LEADER 06377oam 22011654 450 001 9910788331203321 005 20230721045710.0 010 $a1-4623-9411-6 010 $a1-4527-3997-8 010 $a1-4518-7298-4 010 $a1-282-84365-6 010 $a9786612843655 035 $a(CKB)3170000000055304 035 $a(EBL)1608364 035 $a(SSID)ssj0001477328 035 $a(PQKBManifestationID)11832938 035 $a(PQKBTitleCode)TC0001477328 035 $a(PQKBWorkID)11449496 035 $a(PQKB)11079741 035 $a(OCoLC)712987807 035 $a(MiAaPQ)EBC1608364 035 $a(IMF)WPIEE2009151 035 $a(EXLCZ)993170000000055304 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHow the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter /$fIan Tower, Gregorio Impavido 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (58 p.) 225 1 $aIMF Working Papers 300 $a"July 2009." 311 $a1-4519-1727-9 327 $aContents; I. Introduction; II. The Role of Pension Plans and Insurance Companies; III. Key Pensions and Insurance Characteristics; Figures; 1. Role of Financial Assets in Overall; 2. Assets in DB and DC Private Plans (OECD and Latin America); IV. The Nature of Assets and Liabilities; 3. Pension Assets as Percent of GDP in OECD Countries (2007); 4. Pension Assets as Percent of GDP in Latin American Countries (06/2008); 5. Asset Allocation of OECD Private Pension plans (2006); 6. Asset Allocation (average) of Latin American Pension Plans (06/2008); Boxes 327 $a1. Insurance Companies' Balance Sheets: The Importance of ALMV. Sources of Vulnerability; 2. Insurance Companies Accounting and Solvency Requirements; Asset shocks; 7. Pension Fund Returns in Selected OECD Countries (January-October 2008); Tables; 1. Asset Changes in Corporate Plans (Major Stock Indices); 8. Corporate Plan Assets in Major Stock Indices (January 2007-April 2009); 2. Asset Changes in Mandatory DC Plans; 3. Insurance Sector Announced Losses and Capital-raising to Date; 9. CDS Spreads in the Insurance Sector; 10. Bloomberg Insurance and Bank Indices; Liability shocks 327 $a4. Liability Changes in Corporate Plans (Major Stock Indices)11. Corporate Plan Liabilities in Major Stock Indices (January 2007-April 2009); VI. Risk Sharing and Transmission Channels to the Rest of the Economy; A. Pensions; 5. Funding Ratio Changes in Corporate Plans (Major Stock Indices); 12. Changes in Accounting Funding Levels of Corporate Plans of Major Stock Indices (January 2007-April 2009); 13. Funding Ratios of U.S. State and Local Plans; 6. Composition of Household Financial Balance Sheet in Select OECD; 7. 2008 Financial Crisis and Multi-funds in Latin America 327 $a14. Minimum Pension Guarantees 8. Public Debt, Pension Spending and Implicit Pension Debt for Thirty Five Low and Middle Income Countries for Various Years During the end-1990s and 2000; B. Insurance Companies; VII. Policy Conclusions; References; Annexes; I. Liability Valuation Rules in Select OECD Countries; II. "Simpler" Presentation of FAS 87 330 3 $aThis paper discusses the key sources of vulnerabilities for pension plans and insurance companies in light of the global financial crisis of 2008. It also discusses how these institutional investors transit shocks to the rest of the financial sector and economy. The crisis has re-ignited the policy debate on key issues such as: 1) the need for countercyclical funding and solvency rules; 2) the tradeoffs implied in marked based valuation rules; 3) the need to protect contributors towards retirement from excessive market volatility; 4) the need to strengthen group supervision for large complex financial institutions including insurance and pensions; and 5) the need to revisit the resolution and crisis management framework for insurance and pensions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/151 606 $aGlobal Financial Crisis, 2008-2009 606 $aPensions 606 $aInsurance 606 $aInsurance$2imf 606 $aLabor$2imf 606 $aPublic Finance$2imf 606 $aIndustries: Financial Services$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aNonwage Labor Costs and Benefits$2imf 606 $aPrivate Pensions$2imf 606 $aInsurance Companies$2imf 606 $aActuarial Studies$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aRetirement$2imf 606 $aRetirement Policies$2imf 606 $aPensions$2imf 606 $aFinance$2imf 606 $aInsurance & actuarial studies$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aInsurance companies$2imf 606 $aPension spending$2imf 607 $aUnited States$2imf 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aPensions. 615 0$aInsurance. 615 7$aInsurance 615 7$aLabor 615 7$aPublic Finance 615 7$aIndustries: Financial Services 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aNonwage Labor Costs and Benefits 615 7$aPrivate Pensions 615 7$aInsurance Companies 615 7$aActuarial Studies 615 7$aSocial Security and Public Pensions 615 7$aRetirement 615 7$aRetirement Policies 615 7$aPensions 615 7$aFinance 615 7$aInsurance & actuarial studies 615 7$aLabour 615 7$aincome economics 615 7$aInsurance companies 615 7$aPension spending 700 $aTower$b Ian$01472653 701 $aImpavido$b Gregorio$01472654 712 02$aInternational Monetary Fund.$bMonetary and Capital Markets Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788331203321 996 $aHow the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter$93685517 997 $aUNINA