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  • Multi-pillar pension schemes
    on how the pension scheme interferes with the macro economy The theme is interesting from a policy point of view First because a comprehensive vision on how pension funds and the government and their risk management contribute to aggregate economic performance is still lacking Second because the theme explores alternative pension schemes for both the first and the second pillar and analyses their effect on economic performance Results In 2012 the book The Future of Multi pillar Pensions is published by Cambridge University Press The book is edited by Lans Bovenberg Casper van Ewijk and Ed Westerhout Voluntary participation and intergenerational risk sharing in a funded pension system by Roel Beetsma Siert Vos and Ward Romp was published in 2012 in the European Economic Review This paper explores the feasibility of a funded pension system with intergenerational risk sharing when participation in the system is voluntary Should pensions be progressive by Hans Fehr et al was published in 2013 in the European Economic Review This paper analyzes the economic effects of pension progressivity using a model of overlapping generations which features realistic labor income longevity and disability risk endogenous labor supply at both the intensive and the extensive margin The

    Original URL path: http://www.netspar.nl/multipillar_pension_schemes.htm (2016-02-10)
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  • Influence of Market Imperfections
    pension funds in the presence of market imperfections and systemic risks The theme project is divided in five subprojects Results The project members have investigated mean reversion in stock prices in different studies using different methods and data samples covering various countries and time periods A consistent finding across all studies is a lack of economically relevant mean reversion Mean reversion turns out significant in certain markets during certain time

    Original URL path: http://www.netspar.nl/influence_of_market_imperfections.htm (2016-02-10)
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  • Supporting Decision-Making Online
    terms of their willingness to consider pension decisions How can they best be assisted in formulating their future needs when retiring This theme s focus is on the role of online systems and interactive decision aids in answering these questions Results The project has developed new theoretical insights methodology and online tools to better understand individuals mental representations of pension decisions and the choices that they make Jointly these have

    Original URL path: http://www.netspar.nl/supporting_decisionmaking_online.htm (2016-02-10)
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  • Financial Literacy
    saving decisions across countries Which are the least financially knowledgeable and most vulnerable demographic groups in the population How much do people know about risk and what are the corresponding implications for financial decisions How financially capable are households and how can we improve financial capability How can we improve the effectiveness of financial education and saving programs Learning by playing New ways to make people save Results The most important result is the international comparison of financial literacy across as many as eight countries which became a special issue of the Journal of Pension Economics and Finance in 2011 This massive project led to many important findings First financial illiteracy is widespread in most countries even those with highly developed financial markets Many other countries became interested in doing an international comparison and we are currently working with researchers in France Australia and Austria and continuing the international comparison which will be published in a special issue of the journal Numeracy Second there are sharp gender differences in financial literacy in all countries We have written a panel paper for Netspar on this topic and continuing this line of research Third we have been successful in securing funding from

    Original URL path: http://www.netspar.nl/financial_literacy.htm (2016-02-10)
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  • Balance Sheet Management
    Valuation of infrequently traded assets and illiquid liabilities Liquidity premiums for long term investors Model uncertainty and robustness what parameters to use Results The theme has been very productive on many different counts Academically there have been numerous academic publications with some of them in the very top journals In the three years of the theme we have seen 11 PhD defenses on Netspar topics supervised by the senior researchers of the theme While these are mostly the result of projects started in the previous theme it shows that senior researchers have been able to attract many new young professionals to work on Netspar related topics The number of PhD defenses far exceeds the number of positions in the theme proposal Senior researchers have been successful in obtaining additional research grants to fund more Netspar related research than narrowly defined within the theme budget As new research grants have been obtained in this theme period the total number of PhD defenses that will come out of the current theme will be larger than those directly sponsored by the theme Additional positions during this theme period come from the NWO VIDI grant of Joost Driessen the NWO TOP grant of Antoon

    Original URL path: http://www.netspar.nl/balance_sheet_management.htm (2016-02-10)
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  • Reconciling Short Term Risks
    and pension funds in the wake of the financial crisis Results In the period 2009 2012 our theme has made various contributions to the improvement of risk measurement and management procedures in the presence of long term commitments The publications and reports that have been generated in this theme have been greatly improved by many joint discussions involving practitioners from insurance companies and pension funds and the academic collaborators Important highlights are our input in discussions at EIOPA and the Dutch Central Bank about improved regulation in the Solvency II framework our analysis of the quantitative effects of new proposals to make the pension age dependent on remaining life expectancies a round table discussion and extensive survey on longevity risk mitigation and a study of new financial instruments which may help to make the intergenerational risk transfers more transparent International appreciation has been shown by a grant from the ICPM the Rotman International Centre for Pension Management and an invitation to speak at the World Bank about the use of derivatives by pension funds Many courses and Master theses on subjects treated in the theme including a study on pension reform for one of the largest political parties in the

    Original URL path: http://www.netspar.nl/reconciling_short_term_risks.htm (2016-02-10)
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  • Netspar Paper Series
    a compact book series next to publication in Netspar s research database and distributed amongst our partners Netspar distinguises 2 types of papers Industry Paper Series papers for professionals working at the pension industry like the Netspar Brief Opinion Papers Survey Papers and Design Papers Academic Paper Series papers aimed at a more academic target group like Discussion Papers Publications and Theses In the design the distinction between the two

    Original URL path: http://www.netspar.nl/research_database_publication_procedures.htm (2016-02-10)
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  • Netspar Industry Paper Series
    findings to bring them to the attention of a wide circle of pension professionals policymakers and academicians The point is to supply the building blocks for a wellinformed debate on the Dutch pension system In this new medium research in the areas of pensions and aging is summarized with a particular focus on analysis and interpretation The Netspar Brief is published on the Netspar website Opinion Papers In Opinion Papers authors outline their position on an important policy topic and provide argumentation for it Although Netspar as a body is impartial individual researchers have their own personal opinions which they can express both within and outside of the Netspar network Netspar simply provides a forum for exhaustive discussion The Editorial Board determines whether or not papers meet their criteria The authors present their Opinion papers at Netspar events Opinion Papers formerly known as NEA Netspar Economic Advice Papers are published on the Netspar website and also appear in a print version criteria and procedures in Dutch Survey Papers Survey Papers provide a concise summary of the ever growing body of scientific literature on the effects of an aging society and in addition provide support for a better theoretical underpinning of policy advice They attempt to present an overview of the latest most relevant research explain it in non technical terms and offer Netspar partners a summary of the policy implications The Editorial Board determines whether or not papers meet their criteria Survey Papers are presented for discussion at Netspar events Survey Papers formerly known as Panel Papers are published on the Netspar website and also appear in a print version criteria and procedures in Dutch English Design Papers Design papers discuss the design of a component of a pension system or product A Netspar Design Paper analyzes the objective of

    Original URL path: http://www.netspar.nl/research_database_publication_procedures_industry_paper_series.htm (2016-02-10)
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