LEADER 04829nam 2200673Ia 450 001 9910828556503321 005 20200520144314.0 010 $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(IMF)WPIEE2009151 035 $a(MiAaPQ)EBC1608364 035 $a(EXLCZ)993170000000055304 100 $a20100609d2009 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 /$fprepared by Gregorio Impavido and Ian Tower 205 $a1st ed. 210 $a[Washington, D.C.] $cInternational Monetary Fund, Monetary and Capital Markets Dept.$d2009 215 $a1 online resource (58 p.) 225 1 $aIMF working paper ;$vWP/09/151 300 $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 paper ;$vWP/09/151. 606 $aGlobal Financial Crisis, 2008-2009 606 $aPensions 606 $aInsurance 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aPensions. 615 0$aInsurance. 676 $a346.73082 700 $aImpavido$b Gregorio$01621217 701 $aTower$b Ian$01719438 712 02$aInternational Monetary Fund.$bMonetary and Capital Markets Dept. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910828556503321 996 $aHow the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter$94117267 997 $aUNINA