30-September-2011
English
This paper examines the role of guarantees in DC pension plans, in particular minimum investment return guarantees during the accumulation phase. The main goal is to assess the cost and benefits of different return guarantees. The report uses a stochastic financial market model where guarantee claims are calculated as a financial derivative in a financial market framework (like e.g. the valuation of a put option). In this context, the
30-September-2011
English
The paper argues that judgements play an important role in determining appropriate trade-offs when making issuance choices. The result of the determination of cost and risk factors and judgements about trade-offs is usually a relatively balanced issuance split across the maturity spectrum, along both the nominal and real yield curves.
5-September-2011
English, , 539kb
This article explains the European Investment Bank Group’s role in creating a better environment for financing business, innovation and green growth and provides examples of ways that the financing of innovation can be improved against the backdrop of a flexible, business-oriented EU framework.<
5-September-2011
English, , 282kb
This article discusses how to mobilise more institutional equity into infrastructure. If the regulatory and investment framework is right, more institutional money can be invested in infrastructure to deliver the high levels of capital expenditure needed.
5-September-2011
English, , 567kb
This article discusses selected issues regarding the impact of protracted periods of low interest rates on pension funds and insurance companies.
5-September-2011
English, , 833kb
Guarantees have become the preferred instrument for addressing financial policy objectives such as financial stability, consumer protection and credit allocations. Before adding on new arrangements, consideration should be given to their strength, consistency and affordability.
2-September-2011
English, , 371kb
This article explores the resiliency and development of the asset management industry, why it has recovered well from the crisis, how it fosters economic growth and the vehicles for long-term retail investment that need to be developed.
2-September-2011
English, , 341kb
One of the lessons learned from the last financial crisis is the underpricing of risk and lack of transparency drove the dynamics of the financial crisis. Challenging tasks ahead include improving governance and reducing excessive risk-taking and transparent remuneration plans.
2-September-2011
English, , 878kb
This article discusses the demand for long-term investment in mature and emerging countries for financing infrastructure, innovation, education, growth and environmental programmes.