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Industry Papers on Pensions



Paying the High Price of Active Management Paying the High Price of Active Management: A new look at mutual fund fees
Ross M. Miller, World Economics, September 2010
Financial economists have long known that actively managed mutual funds underperform comparable index funds and that investment management fees are a major contributor to this underperformance. This article shows that the impact of mutual fund fees is even greater when ... More


Are Governments Overextended? Are Governments Overextended?: Assessing the spectrum of a government’s debts and its exposure to risk
Peter S. Heller , World Economics, December 2004
Have government debt levels reached dangerous levels? Certainly, for some countries, the data would suggest so. However, this paper will argue that for many governments, the amount of explicit debt on their balance sheets seriously understates the magnitude of their ... More


Demographics and Pension Reforms in the Major Central and Eastern European Countries Demographics and Pension Reforms in the Major Central and Eastern European Countries
Dieter Bräuninger, World Economics, March 2003
Today in the Central and Eastern European (CEE) countries there are barely 30 pensioners for every 100 persons of working age. By 2050, the number could rise to almost 80 pensioners. So far Poland has responded the most rigorously to the challenge, establishing a mod ... More


The Growing US Fiscal Gap The Growing US Fiscal Gap
Daniel Shaviro, World Economics, December 2002
The United States has a huge long-term fiscal gap, perhaps with a present value as great as $74 trillion. The US may thus be unable to continue meeting its current spending commitments without eventually enacting huge tax increases. The tax cut enacted in 2001 may ha ... More


European Pension Reforms European Pension Reforms: A study by Merrill Lynch
Jan Mantel & David Bowers, World Economics, March 2000
Are the present pension systems in Europe substainable? Can the pensions time bomb caused by demographic changes be defused? This study describes developments in Europe, but the theory, the problems and the solutions are similar for most developed nations in the rest of ... More


Pension Reform in Germany Pension Reform in Germany: To fund or not to fund
Axel Börsch-Supan, World Economics, March 2000
German public retirement insurance is in many respects an extreme example of the typical European pay-as-you-go pension system because almost 85% of retirement income stems from this system and only 15% comes from private sources such as funded pensions, labour income, ... More


The Public/Private Mix in UK Pension Policy The Public/Private Mix in UK Pension Policy
Phil Agulnik & Nicholas Barr, World Economics, March 2000
The UK government aims to shift the balance between public (Pay-As-You-Go) and private (funded) pensions from 60:40 today to 40:60 by 2050 (UK DSS 1998). What is the economic rationale for this shift? Funding pensions may have a positive effect on economic growth and th ... More


Achieving the goals of UK Pension Reform Achieving the goals of UK Pension Reform
Frank Field, World Economics, March 2000
There is an inevitable tension between the aim of providing enough income in retirement for those genuinely unable to build up a sufficiently large fund of their own and the aim of preserving people’s incentives to save for their own retirement. The author argues that ... More