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This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.
From the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.
Squeezed between increasing entitlement expenditures and static or declining real revenues, state-funded urban development is increasingly an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have little interest in community development. Not surprisingly, it is often argued that pension funds ought to be more sensitive to community needs. But some analysts argue that pension funds are properly the agents of plan beneficiaries; any investment that took into account community needs would be, in effect, an unjustified tax on individuals' future welfare. Furthermore, analysts are very doubtful about the integrity of public pension plan investment decision making. In this paper, I set out a two-pronged justification of public pension plan investment in community development. In the first instance, I dispute claims that market agents are necessarily the quot;bestquot; representatives of beneficiaries' interests. In the second instance, I develop a contractarian model of community development that stresses the reciprocal nature of the obligations embedded in the relationship between the community and pension plan beneficiaries. I hope to show that this two-pronged approach has significant implications for a wide variety of sponsored private plans. To give the analysis empirical relevance I refer to the much disputed decision of the West Virginia legislature to require their public pension funds' Investment Management Board to invest in the state government's corrections authority. The paper begins with an assessment of pension fund decision making and the practices of the investment management industry, drawing upon related research on pension fund capitalism. It goes on to theoretical issues of social obligation, referencing recent research on the nature of social contracts. These threads of argument are then drawn together to consider the more general issue of pension fund community investment.
The essays in this volume are concerned with interpretations and extensions, both theoretical and empirical, of the work of Keynes and Kalecki, and of Sraffa, and with the relationships between the works of these three authors.