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  • English  (9)
  • Multiple languages
  • Polish
  • 2005-2009  (9)
  • Yermo, Juan  (6)
  • Moi͏̈se, Pierre  (3)
  • Finance and Investment  (6)
  • Social Issues/Migration/Health  (3)
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  • English  (9)
  • Multiple languages
  • Polish
Years
Year
Author, Corporation
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  • 1
    Online Resource
    Online Resource
    Pension fund governance : Challenges and potential solutions (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 2, p. 1-42
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 47 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 2, p. 1-42
    Keywords: Finance and Investment
    Abstract: Good governance is increasingly recognised as an important aspect of an efficient private pension system, enhancing investment performance and benefit security. Yet, despite regulatory and industry initiatives, governance weaknesses persist across OECD and non-OECD countries.This paper highlights the main governance challenges faced by policymakers (particularly with trust-based pension systems), and draws on recent policy initiatives to propose possible solutions to strengthen governance arrangements.
    DOI: 10.1787/fmt-v2008-art17-en
    URL: Volltext
    URL: lizenzpflichtig
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Evaluating risk sharing in private pensions plans (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 1, p. 163-184
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 22 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 163-184
    Keywords: Finance and Investment
    Abstract: The principal purpose of this article is to analyse the trade-off between the (un)certainty in contributions on the one hand and benefits on the other that is embedded in different pension arrangements. The article employs the funding ratio (ratio of assets to liabilities) and the replacement rate (ratio of benefits to salaries) as key criteria for evaluating the risk sharing characteristics of a private pension plan from the perspective of the plan member. The stochastic simulations performed show that hybrid plans (those in between traditional DB and individual DC) appear to be more efficient and sustainable forms of risk sharing than either of the other two. Of the three main hybrid plans analysed, conditional indexation plans appear to have the greatest potential as sustainable forms of risk sharing.
    DOI: 10.1787/fmt-v2009-art7-en
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Governance and investment of sovereign and public pension reserve funds in selected OECD countries (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 133-161
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 29 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 133-161
    Keywords: Finance and Investment
    Abstract: Many countries around the world are partly prefunding their otherwise pay-as-you-go (PAYG) financed social security systems by establishing or further developing existing public pension reserve funds (PPRFs). Most OECD countries have put in place internal and external governance mechanisms and investment controls to ensure the sound management of these funds and better isolate them from undue political influence. These structures and mechanisms are in line with OECD standards of good pension fund governance and investment management. In particular, the requirements of accountability, suitability and transparency are broadly met by these reserve funds. However, some specific details of the funds’ governance and investment management could be improved in a few countries, such as enhancing the expertise in the funds’ governing boards and constraining discretionary interventions by government. Such reforms will ultimately raise the long-term investment performance of the funds and the solvency of social security systems.
    DOI: 10.1787/fmt-v2008-art6-en
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Funding regulations and risk sharing (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 163-196
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 34 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 163-196
    Keywords: Finance and Investment
    Abstract: This paper provides a description of the risk sharing features of pension plan design in selected OECD and non-OECD countries and how they correspond with the funding rules applied to pension funds. In addition to leading to a better understanding of differences in funding rules across countries with developed pension fund systems, the study considers the trend towards risk-based regulation. While the document does not enter the debate over the application of riskbased quantitative funding requirements to pension funds (as under Basel II or Solvency II), it identifies the risk factors that should be evaluated and considered in a comprehensive risk-based regulatory approach, whether prescriptive or principles-based. The three main risk factors identified are the nature of risks and the guarantees offered under different plans designs, the extent to which benefits are conditional and can be adjusted, and the extent to which contributions may be raised to cover any funding gap. In addition, the strength of the guarantee or covenant from the sponsoring employer(s) and of insolvency guarantee arrangements should be carefully assessed when designing funding requirements.
    DOI: 10.1787/fmt-v2008-art7-en
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
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  • 5
    Online Resource
    Online Resource
    Pharmaceutical Pricing and Reimbursement Policies in Slovakia (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 56 p. , 21 x 29.7cm
    Series Statement: OECD Health Working Papers no.31
    Keywords: Social Issues/Migration/Health ; Slovak Republic
    Abstract: This paper examines aspects of the policy environment and market characteristics of Slovakia's pharmaceutical sector, and assesses the degree to which Slovakia has achieved certain policy goals. Pharmaceutical expenditure in Slovakia accounts for a higher share of total health expenditure than it does in any other OECD country, and the share of national income going to pharmaceuticals is exceeded only in Hungary. Although its relatively low national income is a partial explanation for Slovakia's status in this respect, this review finds that Slovakia has scope to reduce its expenditures and the rapid rate of growth in its pharmaceutical spending. Financing of pharmaceutical expenditure in Slovakia rests more heavily on the public sector than is typical in the OECD, with out-of-pocket spending accounting for just a quarter of total expenditure. The effectiveness of international price referencing in limiting Slovak prices for on-patent pharmaceutical products is questionable. For products that have gone off-patent and for those with similar chemical structure, a reference-pricing scheme and competition among generic alternatives results in effective price control, although incentives for generic substitution are weak (for patients) and misaligned (for pharmacists). When deciding whether a drug will be reimbursed through the social insurance scheme, the cost-effectiveness of new pharmaceuticals is not assessed. On the other hand, certain policy goals have been achieved. The accessibility and availability of medicines--including the most innovative products--is good; affordability is supported by relatively low average co-payment levels. While more expensive drugs usually have higher cost-sharing, drugs are not excluded from coverage on affordability grounds.
    DOI: 10.1787/244264621247
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 6
    Online Resource
    Online Resource
    Sovereign wealth & pension fund issues (2008)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 1, p. 117-132
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 16 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 117-132
    Keywords: Finance and Investment
    Abstract: Sovereign Wealth Funds (SWFs) are pools of assets owned and managed directly or indirectly by governments to achieve national objectives. These funds have raised concerns about: i) financial stability; ii) corporate governance and iii) political interference and protectionism. At the same time governments have formed other large pools of capital to finance public pension systems, i.e. Public Pension Reserve Funds (PPRFs). SWFs are set up to diversify and improve the return on foreign exchange reserves or commodity revenue, and to shield the domestic economy from fluctuations in commodity prices. PPRFs are set up to contribute to financing pay-as-you-go pension plans. The total of SWF pools is estimated at around USD 2.6 trillion in 2006/7, and is getting bigger rapidly, owing to current exchange rate policies and oil prices. The total amount for PPRFs is even larger, around USD 4.4 trillion in 2006/7, if the US Trust Fund is included (USD 2.2 trillion if excluded). SWFs and PPRFs share some characteristics, hence give rise to similar concerns. However, their objectives, investment strategies, sources of funding and transparency requirements differ. There is concern about strategic and political objectives of SWFs, and their impact on exchange rates and asset prices. But SWFs also provide mechanisms for breaking up concentrations of portfolios that increase risk. Enhancing governance and transparency of SWFs is important, but such considerations have to be weighed against commercial objectives.
    DOI: 10.1787/fmt-v2008-art5-en
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
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  • 7
    Online Resource
    Online Resource
    Pharmaceutical Pricing and Reimbursement Policies in Mexico (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 67 p. , 21 x 29.7cm
    Series Statement: OECD Health Working Papers no.25
    Keywords: Social Issues/Migration/Health ; Mexico
    Abstract: This paper examines aspects of the policy environment and market characteristics of Mexico's pharmaceutical sector, and assesses the degree to which Mexico has achieved certain policy goals. This paper questions the effectiveness of the maximum price regulation. It notes that retail prices for pharmaceuticals are relatively high, although proximity to the United States may have some influence. Although not wholly successful in containing overall drug expenditures, the federal government can claim some measure of success for the public sector market. A high reliance on out-of-pocket spending brings into question the sustainability of financing pharmaceuticals in Mexico. It also contributes to greater inequality, although a new health insurance scheme, the Seguro Popular, is addressing the latter with some success as it endeavours to provide coverage for the half of Mexico's population without health insurance. Finally, the paper acknowledges the government.s efforts in improving efficiency of expenditures and quality of care through new bioequivalency requirements for generics. However, an unintended side-effect of the loss of low cost, non-bioequivalent drugs may be higher average prices for pharmaceuticals.
    DOI: 10.1787/302355455158
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
  • 8
    Online Resource
    Online Resource
    Pharmaceutical Pricing and Reimbursement Policies in Sweden (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 67 p. , 21 x 29.7cm
    Series Statement: OECD Health Working Papers no.28
    Keywords: Social Issues/Migration/Health ; Sweden
    Abstract: This paper examines aspects of the policy environment and market characteristics of the Swedish pharmaceutical sector, assesses the degree to which Sweden has achieved certain policy goals, and puts forth some key findings and conclusions. Thanks to low mark-ups in the distribution chain and no VAT for prescribed medicines, Sweden's public prices for pharmaceuticals are relatively low, in contrast to average prices received by manufacturers, which are among the highest in Europe. Recent reforms have helped to restrain pharmaceutical expenditure growth, following a period of double digit growth in the 1990s. Pharmaceutical expenditure per capita in Sweden is lower than the OECD average. Only five OECD countries devote less of their national income to pharmaceuticals. What limited evidence exists tends to suggest that relatively low pharmaceutical expenditures in Sweden are due to its low public prices, rather than to low levels of consumption. Sweden introduced a new pricing and reimbursement scheme in 2002. Its main features are the use of cost-effectiveness analysis for determining the reimbursement status of new pharmaceuticals and mandatory substitution of the lowest-cost generic alternative. The use of cost-effectiveness analysis in reimbursement decisions helps to relate the reimbursement price paid to the social value of the product, but does not necessarily result in the lowest possible price.The generic substitution policy has enabled Sweden to achieve fairly high penetration of generic drugs into the market in terms of volume, with a considerably low share of the total value of the market. However, the requirement to substitute only the lowest-priced listed drug risks undermining the competitiveness of the generic drug industry...
    DOI: 10.1787/135870415741
    URL: Volltext
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    Online Resource
    MPI Ethno. Forsch.
  • 9
    Online Resource
    Online Resource
    Collective Pension Funds : International Evidence and Implications for China's Enterprise Annuities Reform (2007)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2007, no. 2, p. 135-166
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 32 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2007, no. 2, p. 135-166
    Keywords: Finance and Investment ; China, People’s Republic
    Abstract: Collective pension funds (CPFs) – occupational pension funds that cover the employees of more than one employer (enterprise) – have been operating in OECD countries for decades. Generally speaking, there are two models, i.e. closed pension funds, with membership restricted to a particular industry or group of industries, and open pension funds, open to all types of companies. The governance structure of such funds also operates in two ways – via an internal model (with trustees appointed by employers and employees) and an external model (with professional, commercial trustees). In this report, we first describe and analyse how CPFs are operated in selected OECD countries and non-OECD economies. Then, we review occupational pensions (or Enterprise Annuities – EA – in Chinese terminology) in general and CPFs in particular. Given the problems holding back the development of EA plans among small and medium-sized enterprises (SMEs) in China, and bearing in mind both China’s specific situations and international best practices, we propose a number of policy recommendations to promote the development of CPFs covering the SME sector. Our practical policy recommendations include: 1) industry funds with more open membership; 2) establishment of new purpose-built industry funds; 3) establishment of new regional EA administration centres acting as independent pension councils (trustees) for open pension funds; 4) in parallel to these policy initiatives in China, commercial trustees should be encouraged to establish CPFs targeting the SME sector.
    DOI: 10.1787/fmt-v2007-art16-en
    URL: Volltext
    URL: lizenzpflichtig
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    Online Resource
    MPI Ethno. Forsch.
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