New Ideas about Old Age Security : Toward Sustainable Pension Systems in the 21st Century

by Holzmann, Robert; Stiglitz, Joseph E.

• ISBN13: 9780821348222
• ISBN10: 0821348221
• Format: Paperback
• Copyright: 2000-10-01
• Publisher: World Bank

Summary

Policymakers worldwide are struggling to adapt their pension systems to the reality of aging populations, globalization, and tightening budgets. The World Bank actively supports these policymakers by helping them to identify the economic and demographic challenges facing them to highlighting potential policy responses and providing implementation support.'New Ideas about Old Age Security' is a selection of papers presented at a conference in September 1999 convened by the World Bank and attended by leading academics and policymakers from around the world. These papers, which have subsequently been revised, contain a sample of the most recent thinking in the global debate over pension reform.The papers in this volume explore a wide variety of pension reform issues. Some of the topics covered in this book include new approaches to multi-pillar pension reform, the relevance of index funds for pension investment in equities, and managing public pension reserves.

Table of Contents

Preface	xi
Acknowledgments	xii
List of Contributors	xiii
Introduction	1	(16)
Robert Holzmann
Joseph E. Stiglitz
Rethinking Pension Reform: Ten Myths about Social Security Systems	17	(40)
Peter R. Orszag
Joseph E. Stiglitz
Comments on Rethinking Pension Reform: Ten Myths about Social Security Systems	57	(33)
Robert Holzmann
Estelle James
Axel Borsch-Supan
Peter Diamond
Salvador Valdes-Prieto
New Approaches to Multipillar Pension Systems: What in the World Is Going On?	90	(43)
Louise Fox
Edward Palmer
The Political Economy of Structural Pension Reform	133	(38)
Estelle James
Sarah Brooks
Improving the Regulation and Supervision of Pension Funds: Are There Lessons from the Banking Sector?	171	(42)
Roberto Rocha
Richard Hinz
Joaquin Gutierrez
Managing Public Pension Reserves: Evidence from the International Experience	213	(41)
Augusto Iglesias
Robert J. Palacios
Administrative Costs and the Organization of Individual Account Systems: A Comparative Perspective	254	(54)
Estelle James
James Smalhout
Dimitri Vittas
Administrative Costs under a Decentralized Approach to Individual Accounts: Lessons from the United Kingdom	308	(28)
Mamta Murthi
J. Michael Orszag
Peter R. Orszag
The Relevance of Index Funds for Pension Investment in Equities	336	(31)
Ajay Shah
Kshama Fernandes
Regulation of Withdrawals in Individual Account Systems	367	(24)
Jan Walliser
Personal Pension Plans and Stock Market Volatility	391	(33)
Max Alier
Dimitri Vittas
Gender Dimensions of Pension Reform in the Former Soviet Union	424	(28)
Paulette Castel
Louise Fox
Extending Coverage in Multipillar Pension Systems: Constraints and Hypotheses, Preliminary Evidence, and Future Research Agenda	452
Robert Holzmann
Truman Packard
Jose Cuesta