Frontiers in Pension Finance

Edited by Dirk Broeders, De Nederlandsche Bank, The Netherlands, Sylvester Eijffinger, Professor of Economics, Tilburg University, the Netherlands and CEPR and Aerdt Houben, De Nederlandsche Bank, the Netherlands and formerly of the International Organisation of Pension Supervisors

• Contents:PrefaceNout Wellink1. An Introduction to Frontiers in Pension FinanceDirk Broeders, Sylvester Eijffinger and Aerdt Houben2. Are Market Values Fair?Jon ExleyDiscussion by Peter Schotman3. The Intersection of Pensions and Enterprise Risk ManagementJeremy GoldDiscussion by Theo Nijman4. The Victory of Hope Over Angst? Funding, Asset Allocation and Risk Taking in German Public Sector Pension ReformRaimond Maurer, Olivia Mitchell and Ralph RogallaDiscussion by Tom Steenkamp, Roy Hoevenaars and Roderick Molenaar5. Labour Productivity in an Aging SocietyAxel Börsch-Supan, Ismail Düzgün and Matthias WeissDiscussion by Klaas Knot6. It is all Back to Front: Critical Issues in the Design of Defined Contribution Pension PlansDavid BlakeDiscussion by Solange Berstein7. Risk-based Supervision of Pension Funds: A Review of International Experience and Preliminary Assessment of the First OutcomesGregory Brunner, Richard Hinz and Roberto RochaDiscussion by Coen N. Teulings8. The Ideal Pension-Delivery Organization: Theory and PracticeKeith AmbachtsheerDiscussion by Ambrogio Rinaldi9. Pension Guarantees, Capital Adequacy and International Risk SharingZvi BodieDiscussion by Kees Koedijk10. Frontiers in Pension Finance and Reform: Institutional Innovation in the NetherlandsLans BovenbergDiscussion by Ross Jones11. Population Aging, Financial Markets and Monetary Policy Lucas Papademos12. Panel DiscussionsDirk Witteveen, John Ashcroft, Henrik Bjerre-Nielsen and Lans BovenbergIndex

'In this fresh and valuable volume, experts from across the world provide guidance on pension design, risk management, and governance that is urgently needed in this rapidly changing pension environment. Aging populations are putting pressure on pay-as-you-go pension systems and spurring a shift to prefunded plans. Greater prefunding requires efficient risk management and judicious regulation and supervision. This book provides state-of-the-art analyses of these issues and should be required reading for scholars, practitioners, and anyone interested in the future of pensions.'