24-25 September 2009
conference papers available
“Saving for Old Age in a Financial Turmoil: New Challenges for Households, Providers and Policy-makers”
Venue: Collegio Carlo Alberto
Overview: The recent financial crisis calls into question the very grounds of pension reforms in Europe, in particular the risk diversification rationale for adding a private, funded pillar to the public one. Inadequate financial market performance and limited financial literacy among households fuel the temptation of “going back to the State”. But how far is a verdict of “failure” of the pension market justified? The conference aimed at addressing various issues within this broad picture, on both a theoretical and a policy level.
The event falls on the 10th anniversary from the creation of the centre.
Invited lectures: Guglielmo Weber (University of Padua); Luigi Zingales (University of Chicago, Booth School of Business)
PROGRAMME (with downloadable papers)
24 September
Session 1: Retirement income risks and possible guarantees
Anthony Webb (CRR, Boston College) “Evaluating the Advanced Life Deferred Annuity – An Annuity People might Actually Buy” (with G. Gong)
Discussant: Elena Vigna (University of Turin and CeRP)
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John Turner (Pension Policy Center) “Guarantee Durability: Pension Rate of Return Guarantees in a Market Meltdown” (with D. Rajnes)
Discussant: Richard Disney (University of Nottingham and CeRP)
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Giuseppe Grande (Bank of Italy) “A Public Guarantee of a Minimum Return to Defined Contribution Pension Scheme Members” (with I. Visco)
Discussant: Filippo Taddei (Collegio Carlo Alberto and CeRP)
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Tullio Jappelli (University of Naples) “Pension Risk, Retirement Saving and Insurance” (with L. Guiso and M. Padula)
Discussant: Mathis Wagner (CeRP)
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Alessandro Bucciol (University of Amsterdam) “Fixed versus Contingent Indexation: Welfare Implications” (with R. Beetsma)
Discussant: Rob Alessie (University of Groningen)
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David Blau (Ohio State University) “How Do Pensions Affect Household Wealth Accumulation?”
Discussant: Cristian Bartolucci (Collegio Carlo Alberto)
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Lecture: Guglielmo Weber (University of Padua): “How can SHARE help ageing research in Europe?
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25 September
Session 2: Pension funds performance and mortality-driven redistribution
Giovanna Nicodano (University of Turin and CeRP) “Pension Funds Performance Evaluation: A Utility Based Approach” (with F. Bagliano and C. Fugazza)
Discussant: Theodoros Diasakos (Collegio Carlo Alberto)
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Giuseppe Cappelletti (Bank of Italy) “Portfolio Choice in Pension Funds: Evidence from Italy” (with G. Guazzarotti and P. Tommasino)
Discussant: Elisa Luciano (University of Turin)
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Adriaan Kalwij (Utrecht University) “On the Adverse Effect of Differential Mortality on the Income Redistribution of the Public Pension System” (with R. Alessie and M. Knoef)
Discussant: Margherita Borella (University of Turin and CeRP)
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Lecture: Luigi Zingales (University of Chicago, Booth School of Business) “The role of trust in financial investment”
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Session 3: Financial education, households’ wealth accumulation and retirement planning
Shawn Cole (Harvard Business School) “Smart Money: The Effect of Education, Cognitive Ability, and Financial Literacy on Financial Market Participation” (with K. Shastry)
Discussant: Mariacristina Rossi (University of Rome, Tor Vergata and CeRP)
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Bilal Zia (World Bank) “Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?” (with S. Cole and T. Sampson)
Discussant: Esteban Jaimovich (Collegio Carlo Alberto)
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Robert Clark (North Carolina State University) “The Role of Financial Literacy and Knowledge in Determining Retirement Plans” (with M. Morrill and S. Allen)
Discussant: Tetyana Dubovyk (CeRP)
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Katherine Carman (Tilburg University) “How Real People Make Long-Term Decisions: The Case of Retirement Preparation” (with J. Binswanger)
Discussant: Raquel Fonseca (RAND)
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Dimitris Christelis (CSEF) “Household Economic Decisions under the Shadow of Terrorism” (with D. Georgarakos)
Discussant: Riccardo Calcagno (VU University Amsterdam and CeRP)
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