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Informationen zum Autor Dr DAVID BLAKE is Professor of Pension Economics and Director of the Pensions Institute at Cass Business School, London, and Chairman of Square Mile Consultants, a training and research consultancy. He was formerly Director of the Securities Industry Programme at City University Business School, Research Fellow at both the London Business School and the London School of Economics and Professor of Financial Economics at Birkbeck College, University of London. He is consultant to many organisations, including Merrill Lynch, Deutsche Bank, Union Bank of Switzerland, JPMorgan, McKinsey & Co., the Financial Services Authority, the Office of Fair Trading, the Office for National Statistics, the Government Actuary's Department, the National Audit Office, the Department for Work and Pensions, HM Treasury, the Bank of England, the Prime Minister's Policy Directorate and the World Bank. In June 1996, he established the Pensions Institute, which undertakes high-quality research on all pension-related issues and publishes details of its research activities on the internet (http://www.pensions-institute.org). Klappentext Pensions are a major public policy issue - in most countries, they represent a large portion of government fiscal obligations, a burden forecast to increase yet further as the 'baby boom' generation approaches retirement. At the same time, private pensions are a major component of financial markets and an important contributor to savings, investment and economic growth. Pension Economics considers the way in which individuals, companies and the state provide for retirement, and the consequences of the accumulating pension assets for the wider macroeconomy. As the global pensions crisis looms, it is essential that everyone working in the pensions industry understand how economics underpins the allocation of scarce resources - both now and in the future - and the incentives influencing this allocation. Pension Economics provides a secure grounding in the theory and practice of economics insofar as it deals with pension matters. From this book readers will learn about the role of pensions: in maximising individual lifetime welfare in individual savings and retirement decisions their consequences from the company's viewpoint in promoting aggregate savings in overlapping generations models In addition, the book describes the various types of pension plans, covers the economics of ageing and intergenerational accounting and looks at the social welfare implications of pensions. It ends with a discussion of behavioural pension economics. Zusammenfassung While not attempting to train readers as professional economists! Pension Economics aims to provide a secure grounding in the theory and practice of economics insofar as it deals with pension matters. Inhaltsverzeichnis Preface xi 1 Introduction 1.1 What is pension economics? 1 1.2 Types of pension scheme 3 1.3 Conclusions 10 Questions 10 References 11 2 Individual Pension Decision Making 13 2.1 The lifecycle model 13 2.2 Pensions and savings 19 2.2.1 Unfunded state pension 19 2.2.2 Private funded pension 20 2.3 Pensions and retirement decisions 23 2.3.1 No pension 23 2.3.2 Private funded pension 24 2.3.3 Unfunded state pension 25 2.3.4 Unfunded state pension with private funded pension 26 2.4 Empirical studies testing the validity of the lifecycle model 28 2.5 The Feldstein lifecycle model with induced retirement 30 2.5.1 The consumption decision 32 2.5.2 Retirement behaviour 37 2.5.3 Discussion 38 2.6 Conclusions 39 Questions 40 References 41 3 Corporate Pension Decision Making 47 3.1 The provision of pensions by corporations 47 3.2 The role of pension...
