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Pension economics (codice 93282)

Curriculum: Global Economy and Business del corso di Global economy and business
Programmazione per l'A.A.: 2020/2021

Appelli d'esame: Calendario - Prenotazioni
Orari del corso di Global economy and business: apri

Crediti Formativi Universitari (CFU): 6
Settore Scientifico Disciplinare (SSD): SECS-P/01
Ambito disciplinare: Attività formative affini o integrative
Attività: Attività formative affini ed integrative (C)
Ore aula: 42

Canale unico
  • Docente: NISTICO' SERGIO Scheda informativa del docente NISTICO'

Cognitive / Knowledge skills
• The reasons for a compulsory old-age insurance;
• The different aims of a pension system and the jargon of pension economics;
• The ‘little mathematics you need’ and the basic tools of finance;
• The four archetypal pension systems in a two-overlapping-generations model;
• Pension rules, fairness and solvency in real-life career patterns;
• The demographic challenge and the possible responses.

Analytical / Critical Thinking Skills (Oral and Written)
• Understand the difference between a funded and pay-as-you-go financing methods of a pension system;
• Understand the different implications of relying on the adjustment of the contribution rate (defined-benefit systems) or of the pension benefit (defined-contribution systems) under varying economic and demographic conditions;
• Computing growth rates and factors of economic variables and the internal rate of return (IRR) of a series of cash-flows;
• Assess fairness and solvency of different pension designs;
• Understand the logic of mortality tables and impact of demographic changes on different pension systems.

This course is taught in the second semester and deals with the functioning of pension systems focusing in particular on the solvency and fairness conditions of different pension designs.

In particular, this course focuses on:
• The basic concepts of pension economics and the different measures of pension adequacy;
• How to assess the solvency of pension systems (actuarial balances vs double-entry bookkeeping);
• The different notions of fairness and how to assess it in different pension designs;
• The role of pension indexation and the phenomenon of vintage pensions;
• The emergence of non-financial defined-contribution pension systems as an alternative to privately-managed funded systems;
• Discretion vs Automatism in adjustments: the so-called point systems;
• The basics of demography and the effects of worsening demography on pay-as-you-go and funded pension system.

• Nisticò, S. Essentials of Economics, Palgrave Macmillan.

[Ultima modifica: mercoledì 30 novembre 2016]