Olivia S. Mitchell
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199573349
- eISBN:
- 9780191721946
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199573349.003.0001
- Subject:
- Business and Management, Public Management, Pensions and Pension Management
Pension systems are a central component of the compensation package for workers in virtually every developed nation, and nowhere are they more important than for public sector employees. The growth ...
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Pension systems are a central component of the compensation package for workers in virtually every developed nation, and nowhere are they more important than for public sector employees. The growth of public pensions has spurred a hot debate of late, since some private sector employees envy their public sector counterparts the relatively generous benefits negotiated by strong unions that traditionally represent civil servants. Also some politicians had argued that pension and health-care benefits paid to police and firefighters, schoolteachers, and other civil servants have become too expensive for the public purse, especially when benefits have been cut in the private sector And the costs of maintaining public sector pension plans have come under the microscope of late, as municipalities, states, and other governmental units facing difficult financial times and volatile capital markets realize they must cut corners. This volume takes up these and other themes pertinent to the future of public employee retirement systems around the world.Less
Pension systems are a central component of the compensation package for workers in virtually every developed nation, and nowhere are they more important than for public sector employees. The growth of public pensions has spurred a hot debate of late, since some private sector employees envy their public sector counterparts the relatively generous benefits negotiated by strong unions that traditionally represent civil servants. Also some politicians had argued that pension and health-care benefits paid to police and firefighters, schoolteachers, and other civil servants have become too expensive for the public purse, especially when benefits have been cut in the private sector And the costs of maintaining public sector pension plans have come under the microscope of late, as municipalities, states, and other governmental units facing difficult financial times and volatile capital markets realize they must cut corners. This volume takes up these and other themes pertinent to the future of public employee retirement systems around the world.
George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer
- Published in print:
- 2006
- Published Online:
- February 2006
- ISBN:
- 9780195305838
- eISBN:
- 9780199783342
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195305833.003.0007
- Subject:
- Economics and Finance, Financial Economics
The EU has for a long time strived to harmonize the financial disclosure of companies headquartered in the EU member states. However, financial reporting in these states continues to differ, ...
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The EU has for a long time strived to harmonize the financial disclosure of companies headquartered in the EU member states. However, financial reporting in these states continues to differ, reflecting the ongoing role of national accounting traditions and regulatory structures. This chapter surveys both the areas where rules have been harmonized and those where national differences remain. The discussion highlights many of the issues that likely to arise in efforts to achieve harmonized rules on a global scale.Less
The EU has for a long time strived to harmonize the financial disclosure of companies headquartered in the EU member states. However, financial reporting in these states continues to differ, reflecting the ongoing role of national accounting traditions and regulatory structures. This chapter surveys both the areas where rules have been harmonized and those where national differences remain. The discussion highlights many of the issues that likely to arise in efforts to achieve harmonized rules on a global scale.
Annamaria Lusardi and Olivia S. Mitchell
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199696819
- eISBN:
- 9780191732089
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199696819.003.0002
- Subject:
- Business and Management, Pensions and Pension Management, Finance, Accounting, and Banking
Relatively little is known about why people fail to plan for retirement and whether planning and information costs might affect retirement saving patterns. This chapter reports on a purpose-built ...
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Relatively little is known about why people fail to plan for retirement and whether planning and information costs might affect retirement saving patterns. This chapter reports on a purpose-built survey module on planning and financial literacy for the Health and Retirement Study which measures how people make financial plans, collect the information needed to make these plans, and implement the plans. We show that financial illiteracy is widespread among older Americans, particularly women, minorities, and the least educated. We also find that the financially savvy are more likely to plan and to succeed in their planning, and they rely on formal methods such as retirement calculators, retirement seminars, and financial experts, instead of family/relatives or co-workers. These results have implications for targeted financial education efforts.Less
Relatively little is known about why people fail to plan for retirement and whether planning and information costs might affect retirement saving patterns. This chapter reports on a purpose-built survey module on planning and financial literacy for the Health and Retirement Study which measures how people make financial plans, collect the information needed to make these plans, and implement the plans. We show that financial illiteracy is widespread among older Americans, particularly women, minorities, and the least educated. We also find that the financially savvy are more likely to plan and to succeed in their planning, and they rely on formal methods such as retirement calculators, retirement seminars, and financial experts, instead of family/relatives or co-workers. These results have implications for targeted financial education efforts.
John Y. Campbell and Luis M. Viceira
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780198296942
- eISBN:
- 9780191596049
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296940.003.0001
- Subject:
- Economics and Finance, Financial Economics
The mean‐variance paradigm has the strong implication that all investors should hold risky assets in the same proportion. Financial planners typically advise conservative investors to tilt their ...
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The mean‐variance paradigm has the strong implication that all investors should hold risky assets in the same proportion. Financial planners typically advise conservative investors to tilt their risky portfolios towards bonds and away from stocks; this has been called the “asset allocation puzzle” since it contradicts standard mean‐variance analysis. Financial planners also argue that long‐term investors can afford greater exposure to stock market risk. This book will show how financial planners’ advice can be justified by an inter‐temporal model of a rational investor. The model ignores some important real‐world issues, including diversification of individual stocks, transactions costs, taxation, and the biases identified by research in behavioural finance.Less
The mean‐variance paradigm has the strong implication that all investors should hold risky assets in the same proportion. Financial planners typically advise conservative investors to tilt their risky portfolios towards bonds and away from stocks; this has been called the “asset allocation puzzle” since it contradicts standard mean‐variance analysis. Financial planners also argue that long‐term investors can afford greater exposure to stock market risk. This book will show how financial planners’ advice can be justified by an inter‐temporal model of a rational investor. The model ignores some important real‐world issues, including diversification of individual stocks, transactions costs, taxation, and the biases identified by research in behavioural finance.
Paula H. Hogan and Frederick H. Miller
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780199683772
- eISBN:
- 9780191763359
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199683772.003.0003
- Subject:
- Business and Management, Pensions and Pension Management
To illustrate how advisors explain risk to clients, we map our view of current advisory practice, with particular emphasis on risk management, to our view of the current mosaic of planning paradigms. ...
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To illustrate how advisors explain risk to clients, we map our view of current advisory practice, with particular emphasis on risk management, to our view of the current mosaic of planning paradigms. We then apply that information to identify questions for further discussion and research. We conclude there has been an evolution in advisory practice from a focus on product, to policy, and now increasingly to process, with communication about risk remaining central throughout.Less
To illustrate how advisors explain risk to clients, we map our view of current advisory practice, with particular emphasis on risk management, to our view of the current mosaic of planning paradigms. We then apply that information to identify questions for further discussion and research. We conclude there has been an evolution in advisory practice from a focus on product, to policy, and now increasingly to process, with communication about risk remaining central throughout.
Michael Finke
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780199683772
- eISBN:
- 9780191763359
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199683772.003.0011
- Subject:
- Business and Management, Pensions and Pension Management
The financial advice profession provides a potentially valuable service to consumers within an increasingly complex financial marketplace. Financial advice professionals can substitute for costly ...
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The financial advice profession provides a potentially valuable service to consumers within an increasingly complex financial marketplace. Financial advice professionals can substitute for costly investment in financial knowledge by households. This chapter provides evidence that financial advisers can improve financial outcomes when the interests of the advisor and household are aligned. Yet professional advice can harm consumers if conflicts of interest create high agency costs. Understanding how differences in compensation methods and regulatory frameworks affect incentives is essential to improving the breadth and quality of professional advice.Less
The financial advice profession provides a potentially valuable service to consumers within an increasingly complex financial marketplace. Financial advice professionals can substitute for costly investment in financial knowledge by households. This chapter provides evidence that financial advisers can improve financial outcomes when the interests of the advisor and household are aligned. Yet professional advice can harm consumers if conflicts of interest create high agency costs. Understanding how differences in compensation methods and regulatory frameworks affect incentives is essential to improving the breadth and quality of professional advice.
Dave Yeske and Elissa Buie
- Published in print:
- 2017
- Published Online:
- May 2017
- ISBN:
- 9780190269999
- eISBN:
- 9780190270025
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780190269999.003.0015
- Subject:
- Economics and Finance, Financial Economics
This chapter discusses personal financial planning, which is an interdisciplinary practice that employs a six-step process to develop integrated strategies for individuals and families to efficiently ...
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This chapter discusses personal financial planning, which is an interdisciplinary practice that employs a six-step process to develop integrated strategies for individuals and families to efficiently mobilize their human and financial capital to achieve their life goals. Financial planning draws from various disciplines, including counseling, psychology, finance, economics, and law. It includes budgeting and cash flow planning, risk management, insurance planning, investment planning, retirement and employee benefits planning, tax planning, and estate planning. The strategic process whereby financial planners develop integrated strategies that draw from all these fields in pursuit of client goals is the profession’s unique domain. Heuristics and mental biases to which clients may be prone overlay the entire financial planning process, however. Financial planners should understand and consider these issues when developing recommendations uniquely suited to each client, maximizing the probability that the client will embrace and implement the recommended strategies.Less
This chapter discusses personal financial planning, which is an interdisciplinary practice that employs a six-step process to develop integrated strategies for individuals and families to efficiently mobilize their human and financial capital to achieve their life goals. Financial planning draws from various disciplines, including counseling, psychology, finance, economics, and law. It includes budgeting and cash flow planning, risk management, insurance planning, investment planning, retirement and employee benefits planning, tax planning, and estate planning. The strategic process whereby financial planners develop integrated strategies that draw from all these fields in pursuit of client goals is the profession’s unique domain. Heuristics and mental biases to which clients may be prone overlay the entire financial planning process, however. Financial planners should understand and consider these issues when developing recommendations uniquely suited to each client, maximizing the probability that the client will embrace and implement the recommended strategies.
John Y. Campbell and Luis M. Viceira
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780198296942
- eISBN:
- 9780191596049
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296940.001.0001
- Subject:
- Economics and Finance, Financial Economics
One of the most important decisions many people face is the choice of a portfolio of assets for retirement savings. The leading academic paradigm of portfolio choice, the mean‐variance analysis of ...
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One of the most important decisions many people face is the choice of a portfolio of assets for retirement savings. The leading academic paradigm of portfolio choice, the mean‐variance analysis of Markowitz, does not give adequate guidance for this long‐term investment problem because it assumes that investors care only about the mean and variance of return over a single short period. The book develops an alternative paradigm, the inter‐temporal model of Merton, into an empirically usable framework with the following implications. The safe asset for a long‐term investor is not a Treasury bill, but a long‐term inflation‐indexed bond that provides a stable stream of real income. A nominal bond is a good substitute for an inflation‐indexed bond only if inflation risk is low. There is evidence that stock returns are mean‐reverting, with bull markets tending to follow bear markets and vice versa; this suggests that long‐term investors should increase their average stockholdings but should also vary their stockholdings with the overall level of the stock market. Investors with a stable stream of labour income can afford a greater exposure to stock market risk.Less
One of the most important decisions many people face is the choice of a portfolio of assets for retirement savings. The leading academic paradigm of portfolio choice, the mean‐variance analysis of Markowitz, does not give adequate guidance for this long‐term investment problem because it assumes that investors care only about the mean and variance of return over a single short period. The book develops an alternative paradigm, the inter‐temporal model of Merton, into an empirically usable framework with the following implications. The safe asset for a long‐term investor is not a Treasury bill, but a long‐term inflation‐indexed bond that provides a stable stream of real income. A nominal bond is a good substitute for an inflation‐indexed bond only if inflation risk is low. There is evidence that stock returns are mean‐reverting, with bull markets tending to follow bear markets and vice versa; this suggests that long‐term investors should increase their average stockholdings but should also vary their stockholdings with the overall level of the stock market. Investors with a stable stream of labour income can afford a greater exposure to stock market risk.
Marguerite DeLiema and Martha Deevy
- Published in print:
- 2017
- Published Online:
- November 2017
- ISBN:
- 9780198808039
- eISBN:
- 9780191847165
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198808039.003.0009
- Subject:
- Business and Management, Pensions and Pension Management, Finance, Accounting, and Banking
Elder financial victimization is a growing problem facing older Americans. As the conduits of financial transactions, financial firms are positioned to stop losses at their source. Representatives at ...
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Elder financial victimization is a growing problem facing older Americans. As the conduits of financial transactions, financial firms are positioned to stop losses at their source. Representatives at small and large firms were interviewed to describe their financial exploitation training and prevention programs, their detection and response protocols, and how they balance the goals of client protection with the client’s right to autonomy and privacy in financial decision making. Representatives from regulatory agencies were interviewed to describe the interventions firms are authorized to engage in, the legal barriers they face, and recent rule change proposals that may overcome some of these barriers.Less
Elder financial victimization is a growing problem facing older Americans. As the conduits of financial transactions, financial firms are positioned to stop losses at their source. Representatives at small and large firms were interviewed to describe their financial exploitation training and prevention programs, their detection and response protocols, and how they balance the goals of client protection with the client’s right to autonomy and privacy in financial decision making. Representatives from regulatory agencies were interviewed to describe the interventions firms are authorized to engage in, the legal barriers they face, and recent rule change proposals that may overcome some of these barriers.
John J. Guerin and L. Paul Hood
- Published in print:
- 2017
- Published Online:
- May 2017
- ISBN:
- 9780190269999
- eISBN:
- 9780190270025
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780190269999.003.0018
- Subject:
- Economics and Finance, Financial Economics
As an area of behavioral finance, estate planning is less focused on systematic, cognitive errors than on a core, emotional ambivalence about mortality. The chapter explores the dynamics of the ...
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As an area of behavioral finance, estate planning is less focused on systematic, cognitive errors than on a core, emotional ambivalence about mortality. The chapter explores the dynamics of the advisor–client relationship in financial planning and estate planning, as well as the emotional conflicts concerning mortality in light of research about mortality salience and terror management theory. The inclusion of marital, family, and family business issues introduces inherent complications to efforts at planning. These added dimensions may in turn affect succession planning, inheritance, heir preparation, and family dynamics. Recent developments in assessing financial style and personality may enhance progress in estate planning. Tools for facilitating the process are discussed, along with observations for further development in the field. Models in other areas of psychotherapy practice show potential to inform this area of practice.Less
As an area of behavioral finance, estate planning is less focused on systematic, cognitive errors than on a core, emotional ambivalence about mortality. The chapter explores the dynamics of the advisor–client relationship in financial planning and estate planning, as well as the emotional conflicts concerning mortality in light of research about mortality salience and terror management theory. The inclusion of marital, family, and family business issues introduces inherent complications to efforts at planning. These added dimensions may in turn affect succession planning, inheritance, heir preparation, and family dynamics. Recent developments in assessing financial style and personality may enhance progress in estate planning. Tools for facilitating the process are discussed, along with observations for further development in the field. Models in other areas of psychotherapy practice show potential to inform this area of practice.
Jill Timmons
- Published in print:
- 2013
- Published Online:
- May 2015
- ISBN:
- 9780199861323
- eISBN:
- 9780190268336
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199861323.003.0007
- Subject:
- Music, Performing Practice/Studies
The business plan, in the field of music, can become the musician's road map. However, because of inconsistency in a career in music, music professionals find it hard to draft a business plan. This ...
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The business plan, in the field of music, can become the musician's road map. However, because of inconsistency in a career in music, music professionals find it hard to draft a business plan. This chapter discusses the notion of having a “business plan” for a career in music. It includes structuring a typical format for a business model while keeping in mind that plans vary from one person to another. It then identifies the various parts of the “business plan.” Business plans begin with a mission statement. This should be followed by affirmation of one's legal identity. Finally, the plan needs to the services offered. Business plans can also be supplemented with the use of financial plans, marketing strategies, and management teams. Questions are also provided at the end of every subtopic of the chapter.Less
The business plan, in the field of music, can become the musician's road map. However, because of inconsistency in a career in music, music professionals find it hard to draft a business plan. This chapter discusses the notion of having a “business plan” for a career in music. It includes structuring a typical format for a business model while keeping in mind that plans vary from one person to another. It then identifies the various parts of the “business plan.” Business plans begin with a mission statement. This should be followed by affirmation of one's legal identity. Finally, the plan needs to the services offered. Business plans can also be supplemented with the use of financial plans, marketing strategies, and management teams. Questions are also provided at the end of every subtopic of the chapter.
Jeffrey R. Brown (ed.)
- Published in print:
- 2009
- Published Online:
- February 2013
- ISBN:
- 9780226497099
- eISBN:
- 9780226497105
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226497105.003.0007
- Subject:
- Economics and Finance, Public and Welfare
This chapter investigates the role of annuities in the financial-planning process, including both the normative judgment about what role annuities “should” play (as guided by economic theory), as ...
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This chapter investigates the role of annuities in the financial-planning process, including both the normative judgment about what role annuities “should” play (as guided by economic theory), as well as empirical evidence about the role that they actually do play. It describes several working hypotheses about behavioral biases that may affect annuity demand. The economic literature presents a strong theoretical foundation for the normative conclusion that annuities ought to be of substantial value to retirees. Simulation work reveals that under a specific process for inflation, a moderately risk-averse consumer would find nominal annuities less attractive than inflation-indexed annuities. The Pension Protection Act took significant steps to encourage the use of default options in the accumulation phase of 401(k) plans. It is noted that the economics and psychology of the annuitization decision remain a very fruitful area for additional research.Less
This chapter investigates the role of annuities in the financial-planning process, including both the normative judgment about what role annuities “should” play (as guided by economic theory), as well as empirical evidence about the role that they actually do play. It describes several working hypotheses about behavioral biases that may affect annuity demand. The economic literature presents a strong theoretical foundation for the normative conclusion that annuities ought to be of substantial value to retirees. Simulation work reveals that under a specific process for inflation, a moderately risk-averse consumer would find nominal annuities less attractive than inflation-indexed annuities. The Pension Protection Act took significant steps to encourage the use of default options in the accumulation phase of 401(k) plans. It is noted that the economics and psychology of the annuitization decision remain a very fruitful area for additional research.
Jack M. Mintz and Alfons J. Weichenrieder
- Published in print:
- 2010
- Published Online:
- August 2013
- ISBN:
- 9780262014496
- eISBN:
- 9780262289658
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262014496.003.0001
- Subject:
- Economics and Finance, Econometrics
This introductory chapter first sets out the book’s purpose, which is to expand our knowledge of multinational finance and tax research by exploring multinational financial structures, especially ...
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This introductory chapter first sets out the book’s purpose, which is to expand our knowledge of multinational finance and tax research by exploring multinational financial structures, especially with respect to leverage and so-called “indirect financing structures.” The book spells out in more detail how different types of multinational financial planning and tax policy affect the choice of financing structures. It not only discusses these ideas in theory but also tests empirically effects on financial and ownership structures, using a unique data set (MiDi) on German multinationals provided by the Deutsche Bundesbank in Frankfurt. The chapter also discusses multinational direct and indirect financial structures and the role of conduit holding companies, followed by an overview of the subsequent chapters.Less
This introductory chapter first sets out the book’s purpose, which is to expand our knowledge of multinational finance and tax research by exploring multinational financial structures, especially with respect to leverage and so-called “indirect financing structures.” The book spells out in more detail how different types of multinational financial planning and tax policy affect the choice of financing structures. It not only discusses these ideas in theory but also tests empirically effects on financial and ownership structures, using a unique data set (MiDi) on German multinationals provided by the Deutsche Bundesbank in Frankfurt. The chapter also discusses multinational direct and indirect financial structures and the role of conduit holding companies, followed by an overview of the subsequent chapters.
Barbara M. Tagg
- Published in print:
- 2013
- Published Online:
- May 2015
- ISBN:
- 9780199920686
- eISBN:
- 9780190268350
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199920686.003.0006
- Subject:
- Music, Performing Practice/Studies
This chapter suggests ways a nonprofit children’s choir or youth choir organization can successfully navigate the financial world. When a new choir is established, artistic planning should be ...
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This chapter suggests ways a nonprofit children’s choir or youth choir organization can successfully navigate the financial world. When a new choir is established, artistic planning should be accompanied by responsible financial planning while a solid financial structure is necessary to sustain it. Managing balance sheets, revenue streams, grant writings, audits, and annual budgets is important in securing a strong financial structure for the choral organization. The founding director will likely have a good understanding of what specific resources will be needed because he knows what the vision will be for the choir.Less
This chapter suggests ways a nonprofit children’s choir or youth choir organization can successfully navigate the financial world. When a new choir is established, artistic planning should be accompanied by responsible financial planning while a solid financial structure is necessary to sustain it. Managing balance sheets, revenue streams, grant writings, audits, and annual budgets is important in securing a strong financial structure for the choral organization. The founding director will likely have a good understanding of what specific resources will be needed because he knows what the vision will be for the choir.
Abraham L. Newman and Elliot Posner
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780198818380
- eISBN:
- 9780191859526
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198818380.003.0004
- Subject:
- Political Science, Democratization
Chapter 4 focuses on soft law’s second-order consequences for rising regulatory powers. One of the key puzzles in the international regulation of finance is the persistence of cooperation even as the ...
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Chapter 4 focuses on soft law’s second-order consequences for rising regulatory powers. One of the key puzzles in the international regulation of finance is the persistence of cooperation even as the number of economic great powers increases. The emergence of the European Union as a financial rule-maker in the late 1990s and early 2000s, roughly on par with the United States, resulted in a transatlantic alignment of regulatory approaches, not conflict over the fundamentals. This chapter demonstrates how soft law was used by reform-minded factions in Europe to legitimize their claims and tip in their favor political contests over the modernization of internal regulation. International soft law served as a mechanism of endogenous change, helping to foster a great power preference alignment along market-friendly paths and setting the stage for the financial crisis.Less
Chapter 4 focuses on soft law’s second-order consequences for rising regulatory powers. One of the key puzzles in the international regulation of finance is the persistence of cooperation even as the number of economic great powers increases. The emergence of the European Union as a financial rule-maker in the late 1990s and early 2000s, roughly on par with the United States, resulted in a transatlantic alignment of regulatory approaches, not conflict over the fundamentals. This chapter demonstrates how soft law was used by reform-minded factions in Europe to legitimize their claims and tip in their favor political contests over the modernization of internal regulation. International soft law served as a mechanism of endogenous change, helping to foster a great power preference alignment along market-friendly paths and setting the stage for the financial crisis.
Abraham L. Newman and Elliot Posner
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780198818380
- eISBN:
- 9780191859526
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198818380.001.0001
- Subject:
- Political Science, Democratization
From home mortgages to iPhones, basic elements of our daily lives depend on international markets. The astonishing complexity of these exchanges may seem ungoverned. Yet the global economy remains ...
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From home mortgages to iPhones, basic elements of our daily lives depend on international markets. The astonishing complexity of these exchanges may seem ungoverned. Yet the global economy remains deeply bound by rules. Far from the staid world of treaties and state-to-state diplomacy, governance increasingly relies on a different class of international market regulation—soft law—composed of voluntary standards, best practices, and recommended guidance created by a motley assortment of organizations. Voluntary Disruptions argues that international soft law is deeply political, shaping the winners and losers of globalization. Some observers focus on soft law’s potential to solve problems and coordinate market participants. Voluntary Disruptions widens the discussion, shifting attention to the ways soft law provides new political resources to some groups while not to others and alters the sites of contestation and the actors who participate in them. Highlighting two mechanisms—legitimacy claims and arena expansion—the book explains how soft law, typically viewed as limited by its voluntary nature, disrupts and transforms the politics of economic governance. Using financial regulation as its laboratory, Voluntary Disruptions explains the remarkable pre-crisis alignment of US and European approaches to governing markets, the rise and prominence of transnational industry associations in the 1990s and 2000s, and the ambivalence of US reforms toward international market cooperation in the wake of the 2008 financial crisis. Rethinking scholarly and policy approaches to international soft law, Voluntary Disruptions answers enduring and pressing questions about global finance, international relations, and power.Less
From home mortgages to iPhones, basic elements of our daily lives depend on international markets. The astonishing complexity of these exchanges may seem ungoverned. Yet the global economy remains deeply bound by rules. Far from the staid world of treaties and state-to-state diplomacy, governance increasingly relies on a different class of international market regulation—soft law—composed of voluntary standards, best practices, and recommended guidance created by a motley assortment of organizations. Voluntary Disruptions argues that international soft law is deeply political, shaping the winners and losers of globalization. Some observers focus on soft law’s potential to solve problems and coordinate market participants. Voluntary Disruptions widens the discussion, shifting attention to the ways soft law provides new political resources to some groups while not to others and alters the sites of contestation and the actors who participate in them. Highlighting two mechanisms—legitimacy claims and arena expansion—the book explains how soft law, typically viewed as limited by its voluntary nature, disrupts and transforms the politics of economic governance. Using financial regulation as its laboratory, Voluntary Disruptions explains the remarkable pre-crisis alignment of US and European approaches to governing markets, the rise and prominence of transnational industry associations in the 1990s and 2000s, and the ambivalence of US reforms toward international market cooperation in the wake of the 2008 financial crisis. Rethinking scholarly and policy approaches to international soft law, Voluntary Disruptions answers enduring and pressing questions about global finance, international relations, and power.
David A. Wise (ed.)
- Published in print:
- 2014
- Published Online:
- January 2015
- ISBN:
- 9780226146096
- eISBN:
- 9780226146126
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226146126.001.0001
- Subject:
- Economics and Finance, Public and Welfare
The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and ...
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The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and significant, yet they are just one part of the rapidly changing landscape of aging in the United States and around the world. The impact of the financial crisis and its continuing ramifications have emerged as key concerns, adding to the fiscal challenges of government, and complicating people's financial planning for later life. This is the fifteenth in a series of NBER volumes synthesizing analyses of economics of aging research. The large majority of this research has been funded by the National Institute on Aging, which has made a longterm commitment to advancing the economics of aging field. A particular focus of the research reported in this volume deals with health, and its relationship to financial wellbeing. Health is perhaps the most essential aspect of what constitutes wellbeing as we age, affects one's ability to work at older ages, and is strongly associated with financial wellbeing. Additionally, health has societal implications, such as for labor markets, government finances and health care costs. Also emphasized in the volume is the potential for interventions and policy changes to improve health and wellbeing, using approaches that may be implemented throughout this system of health-related interactions.Less
The societal impact of aging baby boomers is compounded by longer life expectancies, which have risen continually over many decades. The implications of these demographic trends are extensive and significant, yet they are just one part of the rapidly changing landscape of aging in the United States and around the world. The impact of the financial crisis and its continuing ramifications have emerged as key concerns, adding to the fiscal challenges of government, and complicating people's financial planning for later life. This is the fifteenth in a series of NBER volumes synthesizing analyses of economics of aging research. The large majority of this research has been funded by the National Institute on Aging, which has made a longterm commitment to advancing the economics of aging field. A particular focus of the research reported in this volume deals with health, and its relationship to financial wellbeing. Health is perhaps the most essential aspect of what constitutes wellbeing as we age, affects one's ability to work at older ages, and is strongly associated with financial wellbeing. Additionally, health has societal implications, such as for labor markets, government finances and health care costs. Also emphasized in the volume is the potential for interventions and policy changes to improve health and wellbeing, using approaches that may be implemented throughout this system of health-related interactions.
Barbara M. Tagg
- Published in print:
- 2013
- Published Online:
- May 2015
- ISBN:
- 9780199920686
- eISBN:
- 9780190268350
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199920686.003.0002
- Subject:
- Music, Performing Practice/Studies
This chapter discusses the steps in establishing a choir. These include plan development, rehearsal location, financial planning, events timeline setting, and collaboration. It is important to have a ...
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This chapter discusses the steps in establishing a choir. These include plan development, rehearsal location, financial planning, events timeline setting, and collaboration. It is important to have a vision of who the singers will be, where and what they will sing, and a concept of the ideal choral sound. It is significant to know why the choir exists, to plan how to sustain it, and to strive for excellence. Starting or expanding an existing choral program is a collaborative effort among the staff, parents, board, and community.Less
This chapter discusses the steps in establishing a choir. These include plan development, rehearsal location, financial planning, events timeline setting, and collaboration. It is important to have a vision of who the singers will be, where and what they will sing, and a concept of the ideal choral sound. It is significant to know why the choir exists, to plan how to sustain it, and to strive for excellence. Starting or expanding an existing choral program is a collaborative effort among the staff, parents, board, and community.
Steven F. Venti and David A. Wise
- Published in print:
- 2004
- Published Online:
- February 2013
- ISBN:
- 9780226903057
- eISBN:
- 9780226903286
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226903286.003.0004
- Subject:
- Economics and Finance, Behavioural Economics
This chapter examines the change in the home equity of older families as they age, beginning at ages just before retirement. It uses data from the Health and Retirement Study (HRS), the Asset and ...
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This chapter examines the change in the home equity of older families as they age, beginning at ages just before retirement. It uses data from the Health and Retirement Study (HRS), the Asset and Health Dynamics Among the Oldest Old (AHEAD) survey, as well as the Survey of Income and Program Participation (SIPP). It distinguishes changes in housing equity that might be thought of as part of a financial plan to use housing equity as a means of general support in retirement from changes in housing equity that are precipitated by family shocks—death or severe illness. The chapter extends the analysis in Steven Venti and David Wise, in which it was found that in the absence of changes in household structure, most elderly families are unlikely to move. The chapter also shows that even among movers, those families that continue to own typically do not reduce home equity.Less
This chapter examines the change in the home equity of older families as they age, beginning at ages just before retirement. It uses data from the Health and Retirement Study (HRS), the Asset and Health Dynamics Among the Oldest Old (AHEAD) survey, as well as the Survey of Income and Program Participation (SIPP). It distinguishes changes in housing equity that might be thought of as part of a financial plan to use housing equity as a means of general support in retirement from changes in housing equity that are precipitated by family shocks—death or severe illness. The chapter extends the analysis in Steven Venti and David Wise, in which it was found that in the absence of changes in household structure, most elderly families are unlikely to move. The chapter also shows that even among movers, those families that continue to own typically do not reduce home equity.
Marlena I. Lee
- Published in print:
- 2014
- Published Online:
- December 2014
- ISBN:
- 9780198719243
- eISBN:
- 9780191788505
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198719243.003.0004
- Subject:
- Business and Management, Pensions and Pension Management
Monte Carlo simulations are a useful financial planning tool serving several purposes. They are often used to forecast wealth outcomes into the future for the purposes of financial planning. One can ...
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Monte Carlo simulations are a useful financial planning tool serving several purposes. They are often used to forecast wealth outcomes into the future for the purposes of financial planning. One can input assumptions about returns, saving, and spending needs, and the simulation reports how likely these goals are to be achieved, given the assumptions of the model. Despite the evidence that returns are fat-tailed and that expected returns vary through time, most Monte Carlo alternative simulations assume returns are independent and identically normally distributed. This study incorporates new return patterns in retirement simulations to illustrate how common assumptions about returns impact the output of Monte Carlo simulations.Less
Monte Carlo simulations are a useful financial planning tool serving several purposes. They are often used to forecast wealth outcomes into the future for the purposes of financial planning. One can input assumptions about returns, saving, and spending needs, and the simulation reports how likely these goals are to be achieved, given the assumptions of the model. Despite the evidence that returns are fat-tailed and that expected returns vary through time, most Monte Carlo alternative simulations assume returns are independent and identically normally distributed. This study incorporates new return patterns in retirement simulations to illustrate how common assumptions about returns impact the output of Monte Carlo simulations.
