Raimond Maurer, Olivia Mitchell, and P. Brett Hammond, Editors
The financial crisis and the ensuing Great Recession alerted those seeking to protect old-age security, about the extreme risks confronting the financial and political institutions comprising our retirement system.
The workforce of today and tomorrow must count on longer lives and deferred retirement, while at the same time it is taking on increased responsibility for managing retirement risk. This volume explores new ways to think about, manage, and finance longevity risk, capital market risk, model risk, and regulatory risk.
This book offers an in-depth analysis of the ‘black swans’ that threaten private and public pensions around the world such as capital market shocks, surprises to longevity, regulatory/political risk, and errors in modelling, which will all have profound consequences for stakeholders ranging from pension plan participants, plan sponsors, policymakers, and those who seek to make retirement more resistant. This book analyzes such challenges to retirement sustainability, and it explores ways to better manage and finance them. Insights provided help build retirement systems capable of withstanding what the future will bring.
Publication date: October 2014 · Oxford University Press · ISBN 0-19-871924-3
- Chapter 1: Recreating Retirement Sustainability
Olivia S. Mitchell and Raimond Maurer
- Chapter 2: Managing Capital Market Risk for Retirement
Enrico Biffis and Robert Kosowski
- Chapter 3: Implications for Long-term Investors of the Shifting Distribution of Capital Market Returns
James Moore and Niels Pedersen
- Chapter 4: Stress Testing Monte Carlo Assumptions
Marlena I. Lee
- Chapter 5: Modeling and Management of Longevity Risk
- Chapter 6: Longevity Risk Management, Corporate Finance, and Sustainable Pensions
- Chapter 7: Model Risk, Mortality Heterogeneity, and Implications for Solvency and Tail Risk
Michael Sherris and Qiming Zhou
- Chapter 8: The Securitization of Longevity Risk and Its Implications for Retirement Security
Richard MacMinn, Patrick Brockett, Jennifer Wang, Yijia Lin, and Ruilin Tian
- Chapter 9: Evolving Roles for Pension Regulations: Toward Better Risk Control?
E. Philip Davis
- Chapter 10: Developments in European Pension Regulation: Risks and Challenges
Stefan Lundbergh, Ruben Laros, and Laura Rebel
- Chapter 11: Extreme Risks and the Retirement Anomaly
- Chapter 12: Risk Budgeting and Longevity Insurance: Strategies for Sustainable Defined Benefit Pension Funds
- Chapter 13: The Funding Debate: Optimizing Pension Risk within a Corporate Risk Budget
Geoff Bauer, Gordon Fletcher, Julien Halfon, and Stacy Scapino
- End Pages and Index
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