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PEF volume 20 issue 4 Cover and Front matter PEF第20卷第4期封面和封面问题
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-10-01 DOI: 10.1017/s1474747221000068
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引用次数: 0
PEF volume 20 issue 4 Cover and Back matter PEF第20卷第4期封面和封底
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-10-01 DOI: 10.1017/s147474722100007x
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引用次数: 0
Unbanked status and use of alternative financial services among minority populations. 少数民族人口的无银行地位和替代金融服务的使用
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-10-01 Epub Date: 2019-02-28 DOI: 10.1017/s1474747219000052
Silvia Helena Barcellos, Gema Zamarro
{"title":"Unbanked status and use of alternative financial services among minority populations.","authors":"Silvia Helena Barcellos, Gema Zamarro","doi":"10.1017/s1474747219000052","DOIUrl":"10.1017/s1474747219000052","url":null,"abstract":"<p><p>A large number of Americans do not have bank accounts (the 'unbanked') or rely on costly alternative financial services (AFS) such as payday loans (the 'underbanked'), with implications for wealth accumulation and retirement preparedness. Using primary data, we document large racial/ethnic differences in unbanked and in frequent AFS usage rates. We study the role of socio-economic status (SES), financial literacy, trust in financial institutions, networks, and time preferences in explaining these gaps. While these variables explain a large fraction of the white-minority gaps in unbanked status the same is not true for gaps in AFS use. A Blinder-Oaxaca decomposition confirms these patterns: gaps in unbanked status are mostly explained by differences in endowments across groups, for AFS gaps differences in returns to endowments have the largest explanatory power. Our findings suggest that, while related, unbanked and underbanked are distinct concepts with different underlying causes that may require different policy responses.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"20 1","pages":"468-481"},"PeriodicalIF":1.2,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10623889/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44045542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Towards Improved Retirement Savings Outcomes for Women By OECD, Paris, OECD. 2021 为改善妇女的退休储蓄结果，经合组织，巴黎，经合组织。2021
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-09-28 DOI: 10.1017/s1474747221000354
E. Fornero
{"title":"Towards Improved Retirement Savings Outcomes for Women By OECD, Paris, OECD. 2021","authors":"E. Fornero","doi":"10.1017/s1474747221000354","DOIUrl":"https://doi.org/10.1017/s1474747221000354","url":null,"abstract":"","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45980365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The transition to NDC in Italy: assessing distributive and financial effects 意大利向NDC的过渡：评估分配和财务影响
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-09-23 DOI: 10.1017/s1474747221000329
Carlo Mazzaferro
{"title":"The transition to NDC in Italy: assessing distributive and financial effects","authors":"Carlo Mazzaferro","doi":"10.1017/s1474747221000329","DOIUrl":"https://doi.org/10.1017/s1474747221000329","url":null,"abstract":"\u0000 Moving from a Defined Benefit (DB) to a Notional Defined Contribution (NDC) pension formula creates significant re-distributive effects. We estimate the amount and the intensity of these effects in the case of the Italian transition to NDC, which began in 1995. Based on administrative data of the main Italian pension scheme (FPLD), we study the evolution of yearly inequality within old-age pension benefits. Furthermore, we study the adequacy and the actuarial fairness of the pension system, by estimating the replacement rates and the Net Present Value Ratio distribution for workers who retired in the period 1996–2019. Our results show that the very generous interpretation of acquired rights determined by the 1995 reform has contributed to maintaining a high level of adequacy and a significant level of intergenerational imbalance. The financial costs of this imbalance are estimated and its extent is significant.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45969553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Trust, financial literacy, and financial market participation 信任、金融知识和金融市场参与
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-09-10 DOI: 10.1017/S1474747221000226
Jill E. Fisch, J. Seligman
{"title":"Trust, financial literacy, and financial market participation","authors":"Jill E. Fisch, J. Seligman","doi":"10.1017/S1474747221000226","DOIUrl":"https://doi.org/10.1017/S1474747221000226","url":null,"abstract":"Abstract Willingness to participate in financial markets is important for financial well-being, including the accumulation of retirement savings through self-directed pension programs. We consider the roles of two key factors, trust and financial literacy in financial market participation. We find both are strongly related to participation. Although trust is more uniformly correlated with increases in financial market participation, the relationship between financial literacy and engagement is u-shaped, with increases in financial literacy first associated with reductions and subsequently with increases in the levels of participation. Our findings suggest trust and financial literacy play different roles and that each is related to investment behaviors in important ways.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"21 1","pages":"634 - 664"},"PeriodicalIF":1.2,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42545820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Intertemporal and intratemporal consumption smoothing at retirement: micro evidence from detailed spending and time use data 退休时的时间间和时间内消费平滑：来自详细支出和时间使用数据的微观证据
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-09-06 DOI: 10.1017/s1474747221000330
J. Been, K. Goudswaard
{"title":"Intertemporal and intratemporal consumption smoothing at retirement: micro evidence from detailed spending and time use data","authors":"J. Been, K. Goudswaard","doi":"10.1017/s1474747221000330","DOIUrl":"https://doi.org/10.1017/s1474747221000330","url":null,"abstract":"\u0000 Using detailed spending and time use data from the Netherlands, this paper analyzes the causal effect of retirement on spending and time use decisions. Both total consumption and disaggregated consumption categories are considered. We do not find empirical evidence for drops in households' total non-durable spending at retirement. Our estimates suggest increases in spending at retirement on goods that are complementary to leisure, but no decreases in spending on goods that are replaceable by home production. The quantitative implication of our empirical results for the Life-Cycle Model is an intertemporal elasticity of substitution for leisure below unity.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47876227","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Glide paths for a retirement plan with deferred annuities 带递延年金的退休计划的下滑路径
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-08-31 DOI: 10.1017/S1474747221000251
Chul Jang, A. Clare, Iqbal Owadally
{"title":"Glide paths for a retirement plan with deferred annuities","authors":"Chul Jang, A. Clare, Iqbal Owadally","doi":"10.1017/S1474747221000251","DOIUrl":"https://doi.org/10.1017/S1474747221000251","url":null,"abstract":"Abstract We construct investment glide paths for a retirement plan using both traditional asset classes and deferred annuities (DAs). The glide paths are approximated by averaging the asset proportions of stochastic optimal investment solutions. The objective function consists of power utility in terms of secured retirement income from purchased DAs, as well as a bequest that can be withdrawn before retirement. Compared with conventional glide paths and investment strategies, our DA-enhanced glide paths provide the investor with higher welfare gains, more efficient investment portfolios and more responsive retirement income patterns and bequest levels to different fee structures and personal preferences.","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"21 1","pages":"565 - 581"},"PeriodicalIF":1.2,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41369311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Wealth After WorkEdited By William G. Gale, J. Mark Iwry, and David C. John 《工作后的财富》威廉·G·盖尔、J·马克·伊弗里和大卫·C·约翰编辑
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-07-07 DOI: 10.1017/S1474747221000305
J. Sabelhaus
{"title":"Wealth After WorkEdited By William G. Gale, J. Mark Iwry, and David C. John","authors":"J. Sabelhaus","doi":"10.1017/S1474747221000305","DOIUrl":"https://doi.org/10.1017/S1474747221000305","url":null,"abstract":"","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S1474747221000305","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44195772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How does an allowance for a non-working younger partner affect the retirement behaviour of couples? 不工作的年轻配偶的津贴如何影响夫妇的退休行为?
IF 1.2 4区 经济学
Journal of Pension Economics & Finance Pub Date : 2021-07-02 DOI: 10.1017/s1474747221000299
Amparo Nagore García, Arthur van Soest
{"title":"How does an allowance for a non-working younger partner affect the retirement behaviour of couples?","authors":"Amparo Nagore García, Arthur van Soest","doi":"10.1017/s1474747221000299","DOIUrl":"https://doi.org/10.1017/s1474747221000299","url":null,"abstract":"<p>We examine the effect of the partner allowance (PA) in the Dutch pension system on the retirement decisions of couples using administrative data. PA was paid to people who receive the public old-age pension with a partner younger than the state pension age (SPA) and with a low own income. PA worked as a financial incentive to retire earlier, especially for the younger partners. As of 1 April 2015, new old-age pensioners are no longer entitled to this allowance. We estimate the effect of this reform on the retirement behaviour of each spouse. To account for the fact that at the same time, another reform essentially put an end to generous early retirement arrangements, we compare singles and couples. We conclude that PA substantially increased female younger partners' probabilities to exit from part-time employment into retirement close to the older partner's SPA. On the other hand, there is no evidence that male younger partners (either full-time or part-time workers) responded to the PA reform. In addition, PA increased male older partners’ probabilities to retire in the years before reaching their SPA.</p>","PeriodicalId":46635,"journal":{"name":"Journal of Pension Economics & Finance","volume":"110 ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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