Author Description

"This book presents a unique academic and practical perspective on managing pension funds to clarify the global debate on social security. The authors establish the basic choices in designing any system to help policy makers develop a system that achieves all their objectives. They examine reforms in Latin America to highlight flows, and to estimate the true cost of these reforms and factors that affect these costs. The authors go on to discuss how the United States and Spain can implement robust systems incorporating many of the ideal features. The success of reforms depends on financial innovation to mitigate key risks, and some innovations are discussed that also demonstrate how pension reform choices affect the achievement of retirement objectives. Finally, the authors examine some proposed hybrid options to show how the beneficial features of these hybrids can be captured through good design in a single fund."--Jacket.