204–207, 214, 231, 236, 399–412, 545, 559, 677, 686, 833
Latin America 675–678
returns 678–679, 681
systems, funded 746
Capital Asset Pricing Model (CAPM) 528
Capital Market Line 468
capital-labor ratio 173–174
capitalism 15, 101, 108
Caplin, Andrew 605, 606, 610, 630, 631
Caprio, G. 206
Card, David 736n
Cardinale, Mirko 574
Cardoso, J. C. 786, 787, 794
care, long-term 336–352
care in the community (South Africa) 822–823
career-average formulas 511
Carhart, M. 476
Caribbean 233, 781
Carino, D. R. 418, 423
Carmichael, Lorne 736n
Carpenter, J. W. 476
Carroll, T. 406
Carruth, A. 554
cartels 207
Carvalho, I. 788, 796n
Case, Anne 788, 821
case law 488, 489
Case, Karl E. 626
Casey, B. 89
cash 20, 35, 42, 363, 386, 403, 429, 466, 551–552, 558
balance pension schemes 493, 511
flows 421, 432, 434, 436, 464–465, 524, 526–529, 533, 536, 568, 571
accounting 524
transfers 782
wages 382, 544, 545, 548, 549
cash-pension trade-offs 550
Castellini, O. 281
Castles, F. G. 154
Catalan, M. 206
Catte, Pietro 627
Caussat, L. 188
caveat emptor 491
Central America 233
Central Europe 243, 492
Cerny, Aleš 559
certainty-equivalent approach 527–528
Certificates of Deposit (CDs) 207
Chabane, Mohamed 827
Chan, Sewin 630, 631
Chandler, A. D. 78, 79, 85
Chapman, J. 347
charitable organizations 15
charities 12
Chaskiel, P. 689
Checkland, D. 654, 655
Chen, K. C. 405, 408, 429
Chen, V. Y. 812
Chi, I. 810
children 851
Choi, James 607, 608, 609, 611
choice theory 192, 197, 198, 258, 263–264, 450
Cifuentes, R. 204
citizenship 6, 98, 490, 761
entitlements 143, 293–307
non-citizenship 821
pensions 99–100, 692
civil rights 302
civil service:
pensions 36
schemes 828
Clark, Gordon L. 11, 18, 20, 68, 78, 98, 100, 155, 393, 483, 484, 488, 489, 490, 497n, 498n, 503, 686, 694
Clark, Robert 68, 197, 555, 606, 710, 804, 805
Clark-Murphy, Marilyn 135
(p. 865) class struggles 151
Claus, Iris 634n
clearing house 592
closed-end funds see investment, trusts
coalitions 16, 17, 25
Cobb-Douglas production function 214
Cocco, J. 410, 418
Cochrane, David H. 303, 436
codes of behavior 502–503
codes of conduct 516, 690
Coggin, T. D. 473
cognitive functions 641–642
Cohen, Randolph 444
Coile, Courtney 333n
Cold War 16, 24, 25
collateral 404
collective actors 151–152
collective arrangements 152–153, 694
collective bargaining 19, 85, 330, 365, 385, 386, 389–390, 502, 505, 516, 688, 695, 773, 775
collective foundations 690
Commonwealth Treasury 81, 83, 89
compensation 87, 129, 317, 386, 544, 546, 550, 553, 556, 558, 721–736
competence 651–653f, 654, 656f, 657, 688
competition:
private pensions (Latin America) 672, 673, 680
management costs 673–674t, 675, 680
compulsory retirement systems 81, 243
Compston, H. 764
conflicts of interest 759, 760, 776
Congressional Budget Office (USA) 608
Connell, M. 686
Connolly, E. 263
Consiglio, A. 418
consultation 771–772
consumers 104, 594, 625
consumption 178, 193, 227, 263, 281, 547, 550–551, 575, 577, 580, 605, 625, 841
household 183, 185, 785
housing wealth 627, 628
life-cycle planning 564–565
retirement 187, 231, 234, 236, 242
contracting-out options 21, 67, 68, 89, 504, 611, 804
contracts see employment, contracts
contractual savings 206 see also national savings; savings
contributions 87, 109–110, 143, 146, 149, 176, 178–180, 188, 224–229, 231, 232, 233, 235, 247, 249, 258, 259, 260t, 263, 260, 268, 269, 273, 275, 280, 282, 283, 284, 285, 286, 294, 295, 303, 366, 376, 392, 417, 419–420, 426–427, 431, 433–435, 436, 437, 456, 463, 478, 504, 505, 506, 511, 522, 523, 524, 525, 526–527, 529, 543, 586, 587, 593, 595, 609, 613–614, 680, 693, 694, 741, 747, 748–749, 751, 753, 754, 763, 764, 805, 806, 819, 844, 847
compulsory 244, 247, 698, 816, 825
increasing 428–429
Latin America 670, 671t, 679
non-compliance 670–671
contributory pensions systems 4, 15, 18, 19, 23, 39, 40, 41, 61, 66, 67, 68, 71, 72–73, 80, 98, 99
defined 154, 223, 242
‘coordinated market economies’ 106
Cooley, T. F. 768
Cooper, R. W. 404
Copeland, Craig 124, 132
Copeland, Phillip C. 732
Corber, W. 654, 655
Cornwell, Christopher 555, 736n
Coronado, J. L. 405, 732, 734
corporation tax 547
corporate bonds 568–569, 571, 625
corporate equities 631
corporate finance 399–412, 489
corporate governance 208, 213, 492
corporate pensions see occupational pensions
corporatism 766, 769, 771
(p. 866) correlations 418, 429, 447–448
corruption 816, 817, 832, 833
Corsetti, G. 206
Corijn, M. 849
Costa, Dora L. 716n
Costa Rica 663, 665, 666, 669, 670, 673, 675, 781, 783, 785, 792
costs 14, 22, 24, 42, 91, 93, 109, 110, 164, 180, 204, 327f(a), 327f(b), 328f, 434, 515, 556, 591, 593, 598, 732, 852
acquisition 591–592, 595, 597
administrative 110–111, 179, 256, 307, 589, 590–591
agency 419, 423
financial 840
health plans (USA) 344–345
living 230–231
provider 591–592
social security 63, 293
Council of Europe 301, 302
Court of Protection (UK) 654–656
Coward, L. 87, 88
Cox, Samuel H. 580
Craig, Lee 68
Croatia 585
Crocker, Keith J. 579
cross-generational transfers 749–750
Crouch, C. 101, 102, 104
Cuba 665
Cui, J. 418, 433
cultural differences 187, 188, 197, 322
Cyprus 228
Czechoslovakia 41
Da Silva, L. C. 459, 460
d'Ambrosio, Madeline 197, 606
Dammon, Robert M. 447
Daniel, K. 472
D'Arcy, S. P. 404, 405
Dau, Ramadhani 62
Davidoff, Thomas 565
Davis, E. P. 98, 202, 205, 208, 210, 212, 213, 214, 215, 216n, 257, 371, 372, 459, 635n
Daykin, Chris 585, 586
de Ferranti, D. 793
De Gier, Erik 360
De Soto, Hernandez 818
Deacon, B. 686
death 750f
benefits 134
insurance 752
debt 204, 206, 209, 230, 401, 411, 445–446, 514, 529, 556, 619, 621, 625
employer 399, 404, 406
government debt 677
public (Chile) 677–678
transition 677
debt-equity ratios 208, 406
decision-making 689, 692
impaired 651
older people, financial 638–657
decumulation phase 248–255, 257, 265
FDC schemes 251t, 252t, 253t, 254t
deferred benefits 71
deferred wages 18, 387, 504
deficits (pensions) (UK) 410f
defined benefit plans (DB) 19–20, 23, 61, 63, 71, 94, 109, 112, 131–132, 134, 147, 155, 175–177, 201, 233–236, 281, 284, 329, 359–378, 381, 385–387, 399, 429, 441–449, 496, 506, 507, 509–510, 512, 514, 518–519, 522, 528, 543, 549, 553–555, 558, 562, 575, 605, 664, 706–707, 714, 721, 724, 725, 729, 730, 731–734, 751, 763, 782, 807, 808, 825–828, 844 see also occupational pensions
accounting 521–537
definition 536
finance 223–239
funding ratio 509f
occupational 509–510, 603
unfunded 524
(p. 867)
advantages/disadvantages 368
conversion trends 365
coverage statistics 366
defined contribution plans (DC) 20, 99, 109, 112, 131–132, 134, 147, 148, 153, 155, 179, 201, 203, 211, 234, 236, 242, 246–250, 255–262, 264, 265, 359–378, 385, 399, 441–444, 446–447, 457, 477, 492, 493, 495, 496, 512–514, 519, 522, 543, 550, 554–555, 567, 584, 587, 606, 611, 614, 664, 705–706, 721, 731, 733, 734, 741, 753, 782, 800, 801, 825–827
account simulations 368
advantages/disadvantages 368
coverage statistics 366
participant behaviour 368
Del Guercio, D. 208, 460
del Popolo, F. 783
Delgardo, G. S. 786, 787, 794
deliberative model 649–650, 657
dementia 641, 642f(a), 642f(b), 652
Demirgűç-Kunt, A. 206
democratization 34, 761
demography 163–181, 233, 241, 243, 247, 285, 286, 287, 584, 686, 702, 716, 721–722, 762, 792, 793, 807, 843, 848, 849
ageing 7, 164, 269
costs 23–24
trends 164–172, 312, 421, 431
Dert, C. L. 418, 423
‘deserving poor’ 13
desire fulfillment theories 644
destitution see poverty
developing countries 781–795
Devereux, Stephen 62
De Vries, C. G. 418, 429, 433
Di, Zhu Xiao 621, 624, 635n
Diamond, Peter 151, 176, 177, 656
Dicks-Mireaux, L. 205
Dietze, G. 494
Dilnot, A. 478n
Diop, Ahmadou Yeri 832
Dirven, H.-J. 492
disability 40, 80, 134, 278, 283, 318, 319, 322, 329, 330, 342, 351, 371, 385, 388, 502, 640, 708, 709, 714, 741, 743, 754, 763, 772, 791, 830, 839
disclosures 516, 592, 593, 596
discount rate 186, 188, 193, 277, 278, 368, 403, 418, 421, 422, 424, 428, 431–433, 525, 526, 527, 528, 531, 533, 534, 536, 565, 568, 569, 570, 572, 573, 574, 575, 577, 610, 613, 733, 751
discounters 556–557
discrimination 302, 303, 305–307, 488, 505
age 714, 721, 722, 733
legislation 727–730, 735
non-discrimination 516
racial 822
reduction 793
diseases, management 639
Disney, R. 11, 146, 156n, 202, 212, 273, 279, 280, 283, 284, 286, 371, 372, 375, 554, 757
‘diversified quality production’ 105
divorcees 133
Djelic, M.-L. 104
Dobbelsteen, S. 135
Dobronogov, Anton 585, 590
Dolan, Alex 635n
Doling, John 634n
Dominican Republic 663, 664, 665, 666, 667, 669, 673, 677, 680
Dore, R. 691
Dorsey, Stuart 555, 736n
dot.com bubble 484
Doyle, Suzanne 250, 575
Draper, P. 476, 477
dual-earner households 136, 137
Duflo, Ester 607–608, 788
(p. 868) Duncan, G. 852
Dupuy, J.-P. 689
‘Duration Enhances Risk’ (DER) 193–194
Durkin, Thomas A. 625, 635n
Dus, Ivica 575
Dushi, Irena 576, 577
Dvornak, Nikola 628, 635n
dynamic rebalancing 421–422
earnings 224–225, 227, 233, 268, 502, 723, 727, 844 see also salaries; wages
gap 850
growth 283
older people 714, 746
profile 725–726
earnings-related benefits 61, 63, 66, 67, 68, 71, 86, 90, 242
earnings-related pensions 762, 824, 829
earnings-related supplementary pensions 696
East Asia 8, 169, 799, 800, 801–803, 812–814
East Europe 63, 73, 492, 849
Ebbinghaus, B. 764, 765, 768, 769, 773, 774
Eckert, J. 99
Eckstein, Zvi 565
economic migrants 293 see also migration
economic models 544
economic risks 234–235
economics 33, 34 see also ageing, population
economies of scale 104, 512, 585, 691, 698
economy 5, 11, 20, 102, 736
Ecuador 663, 665, 673
Edey, M. 17, 204
Edmonds, E. 788
education 131, 283, 512, 613, 714, 788, 800
children 852
differences 849–850
financial 264, 590
older workers 715–716
Edward, Alejandra Cox 134
Edwards, S. 203
efficient market theory 393
efficiency gains 104–105, 519
efficiency within the limits 494
efficiency wage 386
Egypt 828
Eichenbaum, Martin 565
El Mekkaoui-de-Freitas, N. 19, 196
El Salvador 381–382, 663, 664, 665, 666, 667, 669, 673, 679
elderly dependency ratio 501
eligibility 315, 789 see also retirement age
Ellison, Robin 303, 498n
Elsinga, Marja 634n
Ely, J. H. 498n
Emmanuel, E. J. 647
Emmanuel, L. L. 647
emerging market economies (EMEs) 201, 208, 210, 214, 215
emigrés 294–295
Emmerson, Carl 66, 280, 576
Employee Retirement Income Security Act (1974) (USA) (ERISA) 87, 88, 131, 367, 485, 488, 505
employer-sponsored retirement plans see occupational pensions
employment 16, 43, 62, 77, 99, 101, 102, 103, 106–107, 175, 204, 224, 225, 228, 330, 242, 280, 300, 351, 367, 369, 370, 530, 550, 671, 705, 708, 744, 794, 846, 853
career 152–153
contracts 106, 107t, 108, 543, 547, 550–551, 552t, 555
informal 782
long-term 733
older people 632, 703, 712
part-time 107, 109, 129, 131, 262
relationship 735
taxes 844
temporary 106–107
Employment Outlook (OECD) 108
endowments 441, 459, 589–590
(p. 869) enduring power of attorney (EPA) 655–656
Engelen, Ewald 100, 486
England see UK
entitlements 16, 17, 21, 23–24, 62, 71, 72, 280, 281, 293–307, 387, 745
pension 745f
equality movements 130
equitable treatment 23, 767–768, 813, 846, 847, 854, 855
equities 35, 150, 188–189, 191, 197, 198, 205, 206, 207, 211, 229, 257, 264, 368, 374, 403, 406, 411, 423, 426, 429, 443–444, 450, 451, 459, 462, 466, 470, 476, 509, 510f, 528, 531, 545, 556, 588, 597, 628, 632, 841
allocation 409–410
markets 208, 213, 257, 258, 447
returns 533–534
UK 460t, 467, 475
Eschtruth, A. 710, 714, 715
Esping-Andersen, Gosta 6, 16, 18, 78, 82, 98, 101, 102, 148, 492, 685, 686, 761, 764, 766, 852, 852
Estienne, Jean-François 61
étatism 766
ethical financial decision-making 638–652f, 653–657
Ethiopia 63, 783
Europe 15–16, 17, 18, 21, 24, 33, 35, 36, 39, 44, 62–63, 78, 82, 83, 100, 104, 110, 130, 141, 144, 150, 153, 155, 169, 197, 198, 208, 210, 212, 269, 275, 297, 313, 319, 336, 359, 370, 381, 388, 392, 485, 506, 507, 512, 513, 517, 588, 592, 594, 608, 609, 628, 638, 642, 684, 685, 686, 687, 691, 692, 694, 695, 697, 702, 704, 705, 708, 713, 715, 761, 766, 767, 770, 771, 773, 841, 847
European Code of Social Security 301
European Commission 306
European Community 300
European Convention on Human Rights 301, 302, 305–306
European Court of Human Rights 300–301
European Court of Justice 298, 300–301, 767
European Economic Area (EEA) 299
European social model 694
European Union (EU) 109, 111, 154, 171, 293, 294, 295, 296, 306, 510, 519, 524, 533, 579, 595, 686, 697, 703–704, 705, 713, 714–715, 768
Even, William E. 127, 136
exclusion 100, 112, 793
exclusive benefit rule 483, 486
exit 484
Exley, J. 155, 402, 423, 437n, 478n, 515, 537n
expenditures (pensions) 63, 73, 87, 227, 232
Fabozzi, F. J. 473
Faccio, M. 208
factor productivity 173, 208
total (TFP) 213
Fama, Eugene F. 450, 470
family 7, 62, 121, 126, 133, 136, 137, 152, 172, 299, 760, 799, 832–833, 840, 841–842, 849, 852
extended 831
fee-based advice 592–593
fees (pension funds) 258–259
Feldman, D. 42
Feldstein, M. 6, 176, 179, 187, 188, 203, 215n, 242, 279, 280, 405, 406, 749, 754
female labor 106, 107t
Ferris, Shauna 822
Ferson, W. 472
fertility 502, 810
final salary pensions 20, 526
finance 15, 126, 213, 433, 489, 528, 537, 587, 655, 686
abuse 639, 657
behavioral 263
burden 176, 201, 343
decision-making for older people 638–657
(p. 870)
innovations 207, 215
institutions 506, 514, 515
literacy 135, 197, 513, 605
pension 684
increases 230–231
financial markets 4, 11, 22, 24, 110, 179, 185, 196, 197, 205–208, 243, 249, 257, 365, 375, 404, 447, 496, 502, 549, 628
consumer behavior 598
financial performances 586
global 21–22, 154, 155, 174, 685, 698
Latin America 677
products 20, 264–265, 513, 593
financial performances 586
Financial Reporting Standard 17, 374–375
financial services 5, 20, 23, 489, 490, 491, 502
European 698
Financial Services Act (1986) (UK) 594
Financial Services Authority (UK) 491
Financial Supervisory Authority (UK) 593
financial sustainability 843
Findlater, Alec 574, 580
Finkelstein, Amy 573, 578, 579
Finland 280, 505, 506, 596
first-world retirees 21–22
fiscal budgeting 16
fiscal burden 16, 18
fiscal coherence 298
fiscal implications 320–327f, 328
Fitzgerald, R. 36, 37
Fixed Contribution Rate (FCR) 147
Fixed Relative Position (FRP) 147, 844, 853
Fixed Replacement Rate (FRR) 147
flat-rate benefits 61, 67, 71, 98, 556
Fletcher, Frank 591
Flora, P. 770
flow-through model 522, 523, 537
Fong, Wai Mun 575
Fontaine, J. A. 207, 209
Ford, Janet 634n
Fordism 103
foreign direct investment 174
foreign instruments 678
foreign investments 257
Fornero, E. 281
Fox, L. 283
fragmentation 152–153
France 21, 36, 39, 43, 101, 106, 110, 144, 153, 187, 188, 191, 196, 223, 224, 232, 243, 269, 313, 326, 457, 459, 460, 608, 609, 623, 627, 692, 693, 694, 696, 703, 705, 708, 743, 744, 761, 763, 765, 766, 769, 770, 771, 772, 773–774
Franks, J. 459, 460
‘fraternal solidarity’ 143, 144, 150 see also social solidarity
redistribution among pensioners 151
Frederick, Shane 610
Freedman, Vicki A. 714
Freeman, Charles 630, 631
Freeman, Richard B. 385
French, Kenneth 350, 470
Friedberg, Leora 734, 737n
Friedman, Benjamin 571
friendly societies 38, 80, 85, 830
front-loading charges 591
Frost, Peter A. 453n
FRS 17 (ASB 2000) 521, 522, 524, 526, 532–534, 536
Fultz, Elaine 62, 176
funding (pensions) 72, 99, 147, 164, 178, 180, 201–216, 226, 227, 230, 232, 260, 279, 283, 368, 400–403, 411, 441, 506, 507, 508, 756
growth 210–211, 215
occupational pensions 509–512
partial 228–229, 233
underfunding 430
G-5 205
G-7 210, 459, 623
Gabel, J. R. 345
Galasso, V. 154
Gale, W. 215n
Galer, R. 497n
(p. 871) Galup, John L. 818
Gamet, L. 692
Garibaldi, P. 854
Garrett, Daniel 264, 606
Gaunt, D. 35
gender 6, 106, 121, 123t, 579 see also men; women
differences 122–125, 134–135, 316
life expectancy 126t
discrimination 306
earnings gap 129
inequalities (Latin America) 679–681
labor force participation 173
roles 129–130, 173
USA 125t, 127t
generality see universality
generations see intergenerations
geography 6, 818
George, L. K. 150
Gerrans, Paul 135
Gershuny, J. 102
Gersovitz, M. 404
Ghana 783, 785
Ghent, Linda S. 710
Ghent system 766
Ghilarducci, Teresa 19, 110, 385, 392, 395n
Gieselink, G. 765
gift exchange 386
Gigerenzer, G. 22
Gill, I. S. 176, 586, 587, 667, 668, 669, 670, 672, 674, 675, 676, 677, 679, 680, 681n, 782, 789, 793
Gillion, Colin 122, 130, 238
gilt-edged securities 696
Gini coefficients 742
Ginsburg, P. B. 345
Girouard, Nathalie 627
Glaeser, E. 150
Glass, Richard D. 822
Glazer, N. 144
global competition 11, 106
globalization 6, 8, 11, 24, 93, 152, 154–155, 495
Gluck, M. 350
‘Golden Age of Capitalism’ 102, 108, 112
Gokhale, J. 433, 726, 751
golden rules 174, 485, 486–492, 495
Gollier, C. 193, 194
Goodfellow, Gordon P. 396n
Goodwin, R. 492
Gordon, R. H. 146
Gorman, M. 783, 785
Goswami, Ranadev 61
Gould, G. 418, 422
governments 691, 692, 693, 841, 842
bonds 72, 426, 472, 514, 527, 568
control 831
Europe 691–692
investments 696
pensions 82, 381, 684
earnings-related (UK) 88–89
limited 85–86
USA 382
regulations 255
retirement plans (USA) 132
revenues 328, 792
spending 242, 326
Graduated Retirement Benefit Programme (UK) 89
Granger-causality 206
Graebner, W. 81
Graetz, M. J. 176
Gratton, B. 39, 44, 852
Great Depression 15, 16, 24, 25, 68, 82, 388, 389, 761
Greece 505
Greenwald, B. C. 207, 215
Gregory, A. 475, 477
(p. 872) Gribble, S. 845
Griffin, J. 644
Griffiths, I. 523
Grinblatt, M. 470, 472, 476, 477
Grint, K. 104
Gronchi, E. 281
Groshen, Erica L. 726
gross domestic product (GDP) 63, 206, 209, 213, 214, 247, 281, 283, 286, 326, 336, 360, 457, 459, 586, 588, 675, 792, 795, 808, 809, 810, 819, 829, 840, 841, 843
gross national product (GNP) 174, 828
Gruber, J. 16, 177, 278, 280, 315, 319, 320, 325, 333n, 706, 747
Grushka, Carlos 71, 792
guarantees:
government 596
payouts 588
Guatamala 665
Guillemard, Anne-Marie 853
Guillot, M. 14
Guinea 783
Guiso, L. 190, 191, 194, 196
Gustman, Alan L. 377n, 553, 554, 557, 606
Haber, C. 39, 44, 852
Haider, Steven 705, 716n
Hall, Greg 635n
Hall, P. 11, 105, 691
Hall, Robert E. 723
Hannah, Leslie 18, 80, 81, 83, 86, 89, 377n, 695, 699n
Hansell, S. 209
Hanoch, G. 193
Harbrecht, Paul P. 386, 387
harmonization (pension plans) 707, 766
Harris, T. 537n
Harrison, J. M. 403
Hartel, Charmine E. J. 129
Hassel, A. 764, 769, 773, 774
Hattersley, Lin 846, 850
Hawkins, J. 208
Hawley, J. P. 20, 485
Hayward, J. E. S. 142
Hayward, R. 855n
Headey, B. 492
health 578, 631, 788, 845, 846
annuity 564
care 502, 522, 643, 800–801, 840
long-term 822
older people 714, 853
costs 177, 250, 264
insurance 43, 382, 387, 390, 395, 567, 716
reduction of work 709
health maintenance organization (HMO) (USA) 341
Hebb, Tessa 393
Heckman, J. 852
Heclo, H. 847
hedge funds 256, 402, 404, 406, 418, 421, 448–449, 451, 452, 464, 514, 515, 528, 534, 545, 547, 553, 676
hedonism 644
Heemskerk, F. 418
Heller, P. S. 177
Hellerstein, Judith K. 714, 727
Hemerijck, A. 154
Hendrick, J. 639
Hendricks, D. 477
Henley, A. 554
Hennock, E. P. 41
Herbertsson, Tryggvi 585, 586, 598n
herding behavior 210
Hernández, H. 668
Herrigel, G. 104
Heslop, A. 783, 785
heterogeneity 152–153
Heuveline, P. 14
Hewitt, C. 151
hierarchies of worth 689–690, 697
Hill, Catherine 131
Hill, J. 478n
Hill, Tomeka 396n
Hinrichs, K. 686, 693, 698
Hinz, Richard P. 134, 262, 266n, 782
Hirsch, Barry 129
HIV/AIDS 166, 794, 826, 830, 831
Hodrick, Robert J. 450
Hoevenaars, R. P. M. M. 418, 422, 429
Hoffa tactic 393
(p. 873) Holzmann, R. 177, 178, 206, 209, 213, 262, 266n, 782, 789
Honduras 665
Hong Kong 247, 627, 628, 800, 810
Hood, L. R. 475
Hope, T. 639
horizon effects 429–431
hostile takeovers 726, 734
‘house rich, cash poor’ retirees 619, 633, 634
households 135, 136, 152, 194, 279, 740, 787–788
annuities 575–578
consumption 625–626
extended 785
financial assets 90f, 92f, 135, 183, 190
income 135–136, 742, 786
responsibilities 125–126, 130
retirement planning 548–559, 603–615
savings 187–188
single person 564
housing 619, 631, 633, 634, 800
affordability 624, 629, 630
bubble (USA) 618, 629–630
downsizing 631–632
investment 20–21, 262
ownership 628–629, 631, 633–634
older people 631–632
partnerships 630–631
renting 625, 628–629, 631, 633, 634
wealth 8, 255, 618–634
Hu, Y. 206, 213, 214, 215
Huber, E. 764
Huberman, Gur 608
Hujo, K. 668, 670, 677
Hulse, M. 686
human capital 174, 195, 196, 711, 722–723, 724, 726, 727, 728, 732, 783, 788, 850
human rights:
case law 293–295
international law 300–306
pensions 300–301
Human Rights Act 1998 (UK) 301
Hungary 260, 512, 513, 585
Hurd, Michael 605, 608, 609, 750, 751
Hutchens, Robert 710
Hviding, K. 204
hyperinflation 15, 18, 73, 78
Hyslop, Dean R. 136
Iams, Howard M. 123, 128, 849
Iceland 299, 306, 504, 506, 512, 585, 590, 598, 703
illness 642–643
immigration 20, 153, 237, 502, 713
impaired life annuities 578
Impavido, G. 206, 782, 789
Imperial Austria 41
implicit tax 310, 317, 319–320, 331, 373
implied longevity yield 570–571 see also longevity
incentives 25, 178, 331–332, 503, 703, 733
retirement 280, 319, 321, 322, 331, 731
taxation 773
work 707, 712, 716, 729
incomes 33–35, 40, 128, 131, 143, 185, 298, 443, 514–515, 613, 628, 629, 634, 655, 693, 740, 853
disposable 848
distribution 16, 25, 91, 122, 136, 146, 179, 630, 741, 743, 744, 746, 750, 751, 757, 820, 844–845
future 605, 625
inequality 23, 136, 743, 743t, 854
low 37, 41, 343
older people 83, 93f, 155, 747
replacement rates 15, 17–18, 23, 24, 67, 98, 255–256, 608, 609
security 73, 128
systems 90, 759
tax 262, 298, 546
USA 122, 136, 363f, 368, 395, 622
(p. 874) independent financial advisers 646–647
index funds 258
index-linked:
bonds 155, 451
policies 588
indexation 207, 268, 281, 283, 285, 286, 417, 419, 424, 426–430, 433, 436, 437, 452, 511, 514
India 24, 61, 63, 782
individual responsibility for pensions 24, 38, 71
individual retirement accounts 543–559, 586–587
individual savings accounts 61, 100, 137, 283, 377, 381–382, 802
individualization 104, 149, 152–153, 172–173, 184, 281, 298, 638
freedom 584–595
retirement planning 603–615
Indonesia 800, 809–810, 811, 812
industrial economy 76, 79
industrialization 33, 34, 37, 77, 101–102, 338, 760, 762, 800, 849, 853
inefficiency 816
inequality 6, 150, 740–757, 816
informal economy 818–819
informal sector 824–825, 832
information 657, 808
informative model 647, 649, 650, 657
insolvency 596, 753
institutions 149, 151–152, 204, 502
insurance 176, 459, 548
companies 399, 461, 514–515, 548, 562, 564, 568, 578, 579, 580, 585, 586
markets 21, 149, 460
plans 99, 177
insured markets 88, 672, 672t, 673
interest groups 759–776
interest rates 419, 421, 422, 432, 450, 452, 507, 508, 527–528, 571, 621, 630
intergenerational 851
accounts 433–434
conflicts 760, 768
contracts 843, 845, 846, 847–848
distribution 845
imbalances 437
neutrality 279
risk-sharing 512, 515
solidarity 229, 269
tax component 279
transfers 188, 851
younger 20
internal rate of return (IRR) 570, 573
International Labor Office (ILO) 62, 177, 225, 228, 301, 668, 799, 802, 812, 818, 819, 830
International Social Security Association (ISSA) 301
interpretative model 649, 650, 657
invalidity 760
benefits 299
insurance 752
pensions 225
investments 77, 85, 91, 110, 134, 135, 137, 178, 208, 213, 231, 233, 243, 257, 258, 262, 365, 366, 375, 381–382, 403, 408, 417, 437, 457, 476, 485, 504, 509, 512, 524, 534, 573, 585–586, 593, 596, 597, 605, 606, 614, 619, 643, 646, 723, 744, 829, 831, 842
accounts 753–754
funds 244, 247, 456, 666
international 207, 210, 229
long-term 449–451, 589
management 458, 461, 464
policies 420, 428, 441, 459
management 458–459, 464, 465
risk adjusted 468–470
reserves 229–230
risks 132, 179, 180, 249, 519
trusts 459
(p. 875) Ippolito, Richard A. 367, 377n, 404, 473, 556, 557, 732
Ireland 35, 106, 109, 273, 505, 507, 513, 608, 609, 623, 772, 774–775
Israel 574
Issacharoff, Samuel 731
Iyengar, Sheena 608
Iyer, S. 228
Jackson, G. 109
Jacoby, Sanford 389
Jacobzone, S. 840
Jafari-Samimi, A. 188
Jagannathan, R. 189, 193, 453n
James, D. 404, 405
James, Estelle 134, 176, 204, 392, 574, 585, 590, 796n, 806, 811, 831
James, R. 392, 802
Japan 37, 61, 89, 105, 169, 170, 171, 176, 177, 179, 187, 188, 208, 210, 228, 229, 243, 312, 313, 399, 401, 407, 411, 457, 504, 509, 511, 532, 533, 623, 627, 628, 703, 709, 711, 722, 744, 747, 753, 801, 803–805, 810, 813, 841
Jenks, Wilfred C. 301
Jensen, M. C. 469, 470, 473, 483
Jensen alpha measures 470–472, 475, 475f
Jesuit, D. 741
Jewish immigrants 42
Jianakkoplos, Nancy A. 125, 129, 134, 135, 136
Jiang, Wei 608
Jin, Li 452n
jobs 16
mobility 108, 109, 111, 112, 553
UK 554
new (older people) 715
part-time 711
security 854
tenure 12, 19, 35, 86, 94, 99, 101, 106, 107, 108, 119, 129, 131, 157, 365, 385, 386, 554, 557, 711, 722, 723, 724, 731, 733, 734, 765
turnover 553–555
Johnson, A. 850
Johnson, N. J. 750
Johnson, Paul 38, 44, 66, 478n, 557
Johnson, Richard W. 737n
joint life annuity 564
Jolls, Christine 736n
Jones, D. T. 105
Jones, M. 478n
Jong, de, F. 418, 433
Joss, Richard R. 396n
Jousten, Alain 69
Juster, F. T. 190, 191, 194, 576
justice 150, 816–833
Kahneman, D. 22, 198, 649
Kakwani, N. 783
Kaman, Vicki S. 129
Kangas, O. 693, 699n
Kanjanaphoomin, N. 812
Karoly, L. 850
Kaseke, Edwin 831
Kaufman, Bruce E. 386
Kazakhstan 585
Keese, M. 803
Keilman, N. 166
Kennedy, D. 486
Kennedy, L. 35
Kennickell, Arthur B. 131, 634n
Kent, T. 418, 423
Kenya 62, 63, 630
Kerrigan, Graeme K. 826
Kersbergen, K. von 761
Kim, Tong Suk 450
Kimball, M. S. 190, 191, 194
King, Mervyn A. 197, 205, 452n
Kingston, G. 260
Kitamura, Y. 187
Kitschelt, H. 104
Klein, Jennifer 382
Klerman, J. 850
(p. 876) Klyzing, E. 849
Knight, F. H. 688
Kocherlakota, N. R. 189, 193
Kogelman, S. 419
Kohl, M. 202, 204
Kohler, M. 263, 635n
Kohli, M. 99
Kohn, Sally 303
Komter, A. 152
Kooreman, P. 135
Korpi, W. 761, 764
Kotlikoff, Laurence J. 174, 175, 331, 332, 433, 557, 580, 726, 729, 730, 751, 825
Kouwenberg, R. R. P. 423
Kritzman, M. 426
Kumar, K. 102
labor 77, 82, 89, 104, 130, 153, 206, 212, 255, 555, 736, 764
force participation 170, 172, 173, 177–178, 180, 233, 269, 279, 280, 312, 313f, 316, 317f, 329, 321, 323, 323f, 324, 324f, 325–326, 328–330, 332, 377, 502, 631, 703, 704f, 708, 716, 759
Latin America 668–669t, 670
workers of retirement age 703–705
law 692
mobility 686, 707
pensions coverage (Latin America) 680
unused capacity 321f, 322f
Laboul, A. 505
Lagnado, R. 418
Laibson, David 607, 608, 609, 610, 612
Laitineen-Kuikka, S. 855n
Laitner, John 576
Lakonishok, J. A. 461, 473, 476
Lamfalussy process 698
Lane, Christel 105
Langbein, J. H. 485
Lange, P. 104
Langley, P. 109
Lasfer, M. A. 208
Latimer, M. 78
Latupille, Denis 122, 130, 238n
Latvia 178, 270, 281, 283–284
Lazear, E. P. 19, 81, 331, 365, 386, 723, 724, 725, 726, 727, 728, 729, 730, 731, 732, 734, 735
lay-offs 839
Leahy, John 605, 606, 610
Leape, J. I. 197
Lee, J. 803
Lee, Mary 395n
Lefort, F. 206, 209, 210
legacy costs 382, 387, 390–391
legislation 299, 302, 488, 492–496, 502–503, 505, 515
state pensions 302–304
USA 49, 367, 506
Lehmann, B. 476, 477
Leibfried, S. 108
Leibowitz, M. L. 419
Leimer, D. R. 748, 749, 751
Leisering, L. 108
Levine, Philip 122, 124, 129
Levine, R. 215n
Lesthaege, Ron 849
Li, J. 406
(p. 877) ‘liberal market economies’ 105–106
liberalism 685, 686
Lichtenstein, Nelson 384, 392
Liebman, J. 242, 741, 749, 754
Liechtenstein 299, 304
life; see also longevity
annuities 751–752
course redistribution 793
expectancy 145, 150, 163–164, 166, 184, 185, 186, 186f, 225, 228, 233, 242, 243, 247, 249, 282, 284, 511, 514, 515, 521, 530, 562, 564, 567, 584, 631, 680, 702, 705, 707, 750, 752, 760, 810, 811–812, 840, 850–851
gender differences 126t
housing wealth 628–629
retirement policy 127
women 125–126
insurance 38, 203, 208, 210, 265, 371, 459, 506, 514, 574, 587–590, 595, 830
companies 22, 250, 592
unit-linked 589t
life-cycle consumption planning 564–565
life-cycle earnings 721, 725–727
Life-Cycle Hypothesis theory (LCH) 183–185f, 186–186f, 187–190, 198, 232, 626
life-cycle models 173, 202, 244, 545, 576, 579, 608, 610
lifetime:
career 374–375
earnings 82–83, 128
individual choice 129–130
income 134
portfolio selection theory 190
limited liability 444–446
Lin, Jijia 580
Lin, X. 845
Lindbeck, A. 271
Lindberg, G. 41
Linderman, David 61
Lindert, P. H. 150, 151
Lion, H. 694
liquidation basis 419, 419f
liquidity 207, 210, 249, 447, 491, 514
constraints 185, 203, 271, 550, 731
Litterman, Robert 453n
Liu, Lillian 62
Liu, Xiaodong 624, 635n
living conditions, poor 40
living standards 4, 24, 39, 78, 101, 102, 104, 128, 164, 185, 376, 740
older people 86, 122, 176, 229, 230, 702, 715
pre-retirement 82–83, 91
retirement 3, 21, 83, 249
Lloyd-Sherlock, P. 786, 787, 788
Lo, Andrew W. 450, 468
loans 625, 632, 825
Loewenstein, George 610
London:
as financial centre 12
poverty 12–13
long-term incentive contract model 723–724
longevity 10, 82, 126, 144, 145, 146, 156, 171, 201, 249, 268, 275, 282, 286, 312, 511, 512, 514, 528, 575, 578, 693, 752, 753, 840, 845, 846, 852
Lorenzelli, M. 791
Loughran, David 705, 716n
loyalty 386, 484, 692
Luckett, Charles A. 625, 635n
Luckhaus, Linda 130
lump-sum payments 250, 366, 511, 513, 588, 751, 752, 801, 803, 804, 812, 829
Lumsdaine, Robin 333n, 734
Lund, F. 788, 793, 820, 821
Lusardi, Annmaria 605, 606
Lush, D. 655, 656
Luss, Richard 396n
Lutz, W. 165
Luxembourg 608, 609
Luxembourg Income Study 128
Lynch, A. W. 476
Lyon-Caen, G. 694
Ma, Tongshu 453n
Mackenzie, George 580
MacKinlay, A. Craig 450
Macpherson, David 129, 136, 555, 736n
macro social changes 100
(p. 878) macroeconomics 172, 179, 198, 205, 210, 233, 265, 269, 270, 279, 285, 287, 464, 514, 515, 698, 792, 793
stability 284, 286
Madigan, K. V. 654, 655
Madrian, Brigitte 264, 607, 608, 609, 611, 612
Mahieu, R. 188
Mahler, V. 741
Maki, D. 264
Malaysia 61, 782, 800, 808–809, 811
male labor 106, 107t
manager herding 248
mandated pension systems 241–265
Mangum, Garth 385, 392
Mankiel, B. 189
Mammen, K. 788
Mantel, J. 189
manufacturing 102
March, J. 483
Marcus, Alan J. 737n
Mares, I. 762, 763
Marglin, S. 102, 104
marital status 123t, 127t, 850, 854
in retirement 125–128
market-based systems 697
markets 149, 207, 417, 489–491, 493, 494, 495, 594, 690, 841, 842
capitalization 400, 407, 409, 409f, 410
completeness 544
imperfections 196–197
incompleteness 550–553, 558
information 188, 302, 489–491, 491, 496, 513
ratio 469–470
prices 533, 546, 547, 592–593
timing 470–471, 471f
transaction data 524
Markov processes 421
Markovitz, H. 190, 192, 423, 447
Marks, G. 104
Marsh, John 595
Marshall, T. H. 99, 761
Martin, Linda G. 714
Masnick, George S. 621
Mason, A. 170
Mason, J. W. 393
Masini, Carlo Alberto 301
Masson, A. 187, 192
maternity benefits 299
mature funds 428–429
Maurer, Raimond 575
Mauritius 62, 782, 789, 829
Mayer, C. 459, 460
Maxwell, S. 343
Mazuy, F. 471
McAuley, Michael 303
McCarthy, David G. 134, 203, 250, 546, 547, 549, 551, 553, 558, 559n, 574, 801, 806, 814
McCarthy, Jonathan 635n
McDermed, Ann A. 554
McDonnell, Ken 122
McGarry, Kathleen 130, 605
McGillivray, W. 176, 226
McKenzie, E. 476, 477
McLean, Peter 635n
McMillan, H. 404
Mealli, F. 554
mean-variance analysis 442, 447, 448, 450, 451, 460
means-testing 41, 42–43, 63, 69, 73, 81–82, 83, 150, 244, 249, 338, 373, 376, 712, 748, 774, 792, 820–821
non-contributory pensions 62, 66, 789–790t, 791
public assistance 66
Medicaid (USA) 336–340, 343, 350, 351
medical ethics 638–640
Medicare (USA) 336–351, 364, 567
costs 342–343
Medigap (USA) 342
Mediterranean Europe 841
Medoff, James L. 726
Mehta, S. J. B. 155, 402, 423, 515, 537n
Mellinger, Andrew D. 818
men:
annuities 571–572, 579
Latin America 680
benefits (UK) 315–316
(p. 879)
hazard rates 315
USA 316f
labor force 279, 313, 320
unused productive capacity 314f
mortality 569
part-time work 709
retirement 319f
income 122–123
USA 710, 747, 751
mental health legislation 639, 654
mental state theories 644
Merette, M. 204
Merton, R. C. 145, 157n, 190, 192, 195, 196, 404, 406, 418, 445, 449, 450, 453n, 737n
Mesa-Lago, Carmelo 70, 667, 668, 671, 673, 675, 679, 681n, 782, 792
Metrick, Andrew 607, 608, 609, 612
Mexico 59, 63, 134, 209, 381–382, 585, 663, 664, 666, 668, 669, 670, 672, 782
Michaelides, L. 537n
microeconomics 189, 198, 208, 234
behavior 626
middle classes (Europe) 15–16, 20–21
migration 12, 100, 171, 172, 174, 175, 285, 293, 297, 307, 760, 793, 794 see also economic migrants
Miles, D. K. 211
Milevsky, Moshe 570, 576, 577
Millennium Development Goals 781
Miller, Douglas 788, 821
Miller, Lex 396n
Miller, Merton H. 401, 402, 403, 411, 442
Miller, Paul 385
Mincer, Jacob 722, 726
Minimum Income Guarantee Scheme 21, 370
minimum pensions 249, 283–284, 747–748
UK 374, 507
Minimum Funding Requirement (1997) (UK) (MFR) 595
mining industry 37
mis-selling pensions (UK) 264, 371, 590, 594, 597
Mishel, Lawrence 383
Mitchell, Olivia S. 122, 124, 129, 248, 250, 264, 544, 553, 565, 571, 572, 574, 575, 585, 598n, 734, 801, 804, 805, 806
Mittelstaedt, F. 408
Miyatake, G. 804
mobility 293–307, 367
mobilization theory 762, 764, 771, 774
modernization theory 760, 762
Modigliani, F. 174, 183, 184, 197, 401, 402, 403, 411, 442, 626
Molenaar, R. D. J. 418, 429
Molina, O. 773
monetary conflicts 104
money purchase accounts 109, 371–373, 375, 376
‘money's worth’ calculation 568–572, 572t, 574t, 575
Montigny, E.-A. 39
Moon, H. 807
Moon, M. 340, 343, 350
Moore, James F. 544
Moore, Kevin B. 634n
Moore, N. 408
moral commitments 494–497
with back-up 492–493
‘moral hazard’ 80, 255, 315, 507, 545, 546, 548, 554
morality 13, 14, 15
Morandé, F. G. 209
Mørck, R, 404, 406
Morgan, C. 418, 422
Morocco 817
Morris, S. 484, 490
Morrisette, R. 850
mortgages:
interest repayment 625
loans 632
markets 628
reverse 633
Mothers and Fathers Report (2001)
(South Africa) 820, 822
(p. 880) Mounce, R. 478n
Muffels, R, 492
Mullainathan, Sendhil 788, 821
Mulligan, C. B. 793
multinationals 294, 298
Mulvey, Charles 385, 418, 422
Munnell, Alicia H. 21, 23, 176, 368, 395n, 407, 584, 706, 710, 714, 715
Murakami, Kiyoshi 61
Murphy, K. M. 193
Murtaugh, Christopher 580
Murthi, Mamta 570, 573, 585, 590, 591
Musalem, A. R. 206, 782, 789
Musgrave rules 148, 844–845, 845, 846, 853
Musgrave, R. 147, 844, 845
mutual aid funds 37
mutual funds 21, 38, 42, 43, 258, 366, 375, 459, 476
underperformance 473–474
mutualist solidarity 143, 144, 145, 149, 150 see also social solidarity
Myers, D. H. 418, 423, 557
Myles, John 73, 150, 153, 156n, 686, 762, 768, 770, 773, 844, 854
Myners, P. 462
Namibia 62, 782, 789, 829
nation-states 5, 6, 8, 11 see also state, pensions
national health system (USA) 338
National Health Service (UK) 83
national insurance:
contracting out (UK) 371
contributions (UK) 371
disability 40
rebates (UK) 372
systems (UK) 66
National Insurance (NI) (UK) 370, 545–546
National Insurance Fund (UK) 268
national pensions systems 15, 741, 752–754, 757, 828
mandatory 745–746
national provident funds 800
national savings 173–174, 202, 204–205, 230, 243
National Savings (Latin America) 675–676
national welfare regimes 492
nationality 99, 293
naturalized citizens, benefit restrictions 42
Naegele, G. 768
Neihaus, G. 406
neoliberalism 153, 684, 686, 687–691, 696, 697, 698
Nepal 782, 791
Neuberger, A. 203, 250, 553
Neumark, David 714, 717n, 724, 726, 727, 728, 729, 734, 736n
New Zealand 34, 39, 41, 62, 244, 265, 273, 296, 303, 515, 623, 829
Newhouse, J. 347
Nicaragua 663, 664, 673
Nigeria 785
Nikkei 500 (Japan) 407f
Nishigaki, Y. 577
Nisticò, C. 281
nominal bonds 155
non-contributory pensions 42, 43, 62, 67, 69, 782–783, 785–787t, 788–789, 790t, 791–795, 829, 833
Nordic countries 106, 703, 766, 767, 771, 773
‘normal retirement age’ (NRA) 82 see also retirement age
North Africa 817, 828, 829
North America 21, 638, 841
Northern Europe 187
Norway 299, 507, 693
Notestein, F. 848
notional accounts 281, 283, 285–287
notional contributions 283
(p. 881) notional defined contributions (NDC) 178, 224, 246, 255, 270, 287
nuclear family 101
Nyce, Steven 20, 722
Oberhofer, George 446
objective list theories 644–645
O'Brien, P. 202, 204
occupational pensions 15, 18–19, 21, 33, 34, 61, 66–67, 70, 76–90f, 91–92f, 93–96, 99, 100, 101, 109, 128, 141, 148, 154, 155, 224, 268, 275, 310, 331–332, 359–378, 382, 394, 399, 410, 443, 461, 467t, 477, 502–505, 509, 514, 515, 518, 543–559, 606, 611, 684–699, 707, 744, 763, 767, 772, 781, 801, 803, 804, 823–824, 830, 845
automatic enrollment 611–612
design 108–111, 543
international standards 503, 517
private 773
supervising 517–518
women 125, 131, 137
occupational hazards 760
occupational segregation 129, 130, 143, 148
occupations:
blue-collar 37
female-dominated 129
O'Donoghue, Ted 610, 611
OECD Recommendation on the Regulation of Occupational Pensions 516
Offe, C. 102
Ogawa, N. 168, 804
Oh, P. 404, 405
Oksanen, H. 154
old-age 385, 387, 565, 836
benefits 299
incomes 144–145, 370, 760, 799
insurance 43, 68, 851, 852
pensions 62, 63, 72, 78, 81–83, 85–86, 87, 562, 751, 752, 763, 772, 802
formulas 225
state 294–295
USA 39, 68, 83, 127
Old Age, Survivors and Disabled Institution (OASDI) (USA) 68–69, 187, 748–749, 751, 752
older people 168f, 502, 785, 810 see also poverty, old-age
as voters 154, 155
borrowing 632
employment rates 747
financial security 620
labor force 173, 180, 320
low incomes 176, 179, 744
mental disorder 641
pensions 242
funding 175–181
reduction 753
retirement income 93f, 122
rich 176
USA 331
Older Workers Benefit Protection Act (1990) (USA) (OWBPA) 731
Olivettim P. 854
Omberg, Edward 450
on-the-job training 555
optimal asset allocation 443, 450
optimal funding strategy 403–404, 411
organized labor 761, 764
organized formal sector (South Africa) 823–824
Organization for Economic Cooperation and Development (OECD) 24, 108, 111, 126, 201, 204, 207, 208, 211, 213, 215, 243, 248, 270, 273, 275, 279, 301, 336, 399, 400, 501, 502–505, 508, 509, 511, 512, 517, 518t, 623, 627, 702, 703, 704, 704f, 705, 709, 714, 715, 757, 819, 822, 840, 841, 842, 846, 847, 851, 854
Working Party on Private Pensions 516, 519
(p. 882) Orloff, A. 767
Orszag, J. Michael 570, 573, 574, 585, 585, 591, 598n
Orszag, Peter R. 205, 570, 573, 585, 586, 591, 667
Ostuw, Pamela 819
outsourcing 105
Øverbye, E. 149
Owyang, Michael 734
Pacific countries 782
Packard, Truman G. 176, 586, 587, 667, 668, 669, 670, 672, 674, 675, 676, 677, 679, 680, 681n
Paes de Barros, R. 796n
Paiella, M. 190, 191, 194, 196
Pakistan 782
Palacios, R. 478n, 781
Palier, B. 686, 694
Pallares-Miralles, M. 478n, 781
Palme, J. 17, 693, 699n
Palmer, E. 178, 283
Palmon, Oded 576, 577
Pampel, Fred 66, 151
Panama 665
Papke, Leslie E. 406, 457, 731
Paraguay 665, 783
Pareto gains 151
Parfit, D. 644
passive selection 570
Pastor, Lubos 452, 453n
Patel, J. paternalism 15, 485, 647, 649, 650, 657, 762
path dependency 11, 151–152, 155, 686
Patterson, William 393
pay-as-you-go (PAYG) 12–13, 14, 16–19, 20–21, 23, 61, 62, 66, 69, 70, 71, 82, 91, 93, 99, 110, 134, 137, 141, 147, 148, 151–152, 153, 154, 158n, 175–177, 187, 188, 201–202, 203, 204, 206, 212, 213, 214, 215, 223, 226–228, 230–231, 232, 236, 237, 242, 243, 244, 247, 255, 275, 282, 283, 285–287, 311, 370, 377, 392, 502, 596, 664, 740, 745–746, 748, 749, 753, 754–757, 766, 768, 770, 800, 802, 805, 844 see also public pensions
traditional 241, 265
unfunded 456, 457, 806
payroll taxes 94, 134, 351, 394, 763, 771, 846, 854, 856, 806, 846, 854
Peach, Richard W. 536n
Peagle, Nigel 395n
Pech, Suzanne 578
Peil, Margaret 831
Peled, D. 565
Pension Act (1908) (UK) 66
Pension Authority (UK) 14
Pension Benefit Guaranty Corporation (USA) 507
Pension Benefits Acts (1965–7) (Canada) 87, 88
pension deals 424t
pension funds 154, 203, 213, 214, 248, 257–258, 263–264, 265, 361t, 368, 382, 399, 408, 446, 456–478, 491, 494, 510f, 514, 516, 528, 587, 593, 597, 688
adjudicators 833
administration 506
AFPs (Latin America) 247–248, 261
contractual negotiations 490
firms 672
governance 483–497, 493f, 505, 774
management 258, 458–459t, 463t, 464–465, 467,