The aim of this paper is to evaluate the impact of the Spanish pension reform enacted in 2011. We use an accounting model with heterogeneous agents and overlapping generations in order to project revenues and expenditures of the pension system for the next four decades. Specifically, we analyze...

The arrival of new information helps financial markets to value assets, but it may has the side-effect of increasing their volatilities. A better knowledge of the mechanism that links relevant news and stock prices would help both private and institutional agents to improve the calibration of...

Extreme Value Theory is increasingly used in the modelling of financial time series. The non-normality of stock returns leads to the search for alternative distributions that allows skewness and leptokurtic behavior. One of the most used distributions is the Pareto Distribution because it allows...

In this paper we analyse the role that Social Security wealth and incentives play in the transition to retirement in Spain. We use the labour records and other relevant information contained in a newly released database [Muestra Continua de Vidas Laborales (2006)] to construct incentive measures...

To contribute to the fight against climate change and achieve a carbon-neutral economy, a large volume of funds must be mobilised to finance the necessary investment. The international financial system will play a key role in this process to channel the financing, but considerable changes will...

The consequences of climate change affect both the financial system and the economy as a whole. Understanding the attendant risks and meeting the goals of the Paris Agreement, so as to restrict the rise in global temperature and mobilise the resources needed to achieve a carbonneutral economy,...

In this paper we analyze the role that Social Security wealth and incentives play in the transition to retirement in Spain. We use the labour records and other relevant information contained in a newly released database ( Muestra Continua de Vidas Laborales 2006,) to construct incentive measures...

For central banks, it is crucial to develop and maintain risk identification frameworks that allow them to detect in good time and address potential threats to financial stability with the most appropriate policy tools. This paper reviews the main indicators developed for this purpose by the...

We provide a long term perspective on the individual retirement behavior and on the future of retirement by emphasizing the role of (negative) income effects. We consider a political economic theoretical framework, with actuarial "fair" and "unfair" early retirement schemes, and derive a...