resilience as indicated by its high-risk exposure and vulnerability. The objective of this paper is to point to policymakers the …. Policymakers should be aware and conversant about risk analysis, risk management, and what policies can best respond to exogenous …

We use historical data on investment returns and labour income from sixteen countries to quantify the value and risk of … country. We show that pension risk is substantial, and find that pension fund ratios are lower and less variable than when the … insures against downside risk …