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Un impulso al mercado de rentas vitalicias en España
[Promoting the annuities market in Spain]

Author

Listed:
  • Ferro, Gustavo

Abstract

This paper is aimed to answer a set of questions through an examination of the literature and empirical evidence on annuities. Every section of the paper try to address one specific question, naming: How important is the ageing problem in the world? How is social security being replaced or complemented by savings? What financial products provide financial safety for the elderly? Why the annuities market is so thin? Why the annuities market only develop when there is a mandate to annuitisize? How is Spanish annuity market organized? What regulatory issues are to be develop in order to expand the instrument? What reforms can be instrumented in Spain to expand the market?

Suggested Citation

  • Ferro, Gustavo, 2008. "Un impulso al mercado de rentas vitalicias en España
    [Promoting the annuities market in Spain]
    ," MPRA Paper 20211, University Library of Munich, Germany, revised Jul 2008.
  • Handle: RePEc:pra:mprapa:20211
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/20211/1/MPRA_paper_20211.pdf
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    References listed on IDEAS

    as
    1. Olivia S. Mitchell & David McCarthy, 2002. "Annuities for an Ageing World," NBER Working Papers 9092, National Bureau of Economic Research, Inc.
    2. Edward R. Whitehouse, 2007. "Life-Expectancy Risk and Pensions: Who Bears the Burden?," OECD Social, Employment and Migration Working Papers 60, OECD Publishing.
    3. Pablo Antolin, 2007. "Longevity Risk and Private Pensions," Financial Market Trends, OECD Publishing, vol. 2007(1), pages 107-128.
    4. Alain Jousten, 2007. "Public Pension Reform; A Primer," IMF Working Papers 07/28, International Monetary Fund.
    5. Indermit S. Gill & Truman G. Packard & Juan Yermo & Todd Pugatch, 2004. "Keeping the Promise of Old Age Income Security in Latin America," World Bank Other Operational Studies 10349, The World Bank.
    6. Thomas Davidoff & Jeffrey R. Brown & Peter A. Diamond, 2005. "Annuities and Individual Welfare," American Economic Review, American Economic Association, vol. 95(5), pages 1573-1590, December.
    7. Jeffrey R. Brown & James M. Poterba, 2004. "Household Demand for Variable Annuities," Working Papers, Center for Retirement Research at Boston College wp2004-8, Center for Retirement Research, revised Mar 2004.
    8. Rocha, Roberto & Morales, Marco & Thorburn, Craig, 2008. "An empirical analysis of the annuity rate in Chile," Journal of Pension Economics and Finance, Cambridge University Press, vol. 7(01), pages 95-119, March.
    9. Allison C Schrager & George A Mackenzie, 2004. "Can the Private Annuity Market Provide Secure Retirement Income?," IMF Working Papers 04/230, International Monetary Fund.
    10. Thorburn, Craig & Rocha, Roberto & Morales, Marco, 2007. "An analysis of money's worth ratios in Chile," Journal of Pension Economics and Finance, Cambridge University Press, vol. 6(03), pages 287-312, November.
    11. James M. Poterba, 2001. "Annuity markets and retirement security," Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 249-270., September.
    12. Olivia S Mitchell & John Piggott & Michael Sherris & Shaun Yow, 2006. "Financial Innovation for an Ageing World," RBA Annual Conference Volume,in: Christopher Kent & Anna Park & Daniel Rees (ed.), Demography and Financial Markets Reserve Bank of Australia.
    13. Irena Dushi & Anthony Webb, 2004. "Annuitization: Keeping Your Options Open," Working Papers, Center for Retirement Research at Boston College wp2004-4, Center for Retirement Research, revised Mar 2004.
    14. Estelle James & Xue Song, 2001. "Annuities Markets Around the World: Money’s Worth and Risk Intermediation," CeRP Working Papers 16, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    15. Mesa-Lago, Carmelo, 2004. "Las reformas de pensiones en América Latina y su impacto en los principios de la seguridad social," Financiamiento para el Desarrollo 144, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    16. Ivica Dus & Raimond Maurer & Olivia S. Mitchell, 2003. "Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities versus Phased Withdrawal Plans," Working Papers wp063, University of Michigan, Michigan Retirement Research Center.
    17. Wolfram Horneff & Raimond Maurer & Olivia Mitchell & Ivica Dus, 2006. "Optimizing the Retirement Portfolio: Asset Allocation, Annuitization, and Risk Aversion," Working Papers wp124, University of Michigan, Michigan Retirement Research Center.
    18. Fiona Stewart, 2007. "Policy Issues for Developing Annuities Markets," OECD Working Papers on Insurance and Private Pensions 2, OECD Publishing.
    19. E. Philip Davis, 2002. "Issues in the Regulation of Annuities Markets," CeRP Working Papers 26, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    20. Joan Costa i Font & Joan Gil & Oscar Mascarilla MirÛ, "undated". "Preferencias de la poblaciÛn ante la financiaciÛn de la dependÈncia: La hipoteca inversa en Espana," Studies on the Spanish Economy 230, FEDEA.
    21. Tim Callen & Warwick J. McKibbin & Nicoletta Batini, 2006. "The Global Impact of Demographic Change," IMF Working Papers 06/9, International Monetary Fund.
    22. George A Mackenzie, 2002. "The Role of Private Sector Annuities Markets in an Individual Accounts Reform of a Public Pension Plan," IMF Working Papers 02/161, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    annuities; aging; Spain; social security; insurance;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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