Annuity markets and pension reform

Annuity Markets and Pension Reform

Volumn , Issue , 2006, Pages 1-248

  Mackenzie, George A ^a  

^a INTERNATIONAL MONETARY FUND   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84926203985     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1017/CBO9780511607196     Document Type: Book

References (144)

1. American Academy of Actuaries (2002). Fair Valuation of Insurance Liabilities: Principles and Methods. Public Policy Monograph, September. http://www.actuary.org.
2. Ameriks, J., Veres, R. and Warshawsky, M. J. (2001). Making retirement income last a lifetime. Journal of Financial Planning, December. http://www.fpanet.org/journal/articles/2001_Issues/jfp1201.cfm.
3. Anusec, Z., O’Keefe, P. and Madzarevic-Sujster, S. (2003). Pension Reform in Croatia. Social Protection Discussion Paper 0304. Washington: World Bank. http://wbln018.worldbank.org/HDnet.
4. Association of British Insurers (2005). The Pension Annuity Market: Further Research into Supply and Constraints. http://www.abi.org.uk.
5. Atkinson, D. B. and Dallas, J. W. (2000). Life Insurance Products and Finance: Charting a Clear Course. Schaumburg, Illinois: Society of Actuaries.
6. Augusztinovics, M., Gál, R. I., Matits, A., Máté, L., Simonivits, A. and Stahl, J. (2002). The Hungarian pension system before and after the reform of 1998. In Pension Reform in Central and Eastern Europe: Volume 1, ed. E. Fultz. Budapest: International Labor Office, pp. 25–94.
7. Austen, J. (1811). Sense and Sensibility. New York: Everyman’s, 1992.
8. Baeza, S. and Manubens, R. (1988). Sistema privado de pensiones en Chile. Centro de Estudios Públicos. Santiago de Chile.
9. Banks, J. and Emerson, C. (1999). UK annuitants. Institute for Fiscal Studies, Briefing Note No. 5, December. http://www.ifs.org.uk.
10. Barr, N. (2001). The Welfare State as Piggy Bank: Information, Risk, Uncertainty and the Role of the State. Oxford: Oxford University Press.
11. Benartzi, S. and Thaler, R. H. (2001). Naïve diversification strategies in defined contribution saving plans. American Economic Review, 91, 79–98.
12. Bernstein, P. L. (1996). Against the Gods: The Remarkable Story of Risk. New York: John Wiley and Sons.
13. Blake, D. (1999). Annuity markets: problems and solutions. The Geneva Papers on Risk and Insurance – Issues and Practice, 24, 358–75.
14. Blake, D. and Burrows, W. (2001). Survivor bonds: Helping to hedge mortality risk. Journal of Risk and Insurance, 68, 339–48.
15. Bodie, Z. (2001). Financial engineering and social security reform. In Risk Aspects of Investment-Based Social Security Reform, eds. J. Y. Campbell and M. Feldstein. Chicago: University of Chicago.
16. Brown, J. R. (1999). Are the elderly really over-annuitized? New evidence on life insurance and bequests. NBER Working Paper 7193. Cambridge, Massachusetts: National Bureau of Economic Research. http://www.nber.org/papers/W7193.
17. Brown, J. R. (2001). Redistribution and insurance: Mandatory annuitization with mortality heterogeneity. CRR Working Paper 2001–02. Boston: Center for Retirement Research, Boston College. http://www.bc.edu/centers/crr/wp_2001-02shtml.
18. Brown, J. R., Mitchell, O. S. and Warshawsky, M. J. (2001a). The role of real annuities and indexed bonds in an individual accounts retirement program. In The Role of Annuity Markets in Financing Retirement. Cambridge, Massachusetts: MIT Press, pp. 107–52.
19. Brown, J. R., Mitchell, O. S., Poterba, J. M. and Warshawsky, M. J. (2001b). The Role of Annuity Markets in Financing Retirement. Cambridge, Massachusetts: MIT Press.
20. Burtless, G. (2001). International evidence on the desirability of individual retirement accounts in public pension systems. Testimony for the Subcommittee on Social Security, Committee on Ways and Means. U.S. House of Representatives. July. http://www.brook.edu/views/testimony/burtless/20010731.htm.
21. Burtless, G. (2004). Social norms, rules of thumb, and retirement: Evidence for rationality in retirement planning. CSED Working Paper No. 37. The Brookings Institution – The Johns Hopkins University Center on Social and Economic Dynamics. November. http://www.brookings.edu/es/dynamics/papers/csed37.htm.
22. Cardinale, M. (2004). The Long-Run Relationship between Pension Liabilities and Asset Prices: A Cointegrating Approach. Presented to the Staple Inn Actuarial Society, May 4, 2004. http://www.sias.org.uk/papers.
23. Cardinale, M., Findlater, A. and Orszag, M. (2002). Paying out pensions: a review of international annuities markets. Watson Wyatt Research Report 2002-RU07. http://watsonwyatt.com.
24. Chlon, A. (2002). The Polish pension reform of 1999. In Pension reform in Central and Eastern Europe: Volume I, ed. E. Fultz. Budapest: International Labor Office, pp. 95–205.
25. Clark, G. L. (2003). Pension fund governance: Moral imperatives, state regulation, and the market. Paper presented at World Bank Conference: Contractual savings conference: Regulatory and supervisory issues in private pensions. November 3–7.
26. Clark, R. (2003). Pension plan options: preferences, choices and the distribution of benefits. Pension Research Council Working Paper. 2003–24. rider. wharton. upenn.edu/~prc/PRC/WP/WP2003-24.pdf.
27. Cohen, L. C., Steuerle, E. and Carasso, A. (2001). Social security redistribution by education, race, and income: How much and why? Paper prepared for the Third Annual Conference of the Retirement Research Consortium: Making hard choices about retirement. Washington.
28. D’Ambrosio, M. (2003). Ignorance is not bliss: The importance of financial education. Paper presented at World Bank Conference: Contractual Savings Conference: Regulatory and supervisory issues in private pensions. November 3–7.
29. Das, U., Davies, N. and Podpiera, R. (2003). Insurance and issues in financial soundness. International Monetary Fund Working Paper 03/138. Washington: International Monetary Fund. http://www.imf.org/external/pubs/ft/wp/2004/wp03138.pdf.
30. Davidoff, T., Brown, J. and Diamond, P. A. (2005). Annuities and individual welfare. American Economic Review, 95, 1573–90.
31. Davis, E. Phillip (2001). Portfolio regulation of life insurance companies and pension funds. Discussion paper PI-0101. London: The Pensions Institute, Birkbeck College, University of London. http://www.pensions-institute.org/workingpapers/wp0101.pdf.
32. De la Granville, O. (2001). Bond pricing and portfolio analysis: Protecting investors in the long run. Cambridge: MIT Press.
33. Del Guercio, D. (1996). The distorting effect of the prudent-man laws on institutional equity investments. Journal of Financial Economics, 40, 31–62.
34. Devesa-Carpio, J. E. and Vidal-Meliá, C. (sp). (2002). The reformed pension systems in Latin America. Pension reform primer. World Bank, Washington. http://www.socsec.org/research.asp?pubid¼669.
35. Diamond, P. A. and Valdéz-Prieto, S. (1994). Social Security Reforms. In The Chilean Economy: Policy Lessons and Challenges, eds. B. R. Bosworth, R. Dornbusch and R. Labán. Washington: Brookings Institution.
36. Diamond, P. A. (2004). Social Security. American Economic Review, 94, 1–24.
37. Diamond, P. A. and Orszag, P. A. (2004). Saving Social Security: A Balanced Approach. Washington DC: Brookings Institution Press.
38. Dickens, C. (1839). Nicholas Nickelby. New York: Penguin, 1999.
39. Dickens, C. (1854). Hard Times. New York: Modern Library, 2001.
40. Doyle, S., Mitchell, O. S. and Piggott, J. (2001). Annuity values in defined contributions systems: The case of Australia and Singapore. NBER Working Paper 8091. Cambridge, Massachusetts: National Bureau of Economic Research. http://www.nber.org/papers/W8091.
41. Doyle, S. and Piggott, J. (2002). Mandatory annuity design in developing countries. Pension Primer Series. Washington: World Bank. http://wbln0018.worldbank.org/HDnet.
42. Dus, I., Maurer, R. and Mitchell, O. S. (2004). Betting on death and capital markets in retirement: A shortfall risk analysis of life annuities versus phased withdrawal plans. NBER Working Paper 11271. Cambridge, Massachusetts: National Bureau of Economic Research. http://www.nber.org/papers/w11271.
43. Dynan, K. E., Skinner, J. and Zeldes, S. (2002). The importance of bequests and life-cycle saving in capital accumulation: A new answer. American Economic Review, 92, 274–8.
44. Engen, E. M., Gale, W. G. and Uccello, C. E. (1999). The adequacy of household saving. Brookings Papers on Economic Activity, 2, 65–187.
45. Ernst and Young (2004). Equity release – a thing of the past or the future? Financial Services Brief (Winter). www.ey.com\global\download.nsf\Bermuda\Financial_Services_Brief_Winter_2004.
46. Eschtruth, A. D. and Long C. Tran. (2001). A primer on reverse mortgages. Just the Facts on Retirement Issues. Center for Retirement Research, Boston College. http://www.bc.edu/centers/crr/jtf_3.shtml.
47. Favreault, M., Sammartino, F. J. and Steuerle, C. E., eds. (2002). Social Security and the Family. Washington: Urban Institute Press.
48. Feldstein, M. and Samwick, A. (2000). Allocating payroll tax revenue to personal retirement accounts to maintain social security benefits and the payroll tax rate. National Bureau of Economic Research Working Paper 7767. http://www.nber.org/papers/w7767.
49. Ferguson, N. (2001). The Cash Nexus: Money and Power in the Modern World 1700–2000. New York: Basic Books.
50. Financial Services Authority (2003). Enhanced capital requirements and individual capital assessments for life insurers. Consultation paper 195.
51. Financial Services Authority (2005). FSA Factsheet – Raising money from your home. http://www.fsa.gov.uk/consumer/pdfs/raise_home.pdf.
52. Finkelstein, A. and Poterba, J. (1999). Selection effects in the market for individual annuities: New evidence from the United Kingdom. NBER Working Paper 7168. Cambridge, Massachusetts: National Bureau of Economic Research. http://www.nber.org/papers/W7168.
53. Finkelstein, A. and Poterba, J. (2000). Adverse selection in insurance markets: Policyholder evidence from the U.K. annuity market. NBER Working Paper 8045. Cambridge, Massachusetts: National Bureau of Economic Research. http://www.nber.org/papers/W8045.
54. Gale, W. G. and Slemrod, J. (2001). Overview. In Rethinking estate and gift taxation, eds. W. G. Gale, J. R. Hines, Jr. and J. Slemrod, pp. 1–64. Washington: Brookings Institution Press.
55. Gale, W. G. and Orszag, P. R. (2003). Private pensions: issues and options. In Agenda for the Nation, eds. H. Aaron, J. Lindsay and P. Nivola. Washington: Brookings Institution Press.
56. García, S. J. A. (1988). Mercado de Renta Vitalicia y Bono de Reconocimiento. Período 1985_2000. In Sistema privado de pensiones en Chile, eds. B. Sergio and R. Manubens. Santiago de Chile: Centro de Estudios Públicos.
57. Garcia, G. G. H. (2000). Deposit insurance: Actual and good practices, International Monetary Fund Occasional Paper 197. Washington: International Monetary Fund.
58. Gardner, J. and Orszag, M. (2004). Individual Choice and Financial Education in OECD Countries. Presentation at the OECD/INPRS Conference on Private Pensions. Manila. March 30–April 1. http://www.oecd.org\dataoecd\37\1331078626.pdf.
59. General Accounting Office (1999). Social Security Reform: Implications of Private Annuities for Individual Accounts, GAO/HEHS-99-160.
60. Greenblatt, S. (2004). Will in the World: How Shakespeare Became Shakespeare. New York: Norton.
61. Greenwood, M. (1940). A statistical mare’s nest? Journal of the Royal Statistical Society. 103, 246–8.
62. Gustman, A. L. et al. (1997). Pension and social security wealth in the health and retirement study. NBER Working Paper 5912. Cambridge, Massachusetts: National Bureau of Economic Research. http://www.nber.org/papers/W5912.
63. Hacker, I. (1976). The Emergence of Probability. Cambridge: Cambridge University Press.
64. Heller, P. S. (2003). Who will pay? Coping with Aging Societies, Climate Change and other Long-Term Fiscal Challenges. Washington: International Monetary Fund.
65. Holzmann, R. (1997). Pension reform, financial market development and economic growth: Preliminary evidence from Chile. Staff Papers, International Monetary Fund, 44 (2), pp. 149–78.
66. Holzmann, R. and Stiglitz, J. E., eds. (2001). New Ideas about Old Age Security: Toward Sustainable Pension Systems in the 21st Century. Washington: World Bank.
67. Holzman, R. and Hinz, R. (2005) Old Age Income Support in the 21st Century: An International Perspective on Pension Systems and Reform. Washington: World Bank.
68. Impavido, G., Thorburn, C. and Wadsworth, M. (2004) A conceptual framework for retirement products: Risk sharing arrangements between providers and retirees. WPS 3208. World Bank, Washington. http://wbln0018.worldbank.org/html/FinancialSectorWeb.nsf/(attachmentweb)/3208/$FILE/3208.pdf.
69. International Association of Insurance Supervisors (2002). Principles on Capital Adequacy and Solvency. http://www.iaisweb.org/133_358_ENU_HTML.asp.
70. International Association of Insurance Supervisors (2005). Toward a Common Structure and Common Standards for the Assessment of Insurer Solvency. http://www.iaisweb.org/051021_Framework_paper.pdf.
71. International Monetary Fund (2004a). Global Financial Stability Report: Market Developments and Issues, April. Washington: International Monetary Fund.
72. International Monetary Fund (2004b). World Economic Outlook: The Global Demographic Transition.
73. International Monetary Fund (2005). Global Financial Stability Report: Market Developments and Issues. April.
74. Jack, F. (1912). An Introduction to the History of Life Assurance. London: PS King and Son(s).
75. James, E. and Vittas, D. (2000). Annuities markets in comparative perspective: Do consumers get their money’s-worth? World Bank Policy Research Working Paper No. 2493. http://ssrn.com.abstract¼632563.
76. James, E. and Song, X. (2002). Annuities markets around the world: Money’s worth and risk intermediation. http://papers.ssrn.com/abstract¼287375.
77. James, E., Smallhout, J. and Vittas, D. (2001). Administrative Costs and the Organization of Individual Accounts Systems: A Comparative Perspective. In New Ideas about Old Age Security: Toward Sustainable Pension Systems in the 21st Century. Washington: World Bank, pp. 254–307.
78. James, M. (1947). The Metropolitan Life: A Study in Business Growth. New York: Viking.
79. Jousten, A. (2001). Life-cycle modeling of bequests and their impact on annuity valuation. Journal of Public Economics, 79, 149–77.
80. Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Royal Economic Society. London: MacMillan, 1973.
81. King, J. (2004). Securities companies, investment funds and pension funds. In Taxing the Financial Sector, ed. H. Zee. Washington: International Monetary Fund.
82. Kotlikoff, L. J. and Spivak, A. (1981). The family as an incomplete annuities market. The Journal of Political Economy, 89, 372–91.
83. Kotlikoff, L. J. (1986). Deficit delusion. The Public Interest, 84 (summer), pp. 53–65.
84. Kristensen, J. F. and Yew-Lee, A. (2002). The Singapore Insurance Market. http://www.irmi.com/Expert/Articles/2002/Kristensen09.aspx.
85. Kritzer, B. E. (2001/2002). Social security reform in Central and Eastern Europe: Variations on a Latin American theme. Social Security Bulletin, 64 (4).
86. Larraín, G. R. (2004). Renta vitalicias y jubilación anticipada. Paper presented at a seminar: Ley de rentas vitalicias: Las nuevas reglas en juevo. AIPEP, Chile. http://www.safp.cl/_communicados/site/pags/20040812173546.html.
87. Lee, R. (2003). The demographic transition: Three centuries of fundamental change. Journal of Economic Perspectives, 17, 167–90.
88. Lowenstein, R. (2000). When Genius Failed: The Rise and Fall of Long-term Capital Management. New York: Random House.
89. Mackenzie, G. A. (1995). Reforming Latin America’s old-age pension systems. Finance and Development, 32 (1), 10–13.
90. Mackenzie, G. A., Gerson, P. and Cuevas, A. (1997). Pensions and saving. IMF Occasional Paper 153. Washington: International Monetary Fund.
91. Mackenzie, G. A., Gerson, P., Cuevas, A. and Heller, P. S. (2003). The fiscal impact of pension reform. Journal of Budgeting and Finance, 23, 115–27.
92. Mackenzie, G. A. and Schrager, A. (2004). Can the private annuity market provide secure retirement income? International Monetary Fund Working Paper 04/230. http://www.imf.org/external/pubs/ft/wp/2004/wp04230.pdf.
93. McCarthy, D., Mitchell, O. S. and Piggott, J. (2002). Asset rich and cash poor: Retirement provision and housing policy in Singapore. Journal of Pension Economics and Finance, 1, 197–222.
94. Malkiel, B. G. (1999). A Random Walk Down Wall Street. New York: Norton.
95. Milevsky, M. A. and Young, V. R. (2002). Optimal asset allocation and the real option to delay annuitization: It’s not now or never. Birkbeck College, The Pensions Institute, London. Discussion paper PI-0211. www.pensionsinstitute.org/workingpapers/wp0211.pdf.
96. Mitchell, O. S., Poterba, J., Warshawsky, M. J. and Brown, J. R. (2001). New evidence on the money’s-worth of individual annuities. In The Role of Annuity Markets in Financing Retirement. Cambridge, Massachusetts: MIT Press, pp. 71–106.
97. Mitchell, O. S. and Piggott, J. (2003). Housing equity and senior security. Paper prepared for presentation at the Tokyo, Japan September 10, 2003 International Forum on the System for security economic stability for seniors and the improvement of housing in Japan, August. http://www.esri.go.jp/prj-rc/forum/030910/kitcho1-e.pdf.
98. Mitchell, O. S. and Utkus, S. (2004). Lessons from behavioral finance for retirement plan design. In Pension Design and Structure: New Lessons from Behavioral Finance, eds. O. S. Mitchell and S. P. Utkus. Oxford University Press.
99. Muir, M. and Waller, R. (2003). Twin peaks: the enhanced capital requirement for realistic basis life firms. Presented to Staple Inn Actuarial Society, November 5. www.sias.org.uk/papers/twinpeaks.pdf.
100. Munnell, A. H., Sass, S. A. and Soto, M. (2005). Yikes! How to think about risk? Issues in brief. No. 27. Center for Retirement Research, Boston College, Boston. http://www.bc.edu/centers/crr/ib_27.shtml.
101. Murthi, M., Orszag, J. M. and Orszag, P. R. (2001). Administrative costs under a decentralized approach to individual accounts: Lessons from the United Kingdom. In New Ideas about Old Age Security: Toward Sustainable Pension Systems in the 21st Century. Washington: World Bank, pp. 308–35.
102. Organization for Economic Cooperation and Development.(1999). OECD Economic survey Australia. Paris: Organization for Economic Cooperation and Development.
103. Organization for Economic Cooperation and Development (2001). OECD Economic survey Australia. Paris: Organization for Economic Cooperation and Development.
104. Organization for Economic Cooperation and Development (2002). Financial market trends. Paris: Organization for Economic Cooperation and Development.
105. Organization for Economic Cooperation and Development (2004). Tax-favored Retirement Savings Plans: A Review of Budgetary Implications and Policy Issues. Annex 1: Tables and figures. ECO/CPE/WPI(2004)4/ANNI. Economics Department. Economic Policy Committee.
106. Orszag, M. J. (2000). Annuities: The Problems. Paper presented at NAPF Annual Conference, May 11–12, 2000. http://www.econ.bbk.ac.uk/wp/ewp/ewp0007.pdf.
107. Orszag, P. R. and Stiglitz, J. E. (2001). Rethinking pension reform: Ten myths about social security systems. In New Ideas about Old Age Security: Toward Sustainable Pension Systems in the 21st Century. Washington: World Bank, pp. 17–56.
108. Palacios, R. and Rofman, R. (2001). Annuity markets and benefit design in multipillar pension schemes: Experience and lessons from four Latin American countries. Pension Primer Series. Washington: World Bank.
109. Palmer, E. (2000). The Swedish pension reform model: framework and issues. World Bank Discussion Paper Series. No. 0012. http://siteresources.worldbank.org/SOCIALPROTECTION/Resources/SP-Discussion-papers/Pensions-DP/0012.pdf
110. Palmon, O. and Spivak, A. (2002). Adverse selection and the market for annuities. Bank of Israel. Research Paper. August 19, 2002. http://www.boi.gov.il/deptdata/neumim/neum133e.pdf.
111. Penner, R. and Cove, E. (2002). Women and individual accounts. In Social Security and the Family. Washington: Urban Institute Press, pp. 229–70.
112. Perun, P. (2002). Multiple choices: Property rights and individual accounts. In Social Security and the Family. Washington: Urban Institute Press, pp. 271–94.
113. Pinker, S. (2002). The Blank Slate. New York: Norton.
114. Pinsky, R. (1994). Dante’s Inferno: A New Verse Translation. New York: Ferrar, Strauss and Giroux.
115. Posner, R. A. (1995). Aging and Old Age. Chicago and London: University of Chicago Press.
116. Poterba, J. M. (2001). A Brief History of Annuity Markets. In The Role of Annuity Markets in Financing Retirement. Cambridge, Massachusetts: MIT Press, pp. 23–56.
117. Poterba, J. M. (2005). Annuities in early modern Europe. In The Origins of Value: The Financial Innovations that Created Modern Capital Markets, eds. W. N. Goetzmann and K. G. Rouwenhorst. New York: Oxford University Press, pp. 207–24.
118. Reno, V. P., Graetz, M. J., Apfel, K. S., Lavery, J. and Hill, C., eds. (2005). Uncharted Waters: Paying Benefits from Individual Accounts in Federal Retirement Policy. Study panel final report, January. Washington DC: National Academy of Social Insurance.
119. Rocha, R. and Thorburn, G. (2006). Developing the Market for Retirement Products: The Case of Chile. Washington: The World Bank 2006.
120. Saas, S. (2004). Reforming the Australian Retirement System: Mandating Individual Accounts. Center for Retirement Research, Boston College, Boston. April. http://www.bc.edu.centers/crr/dummy/gib_2.shtml.
121. SAFJP (Superintendencia de Administradoras de Fondos de Jubilaciones y Pensiones) (2004). El régimen de capitalización a nueveaños de la reforma previsional. http://safjp.gov.ar.
122. Samwick, A. A. (1999). Social security reform in the United States. National Tax Journal, 52, 819–42.
123. Schwartz, B. (2004). The Paradox of Choice. New York: Harper Collins, Echo.
124. Shiller, R. (2000). Irrational Exuberance. Princeton: Princeton University Press.
125. Singh, M. and Kong, J. (2005). Insurance companies in emerging markets. International Monetary Fund Working Paper 05/88. http://www.imf.org/external/pubs/ft/wp/2005/wp0588.pdf.
126. Smith, A. (1789). An Inquiry into the Nature and Cause of the Wealth of Nations. 5th edn. Modern Library edition. New York: The Modern Library, 1994.
127. Social Security Administration (Various dates). Social security programs throughout the world. http://www.ssa.gov/policy/docs/progdesc/ssptw.
128. Stark, J. and Curry, C. (2002). Reforming annuities: Big bang or softly, softly? Insurance Trends. January. http://www.abi.org.uk/.
129. Sunstein, C. and Thaler, R. (2003). Paternalistic liberalism is not an oxymoron. University of Chicago Law Review.
130. Superintendency of Pension Companies (Superintendencia de Administradoras de Fondos de Pensiones, or SAFP) (2002). The Chilean Pension System. http://www.safp.cl.
131. TIAA-CREF (2004). How annuities can reduce retirement income risk. TIAA-CREF Quarterly. (Winter). http://www.tiaa-crefinstitute.org. Accessed on November 1, 2004.
132. Taylor, R. (2004). The economics of annuities. Geneva Papers on Risk and Insurance, 29, 115–27.
133. Thompson, J. (2003). Risk-based supervision of the insurance corporation, an introduction. Paper presented at World Bank Conference: Contractual Savings Conference: Regulatory and supervisory issues in private pensions. November 3–7.
134. Thompson, L. H. (1998). Older and Wiser: The Economics of Public Pensions. Washington: Urban Institute Press.
135. Thompson, L. H. and Carasso, A. (2002). Social security and the treatment of families: How does the U.S. compare to other developed countries? In Social Security and the Family. Washington: Urban Institute Press, pp. 123–76.
136. United Nations, Population Division, Economic and Social Affairs Department (2003a). World Population Prospects: the 2002 Revision. Highlights.
137. United Nations, Population Division, Economic and Social Affairs Department (2003b). World Population Prospects: the 2002 Revision. Vol. III: Analytical Report.
138. United Kingdom Pensions Commission (2004). Pensions: Challenges and Choices: The First Report of the Pensions Commission.
139. Walliser, J. (1998). Social Security Privatization and the Annuities Market. Congressional Budget Office. http://www.cbo.gov/showdoc.cfm?index¼348&sequence¼0.
140. Walliser, J. (2000). Adverse selection in the annuities market and the impact of privatizing social security. Scandinavian Journal of Economics, 102, 373–93.
141. Walliser, J. (2001). Regulation of withdrawals in individual account systems. In New Ideas about Old Age Security: Toward Sustainable Pension Systems in the 21st Century. Washington: World Bank.
142. Warner, J. T. and Pleeter, S. (2001). The personal discount rate: Evidence from military downsizing programs. American Economic Review, 91, 33–53.
143. Warshawsky, M. J. (2001). Private Annuity Markets in the United States: 1919–1984. In The Role of Annuity Markets in Financing Retirement. Cambridge, Massachusetts: MIT Press, pp. 57–70.
144. Yaari, M. E. (1965). Uncertain lifetime, life insurance, and the theory of the consumer. Review of Economic Studies, 32, 137–50.