All entries for Wednesday 24 October 2012

October 24, 2012

Rethinking the Economics of Pensions: Conference March 2013

Call for Papers

“Rethinking the Economics of Pensions:

Is There a Crisis of Pensions or of Pensions Governance and Regulation?”

March 21/22 2013

Royal Statistical Society, 12 Errol Street
London
EC1Y 8LX

This is notice of a two-day conference sponsored by the ESRC, organized by the Financial Services Knowledge Transfer Network and the Centre for Competitive Advantage in the Global Economy (CAGE), University of Warwick.

We invite submissions, from both academics and practitioners, which address any aspect of the economics of pensions and pensions policy, but particularly those that focus on the questions below.

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Is there a pensions crisis? Issues surrounding pensions, in both private and public sectors, raise major policy questions about economic performance and social stability. The pensions sector has been experiencing problems for many years, but we believe it is open to question whether these amount to the kind of existential crisis some are claiming. Despite changes in regulation and governance that have been made in the last decade, problems continue to worsen and there is a need to reconsider.

We believe these issues are too far reaching to be left to professionals within the industry and government, but should also be looked at from a broader economic perspective. The conference will bring together papers reflecting new economic thinking in a dialogue between economists and practitioners, from academia, government and industry.

Questions. Some of the questions to be discussed might include the following.

Regulation of pension schemes has recently been changed to one based on funding, on ‘mark-to-market’ principles. Is this appropriate in the light of subsequent experience? Has this created a bias towards non-viability and the resulting closure of schemes? Does the system of regulation itself amplify risks? Do the government need to change the regulation and governance of pensions in order to guarantee long term viability?

What are the effects of pensions schemes on economic efficiency? Are they an unaffordable barrier to competitiveness? Do pension schemes lead to economic growth by improving productivity? To what extent do pension funds promote efficiency by providing a source of long term investment and the potential for improved corporate governance?

Accounting principles provide society with descriptive data that is fundamental to economic activity by firms, individuals and policy makers. How should pensions, in both public and private sectors be accounted? Do the current rules provide an appropriate guide to policy? What are the effects on investment and the implications for economic growth?

What are the implications of assuming perfectly efficient markets in the valuation of assets and liabilities? Given the reappraisal of efficient markets theory in the wake of the financial crisis of 2008 should we not reappraise its application to pensions also?


What are the macro-economic effects of pension policy? Does regulation of funding levels have a procyclical, destabilising effect on the economy, with additional, deflationary, contributions needed when schemes are unfunded in recessionary times?


What are the risks facing pension schemes? How should risk be managed? Is there an alternative to the present approach based on funding?

What are the economic implications of large numbers of workers not being members of pension schemes? What are the public finance and social welfare implications?

What are the distributional effects of existing and future pension schemes, both between individuals and between generations?


What are the effects of the level of charges and fees on the efficiency and effectiveness of pension schemes?

Comparative international perspective: how are private and state pensions provided in other OECD countries?

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Confirmed speakers so far:

Prof Nick Barr, London School of Economics; Prof Teresa Ghiladucci, New School of Social Research; Prof Tim Jenkinson, Said Business School, Oxford University; Dr Juan Yermo, Organisation for Economic Cooperation and Development; Dr Con Keating, Brighton Rock Group; Prof Paul Klumpes, EDHEC; Dr Bernard Casey, Warwick University; Dr Edward Palmer, Swedish Social Insurance Agency; Dr Ian Clacher, Leeds University; Dr Sohnke Bartram, Warwick University.

If you wish to participate, please send us an expression of interest as soon as possible. If you wish to present a paper, please send us the abstract by December 15th. The full paper should be sent by February 15th 2013.

Expressions of interest, abstracts and papers should be sent to Shaul David: shaul.david@oba.co.uk.

Deadlines: Submission of abstracts: December 15th 2012

Final papers: February 15th 2013

Organising committee:

Dennis Leech, University of Warwick <d.leech@warwick.ac.uk>

Con Keating, Brighton Rock Group <con2.keating@brightonrockgroup.co.uk>

Christopher Sier, Financial Services Knowledge Transfer Network <chris.sier@fs-net.org>


More evidence that Austerity Will Not Work

Writing about web page http://www.voxeu.org/article/gauging-multiplier-lessons-history

Coming in the wake of the recent IMF U-turn, here is more evidence that the Keynesian fiscal multiplier is much larger than previously assumed. This paper by Almunia, Bénétrix, Eichengreen, O’Rourke and Rua shows that in the depression of the 1930's the multiplier effect of government expenditure on GDP was around 1.6. This suggests quite strongly that the austerity policies being followed in the UK and other countries will only succeed in making the problem worse, depressing the economy without reducing the deficit. This is consistent with what we are seeing.


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