Challenges for financial intermediaries offering asset decumulation products:
The present article focuses on issues related to asset decumulation. In discussing these issues, a key proposition is that financial institutions are most willing and able to offer decumulation products with fixed payment promises to the extent they are able to invest in financial assets that allow...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch Artikel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The present article focuses on issues related to asset decumulation. In discussing these issues, a key proposition is that financial institutions are most willing and able to offer decumulation products with fixed payment promises to the extent they are able to invest in financial assets that allow them to hedge a considerable part of the risks associated with the payment promises they extend.Indeed, what is sometimes overlooked in discussions bout shifts from asset accumulation to decumulation is that the decumulation phase also involves investment challenges, especially if specific patterns of payouts such as regular payouts of fixed amounts are aimed at. Many writers have argued for some time now that pension fund managers will have difficulty implementing asset-liability matching because there are insufficient quantities of suitable assets. As it turns out, the shortfall in hedging instruments extends to more than just the "toxic" tail of longevity risk, as is commonly being argued. The analysis in this article shows that hedging interest rate risk is also not as straightforward as one may think. |
| Beschreibung: | 1 Online-Ressource (36 p.) |
| DOI: | 10.1787/fmt-v2008-art15-en |
Internformat
MARC
| LEADER | 00000caa a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061238252 | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121233.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2009 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/fmt-v2008-art15-en |2 doi | |
| 035 | |a (DE-627-1)061238252 | ||
| 035 | |a (DE-599)KEP061238252 | ||
| 035 | |a (FR-PaOEC)fmt-v2008-art15-en | ||
| 035 | |a (EBP)061238252 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 100 | 1 | |a Schich, Sebastian |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a Challenges for financial intermediaries offering asset decumulation products |c Sebastian, Schich |
| 264 | 1 | |a Paris |b OECD Publishing |c 2009 | |
| 300 | |a 1 Online-Ressource (36 p.) | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 520 | |a The present article focuses on issues related to asset decumulation. In discussing these issues, a key proposition is that financial institutions are most willing and able to offer decumulation products with fixed payment promises to the extent they are able to invest in financial assets that allow them to hedge a considerable part of the risks associated with the payment promises they extend.Indeed, what is sometimes overlooked in discussions bout shifts from asset accumulation to decumulation is that the decumulation phase also involves investment challenges, especially if specific patterns of payouts such as regular payouts of fixed amounts are aimed at. Many writers have argued for some time now that pension fund managers will have difficulty implementing asset-liability matching because there are insufficient quantities of suitable assets. As it turns out, the shortfall in hedging instruments extends to more than just the "toxic" tail of longevity risk, as is commonly being argued. The analysis in this article shows that hedging interest rate risk is also not as straightforward as one may think. | ||
| 650 | 4 | |a Finance and Investment | |
| 773 | 0 | 8 | |i Enthalten in |t OECD Journal: Financial Market Trends |g Vol. 2008, no. 2, p. 1-31 |
| 773 | 1 | 8 | |g volume:2008 |g year:2008 |g number:2 |g pages:1-31 |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/fmt-v2008-art15-en |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC-article | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a AR | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-061238252 |
|---|---|
| _version_ | 1816797355098243072 |
| adam_text | |
| any_adam_object | |
| author | Schich, Sebastian |
| author_facet | Schich, Sebastian |
| author_role | aut |
| author_sort | Schich, Sebastian |
| author_variant | s s ss |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC ZDB-13-SOC-article |
| ctrlnum | (DE-627-1)061238252 (DE-599)KEP061238252 (FR-PaOEC)fmt-v2008-art15-en (EBP)061238252 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/fmt-v2008-art15-en |
| format | Electronic Article |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02315caa a22003612 4500</leader><controlfield tag="001">ZDB-13-SOC-061238252</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121233.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2009 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/fmt-v2008-art15-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061238252</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061238252</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)fmt-v2008-art15-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)061238252</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Schich, Sebastian</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Challenges for financial intermediaries offering asset decumulation products</subfield><subfield code="c">Sebastian, Schich</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2009</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (36 p.)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">The present article focuses on issues related to asset decumulation. In discussing these issues, a key proposition is that financial institutions are most willing and able to offer decumulation products with fixed payment promises to the extent they are able to invest in financial assets that allow them to hedge a considerable part of the risks associated with the payment promises they extend.Indeed, what is sometimes overlooked in discussions bout shifts from asset accumulation to decumulation is that the decumulation phase also involves investment challenges, especially if specific patterns of payouts such as regular payouts of fixed amounts are aimed at. Many writers have argued for some time now that pension fund managers will have difficulty implementing asset-liability matching because there are insufficient quantities of suitable assets. As it turns out, the shortfall in hedging instruments extends to more than just the "toxic" tail of longevity risk, as is commonly being argued. The analysis in this article shows that hedging interest rate risk is also not as straightforward as one may think.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Investment</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Enthalten in</subfield><subfield code="t">OECD Journal: Financial Market Trends</subfield><subfield code="g">Vol. 2008, no. 2, p. 1-31</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:2008</subfield><subfield code="g">year:2008</subfield><subfield code="g">number:2</subfield><subfield code="g">pages:1-31</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/fmt-v2008-art15-en</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC-article</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061238252 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:56:15Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (36 p.) |
| psigel | ZDB-13-SOC ZDB-13-SOC-article |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | OECD Publishing |
| record_format | marc |
| spelling | Schich, Sebastian VerfasserIn aut Challenges for financial intermediaries offering asset decumulation products Sebastian, Schich Paris OECD Publishing 2009 1 Online-Ressource (36 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The present article focuses on issues related to asset decumulation. In discussing these issues, a key proposition is that financial institutions are most willing and able to offer decumulation products with fixed payment promises to the extent they are able to invest in financial assets that allow them to hedge a considerable part of the risks associated with the payment promises they extend.Indeed, what is sometimes overlooked in discussions bout shifts from asset accumulation to decumulation is that the decumulation phase also involves investment challenges, especially if specific patterns of payouts such as regular payouts of fixed amounts are aimed at. Many writers have argued for some time now that pension fund managers will have difficulty implementing asset-liability matching because there are insufficient quantities of suitable assets. As it turns out, the shortfall in hedging instruments extends to more than just the "toxic" tail of longevity risk, as is commonly being argued. The analysis in this article shows that hedging interest rate risk is also not as straightforward as one may think. Finance and Investment Enthalten in OECD Journal: Financial Market Trends Vol. 2008, no. 2, p. 1-31 volume:2008 year:2008 number:2 pages:1-31 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-v2008-art15-en Volltext |
| spellingShingle | Schich, Sebastian Challenges for financial intermediaries offering asset decumulation products Finance and Investment |
| title | Challenges for financial intermediaries offering asset decumulation products |
| title_auth | Challenges for financial intermediaries offering asset decumulation products |
| title_exact_search | Challenges for financial intermediaries offering asset decumulation products |
| title_full | Challenges for financial intermediaries offering asset decumulation products Sebastian, Schich |
| title_fullStr | Challenges for financial intermediaries offering asset decumulation products Sebastian, Schich |
| title_full_unstemmed | Challenges for financial intermediaries offering asset decumulation products Sebastian, Schich |
| title_short | Challenges for financial intermediaries offering asset decumulation products |
| title_sort | challenges for financial intermediaries offering asset decumulation products |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-v2008-art15-en |
| work_keys_str_mv | AT schichsebastian challengesforfinancialintermediariesofferingassetdecumulationproducts |