共查询到20条相似文献,搜索用时 76 毫秒
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James M. Poterba 《Fiscal Studies》2001,22(3):249-270
The growing importance of defined contribution pension arrangements has drawn increased attention to the means by which retired people draw down their assets. Current UK law requires annuitisation of at least a fraction of defined contribution plan accumulations. Annuity markets have recently attracted some criticism with respect to pricing and the available range of product options. This paper describes a key feature of voluntary annuity markets: the presence of ‘adverse selection’. This is the tendency of annuitants to live longer than non‐annuitants, since individuals who know that they are likely to die soon do not purchase annuities. The paper presents information that quantifies the importance of adverse selection in the setting of private annuity prices and discusses the role of compulsory annuitisation requirements in reducing it. Requiring individuals to participate in the annuity market can reduce selection effects, at the cost of reducing individuals' range of retirement income options. 相似文献
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保证期间我国担保法确立的一种法律制度,然而其属性如何,对债权人来讲,属诉讼时效,还是除斥期间,法律未作规定。对其认识不同,将直接导致法律适用的不同, 关系到债权人和保证人的切身利益。通过对两种保证期间的剖析和其与诉讼时效、除斥期间的比较,得出的结论是,保证期间属除斥期间,而非诉讼时效。 相似文献
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X. Sheldon Lin ASA PhD. Ken Seng Tan ASA CERA PhD Hailiang Yang ASA PhD 《North American actuarial journal : NAAJ》2013,17(3):316-332
Abstract We consider the pricing problem of equity-linked annuities and variable annuities under a regimeswitching model when the dynamic of the market value of a reference asset is driven by a generalized geometric Brownian motion model with regime switching. In particular, we assume that regime switching over time according to a continuous-time Markov chain with a finite number state space representing economy states. We use the Esscher transform to determine an equivalent martingale measure for fair valuation in the incomplete market setting. The paper is complemented with some numerical examples to highlight the implications of our model on pricing these guarantees. 相似文献
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John Piggott Emiliano A. Valdez Bettina Detzel 《The Journal of risk and insurance》2005,72(3):497-520
This article provides a formal analysis of payout adjustments from a longevity risk‐pooling fund, an arrangement we refer to as group self‐annuitization (GSA). The distinguishing risk diffusion characteristic of GSAs in the family of longevity insurance instruments is that the annuitants bear their systematic risk, but the pool shares idiosyncratic risk. This obviates the need for an insurance company, although such instruments could be sold through a corporate insurer. We begin by deriving the payout adjustment for a single entry group with a single annuity factor and constant expectations. We then show that under weak requirements a unique solution to payout paths exists when multiple cohorts combine into a single pool. This relies on the harmonic mean of the ratio of realized to expected survivorship rates across cohorts. The case of evolving expectations is also analyzed. In all cases, we demonstrate that the periodic‐benefit payment in a pooled annuity fund is determined based on the previous payment adjusted for any deviations in mortality and interest from expectations. GSA may have considerable appeal in countries which have adopted national defined contribution schemes and/or in which the life insurance industry is noncompetitive or poorly developed. 相似文献
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Variable annuities are insurance products that contain complex guarantees. To manage the financial risks associated with these guarantees, insurance companies rely heavily on Monte Carlo simulation. However, using Monte Carlo simulation to calculate the fair market values of these guarantees for a large portfolio of variable annuities is extremely time consuming. In this article, we propose the class of GB2 distributions to model the fair market values of guarantees to capture the positive skewness typically observed empirically. Numerical results are used to demonstrate and evaluate the performance of the proposed model in terms of accuracy and speed. 相似文献
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Monika Bütler 《International Tax and Public Finance》2002,9(4):349-365
In 1998, the Swiss voters approved of an increase in the female retirement age within the public pension system from 62 to 64. The referendum, being on a single issue only, offers a unique opportunity to explore the political feasibility of pension reforms and to apply theoretical models of life-cycle decision making. Estimates carried out with municipality data suggest that the outcome of the vote conforms well with predictions drawn from a theoretical model. Young agents, elderly and—to a lesser extent—middle-aged men favor an increase in female retirement age, while middle-aged women strongly oppose it. Richer communities and those with a high proportion of self-employed or a low fraction of blue-collar workers are more likely to opt for a higher retirement age. Ideological preferences and regional differences also play a considerable role. 相似文献
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抵(质)押贷款担保是银行担保的重要与普遍方式,但是,随着社会财富形态的多样化、商业交易的多样化、以及新兴市场和产业的多样化,银行囿于信息、专业知识和制度、监管等多种因素的制约,尽管可以借助中介机构的评估,但仍然无法及时准确地判别并接受日益多样化的担保物或者权利,因而将一些有价值的担保物权拒之门外,不能满足借款人获得银行贷款资金的愿望. 相似文献
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2004年企业年金及其基金管理法规的出台,标志着我国规范的企业年金市场启动。现行相关法规所构造的企业年金制度框架,对我国商业银行的发展既是一种机遇也是一个挑战。商业银行应该充分利用其优势,在介入年金资金托管市场的同时,创造条件渗入理事型年金管理市场,打造一体化金融服务的现代银行业态,不能坐失良机。 相似文献
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Theoretical expectations related to market discipline generally suggest a positive relationship between firm financial strength and price. We examine market discipline in the individual annuity market by measuring annuity contract yields during the accumulation phase and find that, among other results, firm financial strength is positively related to yield (i.e., negatively related to price). We argue that this apparent anomaly can be viewed as a form of market discipline itself, for at least four related reasons, the foremost reason being that in order to compete in the asset accumulation market, an insurer has an incentive to provide a track record of historically strong credited interest rates within the annuity. In addition, the credited interest rates within an annuity are only revealed ex post over time, thus diminishing consumer ability to impose traditional market discipline relating firm financial strength and price, and also enabling financially weaker insurers to impose higher ex post prices in the form of lower realized annuity yields. 相似文献
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彭志军 《广东金融学院学报》2001,16(6):50-52
就银行的贷款业务来说,对保证期间和诉讼时效基本涵义的深刻理解及有效维护至关重要,但在实际执行过程中却存在不少问题,包括当事人认识上的偏差、贷款追索取证困难和有关各方配合欠佳导致执法不力等。相应的对策应该是尽量使当事人各方知法守法;有关部门协调配合,健全法制环境;银行采取合法有效的措施追索贷款,规范运作,切实维护保证期间和诉讼时效权利。 相似文献
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有一种中小企业融资机制叫保证基金 总被引:1,自引:0,他引:1
杨世缄先生是台湾著名的经济学家,也是李国鼎科技发展基金董事长和全球策划投资基金董事长。他曾为推动台湾科技产业的发展做出过重大贡献。那么,台湾的金融业是怎样支持高科技中小企业发展的?设立了怎样的金融保障机制?为此,《国际融资》杂志记者采访了他 相似文献
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随着我国人口老龄化的趋势加快,企业年金在社会保障体系中的重要作用日益凸现,金融机构也越来越重视企业年金产品的开发与创新。然而,企业年金产品在发展过程中,同质化现象较为严重。本文系统分析了我国企业年金产品同质化的现状,探究同质化产生的原因,并提出相应的解决方案,对金融机构规划企业年金产品体系具有一定意义。 相似文献
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香港强积金制度是一种确定供款型养老金制度,经过十六年实践已形成成熟的制度体系,有效缓解了香港人口老化带来的经济压力,对于内地企业年金制度建设具有借鉴价值.通过分析香港强积金制度的发展过程、运作模式、制度特点,以及对内地企业年金制度存在的问题分析,认为要完善内地企业年金制度应重构企业年金制度基本框架,突破制度设计的禁锢;减轻企业缴费负担,完善个人税优征收模式以及提高养老金产品在整个养老资产管理市场的普及程度. 相似文献
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Financing Retirement in the European Union 总被引:1,自引:1,他引:1
A. L. Bovenberg 《International Tax and Public Finance》2003,10(6):713-734
This paper explores how EU countries can address various challenges (including the aging of the population) affecting their systems of old-age income support. It presents two scenarios illustrating the most important uncertainties surrounding the major developments that affect the pension systems of the EU. To diversify these risks, EU governments should act on several fronts. In addition to the formation of human capital (especially that of children), employment (especially that of older workers) should be boosted. This calls for social insurance reform with more emphasis on individual saving schemes. Pension schemes should be more explicit about how they share demographic and other risks. Countries that currently rely heavily on public pay-as-you-go (PAYG) schemes should stimulate private pensions by gradually reducing PAYG benefits collected by high-income earners, by issuing new financial instruments, and by conducting intergenerational risk sharing through the tax system. 相似文献