Payout solutions for funded pension schemes: markets, regulation and economic modelling
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Format: | Abschlussarbeit Buch |
Sprache: | English |
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2009
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Beschreibung: | XXXII, 347 S. graph. Darst. |
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Datensatz im Suchindex
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adam_text | /AQ PAYOUT SOLUTIONS FOR FUNDED PENSION SCHEMES: MARKETS, REGULATION AND
ECONOMIC MODELLING INAUGURAL-DISSERTATION ZUR ERLANGUNG DES DOKTORGRADES
DES FACHBEREICHS WIRTSCHAFTSWISSENSCHAFTEN DERJOHANN WOLFGANG
GOETHE -UNIVERSITDT FRANKFURT AM MAIN VORGELEGT VON BARBARA KASCHUTZKE
(GEB. SOMOVA) AUS SANKT PETERSBURG A 258158 FRANKFURT AM MAIN, JUNI 2009
CONTENTS TABLE OF CONTENTS V-IX LIST OF BOXES XI-XII LIST OF FIGURES
XIII-XVI LIST OF TABLES XVII-XXI LIST OF SYMBOLS XXIH-XXVIII LIST OF
ABBREVIATIONS ! XXIX-XXXI 1. INTRODUCTION: PAYOUT PHASE OF FUNDED
PENSIONS AND ITS CHALLENGES 1 1.1. ROLE AND IMPORTANCE OF PAYOUT
SOLUTIONS FOR FUNDED PENSION SCHEMES IN PROVIDING SUSTAINABLE RETIREMENT
INCOME 1 1.2. KEY SOURCES OF RISK IN THE PAYOUT PHASE: INFLATION-,
INVESTMENT- UND MORTALITY RISK 5 1.3. THE BASIC RETIREMENT PAYOUT
OPTIONS 15 1.4. PRIOR STUDIES ON PAYOUT PHASE OF FUNDED PENSIONS AND
INTEGRATION OF PRESENT RESEARCH 1.9 1.5. GOALS AND DETAILED STRUCTURE OF
THE STUDY. 21. 2. MARKET SOLUTIONS FOR THE PAYOUT PHASE OF FUNDED
PENSIONS: POOLED SOLUTIONS 25 2.1. DESCRIPTION OF POOLED SOLUTIONS -
LIFE ANNUITIES 25 2.1.1. BASIC FEATURES, PRICING AND SURVIVAL CREDITS OF
ANNUITIES 25 2.1.2. TYPOLOGY OF MAIN ANNUITY PRODUCT GROUPS 3.3 2.2.
SPECIFICS OF INVESTMENT LINKED (VARIABLE) PAYOUT ANNUITIES 37 2.2.1.
BASIC FEATURES AND UPDATING RULE. .3.7 2.2.2. ANALYSIS OF POSSIBLE
PAYOUT PROFILE FOR DIFFERENT PORTFOLIO COMPOSITIONS 39 2.3.
IMPLEMENTATION OF POOLED SOLUTIONS FOR THE PAYOUT PHASE OF FUNDED
PENSIONS .44 2.3.1. ANNUITY COVERAGE AND MARKET TRENDS IN THE SURVEYED
COUNTRIES 44 2.3.2. ADVANTAGES AND DRAWBACKS OF LIFE ANNUITIES AS PAYOUT
SOLUTION 4.8 3. EVALUATION OF POOLED SOLUTIONS USING MONEY S WORTH
RATIOS 51 3.1. MONEY S WORTH METHODOLOGY AND PRIOR STUDIES ON THE LIFE
ANNUITY S VALUE FOR PROSPECTIVE RETIREES 5.J. 3.1.1. MONEY S WORTH
METHODOLOGY. 51 3.1.2. INTERNATIONAL EMPIRICAL EVIDENCE ON MONEY S WORTH
RATIOS 52 3.2. SPECIFICS OF GERMAN ANNUITY MARKETS IN MONEY S WORTH
CONTEXT 57 3.3. SETUP OF THE MONEY S WORTH ANALYSIS FOR GERMAN VOLUNTARY
ANNUITY MARKET. 61. 3.3.1. ANNUITY QUOTES 61. 3.3.2 INTEREST RATES .67
3.3.3. MORTALITY ASSUMPTIONS .69 3.4. MAIN RESULTS FOR GERMAN VOLUNTARY
ANNUITY MARKET 7.1 3.4.1. AVERAGE VALUES IN INTERNATIONAL COMPARISON
.7.1. 3.4.2. OBSERVED TRENDS DURING THE SURVEYED PERIOD AND CONCLUSIONS
.76 4. MARKET SOLUTIONS FOR THE PAYOUT PHASE OF FUNDED PENSIONS:
NON-POOLED SOLUTIONS I * 83 4.1. DESCRIPTION OF NON- POOLED SOLUTIONS -
DRAWDOWN (WITHDRAWAL) PLANS 83 4.1.1. BASIC DESIGN, FEATURES AND
TYPOLOGY OF DRAWDOWN PRODUCTS 83 4.1.2. SELF-MANAGED PRODUCTS .90 4.1.3.
DELEGATED MANAGEMENT PRODUCTS .91. 4.2. ANALYTICAL AND SIMULATION
ANALYSIS OF BENEFITS AND RISKS CHARACTERISTICS FOR ALTERNATIVE PAYOUT
PATTERNS 98 4.2.1. SETUP OF THE ANALYSIS 98 4.2.2. MAIN RESULTS FOR
SELECTED WITHDRAWAL RULES 1.04 4.3. HISTORIC ANALYSIS OF BENEFITS AND
RISKS CHARACTERISTICS FOR ALTERNATIVE PAYOUT PATTERNS 110 4.3.1. SETUP
OF THE ANALYSIS 1.1.0 4.3.2. MAIN RESULTS FOR PRODUCTS BASED ON FIXED
WITHDRAWAL RULE 11.0 4.3.3. MAIN RESULTS FOR PRODUCTS BASED ON VARIABLE
WITHDRAWAL RULES 11.5 4.4. DESCRIPTION OF INTEGRATED RETIREMENT PRODUCTS
- LIFE ANNUITIES AND DRAWDOWN 119 4.4.1. BASIC DESIGN AND FEATURES .1.19
4.4.2. EXPECTED BENEFITS AND RISK CHARACTERISTICS FOR INTEGRATED
PRODUCTS ...122 4.5. IMPLEMENTATION OF NON-POOLED SOLUTIONS FOR THE
PAYOUT PHASE OF FUNDED PENSIONS 1.3.1 5. THE ENVIRONMENT FOR PAYOUT
SOLUTIONS IN FUNDED PENSION SCHEMES 137 5.1. DESCRIPTION OF CURRENT
REGULATORY ENVIRONMENT IN THE SELECTED COUNTRIES .137 5.1.1. THE
IMPORTANCE OF RETIREMENT INCOME FROM STATE PENSIONS SYSTEMS 137 5.1.2.
REGULATION OF THE PAYOUT PHASE IN FUNDED PENSION SCHEMES 1.39 5.1.3.
CLASSIFICATION OF RESTRICTIONS ON THE USE OF FUNDS IN THE PAYOUT PHASE
143 5.2. REGULATION OF THE PAYOUT PHASE: THE POLICYMAKERS PERSPECTIVE
.14.8 5.2.1. MOTIVES AND GOALS FOR REGULATION OF THE PAYOUT PHASE. 1.48
5.2.2. ASSESSMENT OF MOTIVES AND GOALS FOR REGULATION OF THE PAYOUT
PHASE 1.50 VI 5.3. REGULATION OF THE PAYOUT PHASE: THE STAKEHOLDERS
PERSPECTIVE 159 5.3.1. CRITERIA FOR PROPER REGULATION 1.59 5.3.2.
ASSESSMENT OF THE CONSEQUENCES OF THE REGULATION OF THE PAYOUT PHASE
.16.0 5.3.3. APPROACHES AND PROCEDURES FOR CHANGES IN THE REGULATORY
FRAMEWORK AND MOTIVATING MECHANISMS. .16.4 6. OPTIMAL FINANCIAL
STRATEGIES WITHIN DYNAMIC PORTFOLIO CHOICE MODEL 169 6.1. RETIREMENT
OPTIMISATION MODEL METHODOLOGY 1.69 6.1.1. GENERAL STRUCTURE
DESCRIPTION. 169 6.1.2. INVESTOR S OPTIMISATION PROBLEM. 1.72 6.1.3.
INVESTMENT UNIVERSE -. ^ 175 6.1.4. ANALYTICAL SOLUTION, SIMULATION
ANALYSIS AND ESTIMATION OF UTILITY LOSSES .17.7 6.2. OPTIMAL FINANCIAL
STRATEGIES IN RETIREMENT USING ANNUITIES AND DRAWDOWN PLANS 1.78 6.2.1.
THE BASE CASE: MODERATE WEALTH/PENSION RATIO AND MODERATE RISK AVERSION
.17.8 6.2.2. THE CASE OF LOW AND HIGH FINANCIAL WEALTH RELATIVE TO
PRE-EXISTING PENSION INCOME 182 6.2.3. WORST CASE INCOME RISK ANALYSIS
OF OPTIMAL PAYOUT POLICIES 1.86 6.3. THE ECONOMIC COST OF COMPULSORY
ANNUITISATION 192 6.3.1. SETUP OF THE ANALYSIS 192 6.3.2. MAIN FINDINGS
AND A NUMERICAL EXAMPLE 1.94 6.4. BENEFITS ARISING FROM THE INTRODUCTION
OF INVESTMENT LINKED ANNUITIES. 197 6.4.1. SETUP OF THE ANALYSIS 1.97
6.4.2. MAIN FINDINGS: EXAMPLE CONTINUED. 1.98 6.5. UTILITY IMPACTS FROM
THE SOFTENING OF RESTRICTIONS FOR PAYOUT SOLUTIONS 200 6.5.1. SETUP OF
THE ANALYSIS .2.00 6.5.2. MAIN FINDINGS: EXAMPLE CONTINUED. 201. 7.
SUMMARY 205 VII
|
any_adam_object | 1 |
author | Kaschützke, Barbara |
author_GND | (DE-588)140276971 |
author_facet | Kaschützke, Barbara |
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dewey-ones | 331 - Labor economics |
dewey-raw | 331.2524 |
dewey-search | 331.2524 |
dewey-sort | 3331.2524 |
dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
format | Thesis Book |
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spelling | Kaschützke, Barbara Verfasser (DE-588)140276971 aut Payout solutions for funded pension schemes markets, regulation and economic modelling vorgelegt von Barbara Kaschützke (geb. Somova) 2009 XXXII, 347 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Frankfurt am Main, Univ., Diss., 2009 Altersversorgung (DE-588)4001479-4 gnd rswk-swf Gewinnausschüttung (DE-588)4020908-8 gnd rswk-swf Ruhegeld (DE-588)4178677-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Ruhegeld (DE-588)4178677-4 s Gewinnausschüttung (DE-588)4020908-8 s Altersversorgung (DE-588)4001479-4 s DE-188 GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018920317&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Kaschützke, Barbara Payout solutions for funded pension schemes markets, regulation and economic modelling Altersversorgung (DE-588)4001479-4 gnd Gewinnausschüttung (DE-588)4020908-8 gnd Ruhegeld (DE-588)4178677-4 gnd |
subject_GND | (DE-588)4001479-4 (DE-588)4020908-8 (DE-588)4178677-4 (DE-588)4113937-9 |
title | Payout solutions for funded pension schemes markets, regulation and economic modelling |
title_auth | Payout solutions for funded pension schemes markets, regulation and economic modelling |
title_exact_search | Payout solutions for funded pension schemes markets, regulation and economic modelling |
title_full | Payout solutions for funded pension schemes markets, regulation and economic modelling vorgelegt von Barbara Kaschützke (geb. Somova) |
title_fullStr | Payout solutions for funded pension schemes markets, regulation and economic modelling vorgelegt von Barbara Kaschützke (geb. Somova) |
title_full_unstemmed | Payout solutions for funded pension schemes markets, regulation and economic modelling vorgelegt von Barbara Kaschützke (geb. Somova) |
title_short | Payout solutions for funded pension schemes |
title_sort | payout solutions for funded pension schemes markets regulation and economic modelling |
title_sub | markets, regulation and economic modelling |
topic | Altersversorgung (DE-588)4001479-4 gnd Gewinnausschüttung (DE-588)4020908-8 gnd Ruhegeld (DE-588)4178677-4 gnd |
topic_facet | Altersversorgung Gewinnausschüttung Ruhegeld Hochschulschrift |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018920317&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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