10th Anniversary Conference

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)

DOWNLOAD PAPER/PRESENTATION

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)

DOWNLOAD PAPER/PRESENTATION 

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)

DOWNLOAD PAPER/PRESENTATION

Tullio Jappelli (University of Naples) “Pension Risk, Retirement Saving and Insurance” (with L. Guiso and M. Padula)
Discussant: Mathis Wagner (CeRP)

DOWNLOAD PAPER/PRESENTATION
Alessandro Bucciol (University of Amsterdam) “Fixed versus Contingent Indexation: Welfare Implications” (with R. Beetsma)
Discussant: Rob Alessie (University of Groningen)

DOWNLOAD PAPER/PRESENTATION
David Blau (Ohio State University) “How Do Pensions Affect Household Wealth Accumulation?”
Discussant: Cristian Bartolucci (Collegio Carlo Alberto)
DOWNLOAD PRESENTATION

Lecture: Guglielmo Weber (University of Padua): “How can SHARE help ageing research in Europe?

DOWNLOAD PRESENTATION

 

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)

DOWNLOAD PAPER/PRESENTATION
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)

DOWNLOAD PAPER/PRESENTATION
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)

DOWNLOAD PAPER/PRESENTATION

Lecture: Luigi Zingales (University of Chicago, Booth School of Business) “The role of trust in financial investment”
DOWNLOAD PRESENTATION

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)
DOWNLOAD PAPER

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)
DOWNLOAD PAPER/PRESENTATION

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)
DOWNLOAD PAPER/PRESENTATION

Katherine Carman (Tilburg University) “How Real People Make Long-Term Decisions: The Case of Retirement Preparation” (with J. Binswanger)
Discussant: Raquel Fonseca (RAND)

DOWNLOAD PAPER/PRESENTATION
Dimitris Christelis (CSEF) “Household Economic Decisions under the Shadow of Terrorism” (with D. Georgarakos)
Discussant: Riccardo Calcagno (VU University Amsterdam and CeRP)

DOWNLOAD PAPER/PRESENTATION