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paper proposes a new methodology to estimate the gains from international diversification in which the optimal asset …
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The decumulation phase of the financial life-cycle is not well understood by the generation about to retire. They over-estimate the lifetime income a given lump sum of retirement savings will provide. This article sets out a framework for comparing the relative risks of longevity and investment...
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"This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations are derived when pension fund management maximize the utility of wealth of a representative taxpayer or when pension fund management maximize their own utility of compensation....
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The global financial crisis affected also Polish pension market. Low or negative rate return on pension capital accumulated in Open Pension Funds led to social disappointment and growth of feeling of social insecurity. Prolonged financial crisis together with sluggish economic growth forced...
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How and to what extent can a high degree of global financial integration help the fast-ageing OECD benefit from the delayed ageing process in the non-OECD area? The question is being raised with increasing urgency as it is slowly understood that even fully funded pension schemes will not escape...
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