saving for old age in a financial turmoil: new challenges for

10th Anniversary Conference
SAVING FOR OLD AGE IN A FINANCIAL TURMOIL: NEW CHALLENGES
FOR HOUSEHOLDS, PROVIDERS AND POLICY-MAKERS
24-25 September 2009 - Collegio Carlo Alberto, Moncalieri, Turin
The recent financial crisis calls into question the very grounds of pension reforms in Europe, in particular the
risk diversification rationale for adding a private, funded pillar to the public one. Inadequate financial market
performance and limited financial literacy among households fuel the temptation of “going back to the State”. But how far is a verdict of “failure” of the pension market justified? The conference aims at addressing
various issues within this broad picture, on both a theoretical and a policy level.
PROGRAMME
Thursday, 24 September
12:00
Welcome and opening Elsa Fornero (Vice-President, Compagnia di San Paolo; University of Turin
and CeRP)
12:15
Session 1: RETIREMENT INCOME RISKS AND POSSIBLE GUARANTEES
Anthony Webb (CRR, Boston College) “Evaluating the Advanced Life Deferred Annuity – An Annuity People might Actually Buy” (with G. Gong)
Discussant: Elena Vigna (University of Turin and CeRP)
12:55
John Turner (Pension Policy Center) “Guarantee Durability: Pension Rate of Return Guarantees
in a Market Meltdown” (with D. Rajnes)
Discussant: Richard Disney (University of Nottingham and CeRP)
13:35
lunch
15:00
Giuseppe Grande (Bank of Italy) “A Public Guarantee of a Minimum Return to Defined Contribution Pension Scheme Members” (with I. Visco)
Discussant: Filippo Taddei (Collegio Carlo Alberto and CeRP)
15:40
Tullio Jappelli (University of Naples) “Pension Risk, Retirement Saving and Insurance” (with L.
Guiso and M. Padula)
Discussant: Mathis Wagner (CeRP)
16:20
break
16:40
Alessandro Bucciol (University of Amsterdam) “Fixed versus Contingent Indexation: Welfare Implications” (with R. Beetsma)
Discussant: Rob Alessie (University of Groningen)
17:20
David Blau (Ohio State University) “How Do Pensions Affect Household Wealth Accumulation?”
Discussant: Axel Börsch-Supan (MEA - Universität Mannheim)
18:00
Lecture: Guglielmo Weber (University of Padua)
“HOW CAN SHARE HELP AGEING RESEARCH IN EUROPE?”
19:00
end of conference day
Friday, 25 September
9:15
Session 2: PENSION FUNDS PERFORMANCE AND MORTALITY-DRIVEN REDISTRIBUTION
Giovanna Nicodano (University of Turin and CeRP) “Pension Funds Performance Evaluation: A
Utility Based Approach” (with F. Bagliano and C. Fugazza)
Discussant: Theodoros Diasakos (Collegio Carlo Alberto)
9:55
Giuseppe Cappelletti (Bank of Italy) “Portfolio Choice in Pension Funds: Evidence from Italy”
(with G. Guazzarotti and P. Tommasino)
Discussant: Elisa Luciano (University of Turin)
10:35
break
10:55
Adriaan Kalwij (Utrecht University) “On the Adverse Effect of Differential Mortality on the Income Redistribution of the Public Pension System” (with R. Alessie and M. Knoef)
Discussant: Margherita Borella (University of Turin and CeRP)
11:35
Lecture: Luigi Zingales (University of Chicago, Booth School of Business)
“THE ROLE OF TRUST IN FINANCIAL INVESTMENT”
12:45
lunch
14:10
Session 3: FINANCIAL EDUCATION, HOUSEHOLDS’ WEALTH ACCUMULATION AND RETIREMENT
PLANNING
Shawn Cole (Harvard Business School) “Smart Money: The Effect of Education, Cognitive Ability,
and Financial Literacy on Financial Market Participation” (with K. Shastry)
Discussant: Mariacristina Rossi (University of Rome, Tor Vergata and CeRP)
14:50
Bilal Zia (World Bank) “Prices or Knowledge? What Drives Demand for Financial Services in
Emerging Markets?” (with S. Cole and T. Sampson)
Discussant: Esteban Jaimovich (Collegio Carlo Alberto)
15:30
Robert Clark (North Carolina State University) “The Role of Financial Literacy and Knowledge in
Determining Retirement Plans” (with M. Morrill and S. Allen)
Discussant: Tetyana Dubovyk (CeRP)
16:10
break
16:30
Katherine Carman (Tilburg University) “How Real People Make Long-Term Decisions: The Case of
Retirement Preparation” (with J. Binswanger)
Discussant: Raquel Fonseca (RAND)
17:10
Dimitris Christelis (CSEF) “Household Economic Decisions under the Shadow of Terrorism” (with
D. Georgarakos)
Discussant: Riccardo Calcagno (VU University Amsterdam and CeRP)
17:50
end of conference
CeRP - Center for Research on Pensions and Welfare Policies
Collegio Carlo Alberto
Via Real Collegio 30, Moncalieri - Turin - Italy
Tel. 0039 0116705040 - Fax 0039 0116705042
[email protected]
http://cerp.unito.it