Catalogue

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Growing old : paying for retirement and institutional money management after the financial crisis /
Yasuyuki Fuchita, Richard J. Herring, Robert E. Litan, editors.
imprint
Tokyo : Nomura Institute of Capital Markets Research ; Washington, D.C. : Brookings Institution Press, c2011.
description
viii, 151 p. : ill. ; 23 cm.
ISBN
0815721536 (pbk. : alk. paper), 9780815721536 (pbk. : alk. paper)
format(s)
Book
Holdings
More Details
imprint
Tokyo : Nomura Institute of Capital Markets Research ; Washington, D.C. : Brookings Institution Press, c2011.
isbn
0815721536 (pbk. : alk. paper)
9780815721536 (pbk. : alk. paper)
contents note
Introduction / Yasuyuki Fuchita, Richard Herring and Robert E. Litan -- Trends in pension system reform in East Asia: Japan, Korea, and China / Akiko Nomura -- The crisis in local government pensions in the United States / Robert Novy-Marx and Joshua Rauh -- Managing risks in defined contribution plans : what does the future hold? / Olivia S. Mitchell -- Asset allocation by institutional investors after the recent financial crisis / Robert C. Pozen, Betsy Palmer, and Natalie Shapiro.
abstract
"Explores issues in financing retirement, from fundamental changes in types of pension plans offered to pension funds' investment strategies following the global financial crisis. Focuses in particular on the adequacy of individuals' and institutions' plans in the face of increasing life expectancy and the aging of the population"--Provided by publisher.
catalogue key
7644568
 
Includes bibliographical references and index.
A Look Inside
About the Author
Author Affiliation
Yasuyuki Fuchita is a senior managing director at the Nomura Institute of Capital Markets Research in Tokyo. He coedited the Brooking Institution Press books After the Crash (2010) and Prudent Lending Restored (2009) with Richard J. Herring and Robert E. Litan and Pooling Money (2008) with Litan. Richard J. Herring is the Jacob Safra Professor of International Banking and professor of finance at the Wharton School, University of Pennsylvania, where he is also codirector of the Wharton Financial Institutions Center. Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. His many books include Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity (Yale University Press, 2007), written with William J. Baumol and Carl J. Schramm.
Summaries
Library of Congress Summary
"Explores issues in financing retirement, from fundamental changes in types of pension plans offered to pension funds' investment strategies following the global financial crisis. Focuses in particular on the adequacy of individuals' and institutions' plans in the face of increasing life expectancy and the aging of the population"--Provided by publisher.
Main Description
The recent financial crisis has scuttled retirement plans around the world, and many others have been redrawn and scaled down. Certainly this is a global problem, but it is of special concern in industrial economies where the median age of the population continues to rise, a trend not likely be reversed anytime soon. In Growing Old , the newest in a series of collaborations between the Brookings Institution and Japan's Nomura Institute for Capital Markets Research, top-flight economists and analysts dissect several key issues haunting pensions and retirement. As with the previous Brookings-Nomura collaborations, Growing Old focuses largely on developments within the United States and Japan, but it looks at other nations as well. Following the introduction by volume editors Yasuyuki Fuchita of Nomura, Richard Herring of the University of Pennsylvania's Wharton School, and Robert E. Litan of Brookings, Akiko Nomura examines and compares pension reforms in Japan, South Korea, and China. Nomura provides a useful introduction to many of the issues that relate more specifically to the United States and Western Europe and are addressed later in the book. Robert Novy-Marx and Joshua Rauh then try to determine the size and scope of municipal pension obligations in the United States. Figures vary, for a number of reasons, but Novy-Marx and Rauh estimate that the total of unfunded liabilities could approach $600 billion. Many employers have switched from the traditional defined benefit to defined contribution plans. The recent crisis all-too-vividly illustrated, however, that the assets in such systems are still subject to the risks and uncertainties of financial markets. Olivia Mitchell identifies four particular types of risk that exist with defined contribution plans: individual risk, institutional risk, country risk, and global risk. She then considers what the future might hold for each. Finally, a trio of analysts from MFS Investment Management discusses how recent difficulties are altering the asset-allocation patternsand strategies of institutional investors.
Main Description
The recent financial crisis has scuttled retirement plans around theworld, and many others have been redrawn and scaled down. Certainly this is a global problem,but it is of special concern in industrial economies where the median age of the populationcontinues to rise, a trend not likely be reversed anytimesoon. In Growing Old, thenewest in a series of collaborations between the Brookings Institution and Japan's NomuraInstitute for Capital Markets Research, top-flight economists and analysts dissect several keyissues haunting pensions and retirement. As with the previous Brookings-Nomura collaborations,Growing Old focuses largely on developments within the UnitedStates and Japan, but it looks at other nations aswell. Following the introduction by volume editors YasuyukiFuchita of Nomura, Richard Herring of the University of Pennsylvania's Wharton School, andRobert E. Litan of Brookings, Akiko Nomura examines and compares pension reforms in Japan, SouthKorea, and China. Nomura provides a useful introduction to many of the issues that relate morespecifically to the United States and Western Europe and are addressed later in the book. RobertNovy-Marx and Joshua Rauh then try to determine the size and scope of municipal pensionobligations in the United States. Figures vary, for a number of reasons, but Novy-Marx and Rauhestimate that the total of unfunded liabilities could approach $600billion. Many employers have switched from the traditionaldefined benefit to defined contribution plans. The recent crisis all-too-vividly illustrated,however, that the assets in such systems are still subject to the risks and uncertainties offinancial markets. Olivia Mitchell identifies four particular types of risk that exist withdefined contribution plans: individual risk, institutional risk, country risk, and global risk.She then considers what the future might hold for each. Finally, a trio of analysts from MFSInvestment Management discusses how recent difficulties are altering the asset-allocationpatterns and strategies of institutional investors.
Main Description
While the immediate dangers from the recent financial crisis have abated --much ofthe financial system has returned to profitability and the economy is growing, albeitslowly --the damage to the economy will linger for years. Among the many impacts is theproblem that may be most acute in the United States: how state and local governments and private companies will honor their obligations under defined benefit (DB) pension plans. Institutional investors also confront new difficulties in the low-interest-rate environment that has prevailed since the onset of the crisis. East Asian economies, namely in Japan, Korea, and China, also face pension issues as their populations age. In Growing Old , experts from academia and the private sector consider the hard questionsregarding the future of pension plans and institutional money management, both in theUnited States and in Asia. This volume is the latest collaboration between the BrookingsInstitution and the Nomura Institute of Capital Markets Research on issues confronting the financial sector of common interest to audiences in the United States and Japan. Contributors: Olivia S. Mitchell (Wharton School, University of Pennsylvania), AkikoNomura (Nomura Institute of Capital Markets Research), Robert Novy-Marx (Simon Graduate School of Business, University of Rochester), Betsy Palmer (MFS Investment Management), Robert Pozen (Harvard Business School), Joshua Rauh (Kellogg School of Management, Northwestern University), Natalie Shapiro (MFS Investment Management)
Table of Contents
Prefacep. vii
Introductionp. 1
Trends in Pension System Reform in East Asia: Japan, Korea, and Chinap. 11
The Crisis in Local Government Pensions in the United Statesp. 47
Managing Risks in Defined Contribution Plans: What Does the Future Hold?p. 75
Asset Allocation by Institutional Investors after the Recent Financial Crisisp. 95
Contributorsp. 143
Indexp. 145
Table of Contents provided by Ingram. All Rights Reserved.

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