Survivorship Pensions in the Middle East and North Africa Region : Current Situation, Costs and Options for Reforms.

The purpose of the survivor's pension is to create rights for young and old age dependants. In the case of developed countries, the system deals essentially with the spouse survival. In the case of MENA countries, the survivor’s pensions scheme provides a wider perspective of coverage and is extended to protect children, brothers, sisters, dependant parents and grand-parents according to specific criteria. Two objectives of survivor's pensions can be distinguished. On the one hand, the survivor's pensions aim at providing a minimum of resources when the widow(er) could not acquire any other sources of income. In this case, the widow survivor's pension is provided to the most modest households in order to help them from plunging in extreme poverty. This context prevails widely in MENA countries, where poverty is high and the level of dependancy is also prominent. On the other hand, a second perspective considers the survivor's pensions as a pension right to the widow (er) with the aim of maintaining her/his former standard of living. Developed countries are particularly concerned by this environment. This paper propose an analysis of the impact of pension reforms, particurlarly, of the survirvorship pensions reforms on the individual situations of retirees. The analysis focuses on Moroccan pension system and will consider a representative sample of members of the main schemes in Morocco.Survivorship Pensions; Reforms; MENA countries; Morocco;

A microeconometric analysis of households saving determinants in Morocco.

Economic fluctuations, climate risk and a number of individual specific shocks leave households vulnerable to severe hardship in developing countries. Moreover, the credit and insurance markets are limited and the social coverage is weak. In this context, households saving is crucial to provide an insurance against the economic and social shocks. Additionally, a better knowledge of households saving behaviour could develop the potential to finance investments. This article provides an analysis of microeconomic factors which explain the household savings behaviour in Morocco by using a new survey. Household saving functions are estimated in order to test households' responses to income, monetary or non-monetary wealth and socio-demographic variables in urban and rural areas. Our results confirm that current income strongly affects the saving level whatever the home place. Surprisingly, the household’s size is significant only in the urban case : an additional person reduces the household saving. For the life cycle hypothesis, the results are not significant. Finally, we find that Moroccan women save more than men when we take into account the interaction between gender and income. Nevertheless, for highest income levels, we observe the opposite results. In the case of rural households, there is no statistically significant effect on saving behaviour from the ownership indicators of household’s lands or other real estate. The results suggest that the self financing of rural household activities may be due to the lack of access to formal financial intermediaries.Saving; Morocco; individual data; microeconometrics;

Career Interruptions : How Do They Impact Pension Rights ?.

The aim of this article is to analyse the question of career interruptions and to evaluate their impact on pension retirement for French private sector workers. Using the last French survey on households' wealth (2003-2004), we first study the career set-backs for individuals born between 1937 and 1949. We highlight the new trends in professional paths. The risk of unemployment and job flexibility has sharply risen. As a consequence, some cohorts appear to be more exposed to career interruptions. Second, we determine how pension rights for French employees are affected by different career accidents. We consider unemployment, part-time employment and inactivity periods. Our results show how, by compensating for some career accidents, the French legislation allows individuals to receive, in some cases, the same level of social security pension that they would have received with a smooth professional path.Part Time; Pension; Retirement; Social Security; France;

Drawing Down Retirement Financial Savings: A Welfare Analysis using French data

Bravo, J. M., & Freitas, N. E. M. D. (2021). Drawing Down Retirement Financial Savings: A Welfare Analysis using French data. In 2021 The 5th International Conference on E-Commerce, E-Business and E-Government (ICEEG '21) (pp. 152-158). Association for Computing Machinery (ACM). https://doi.org/10.1145/3466029.3466041 -------------------------------------------------------------- Funding Information: Najat El Mekkaoui acknowledges support by Groupama Gan Vie, Groupama Asset Management and Deloitte. Jorge M. Bravo acknowledges financial support by Portuguese national funds through FCT under the project UIDB/04152/2020 - Centro de Investigação em Gestão de Informação (MagIC). Publisher Copyright: © 2021 ACM.In recent decades, most countries have responded to increased longevity, population ageing, and low market returns with systemic and/or gradual parametric pension reforms. The trend towards individual accounts in public and private funded pension schemes augmented the importance of studying the decumulation phase of pensions. This paper uses a simulation design to empirically investigate the individual welfare generated from alternative annuitization and self-managed fixed, variable and hybrid drawdown strategies. A time-separable utility function is used to represent an individual's preferences towards consumption and bequest, risk aversion and intertemporal discounting and to quantitively assess the range of retirement outcomes from competing decumulation designs. The setting comprises a stochastic mortality and investment risk framework calibrated to French interest rate, stock market and mortality data from 2010 to 2019. The results show that self-managed variable decumulation strategies may generate higher income at the expense of high risk taking, more volatile income streams and no longevity insurance. Annuitization strategies involving longevity-linked life annuities and hybrid solutions provide higher expected lifetime utility at the expense of bequest motives.authorsversionpublishe

Conflits d'agence au sein des fonds de pension privés. L'exemple américain.

Cet article traite des conflits d'agence qui peuvent apparaître dans le fonctionnement des fonds de pension. L'accent est mis sur les relations d'agence induites par la gestion financière des fonds privés à prestations définies de droit américain. Après avoir traité des caractéristiques juridiques relatives à la gestion administrative et financière des fonds de pension, nous identifions les différents conflits d'agence qui peuvent apparaître dans leur fonctionnement. Puis nous formalisons ces relations entre les différentes parties prenantes et montrons que la délégation de gestion modifie la prise de risque dans la gestion financière des fonds.This paper deals with the principal-agent relationships involved by the management of pension funds. The focus is made on private defined benefit pension funds in the US. We first underline the main characteristics of management and financial pension policy. We then identify the principal-agent relationships in a context of asymmetric information. In a last section, a principal-agent model shows that the delegation of portfolio decision may increase risk taking to the detriment of the pension beneficiaries.Fonds de pension; conflits;

Individual Private Retirement Insurances: holding behaviours among pensioners

International audienceIn the current context of demographic pressures, reforms of PAYG pension systems increase the extent to which individuals are responsible for their own retirement planning. The French pension system offered high replacement rates. The population used to consider that the State scheme had to provide them with an adequat level of pension. In 2003, the pension reform implemented individual and professional pension plans. These retirement savings contracts are not well developed. However, we observed that individuals prefer contracting life endowment contracts, which are long term savings supports, to prepare retirement. Using econometric specifications, we intend to put into perspective the households and individual characteristics which explain the holding behaviours of life endowment contracts and retirement savings plans. We conclude that the highest professional categories and the most educated individuals hold more frequently and simultanesously both types of contracts

Nouvelles technologies et impact sur la pauvreté.

L’objet de cet article est d’analyser l’impact des nouvelles technologies sur la réduction de la pauvreté au Maroc. Très peu d’études scientifiques analysent les impacts socio-économiques de l’utilisation des téléphones mobiles dans la fourniture des services financiers dans les pays en développement (Maurer, 2008) bien que cette utilisation ne relève plus d’expériences pilotes et s’étend aujourd’hui à de nombreux pays en Afrique et en Asie. Il s’agit d’observer si le développement de ces technologies (en particulier Mobi Cash) permet de lutter contre la pauvreté au Maroc. A partir de données d’enquête réalisée au Maroc, une évaluation aléatoire qui comparerait les groupes bénéficiant de microcrédit en distinguant un groupe test ayant obtenu le microcrédit via le m-banking et un groupe test qui y aurait accédé de manière conventionnel sera menée.Microfinance; Pauvreté; Nouvelles technologies de l'information et de la communication; Maroc;

La detention d'actifs risques selon l'age: Une etude econometrique / Aging and the Demand for Risky Assets: An Econometric Study.

Cet article se propose d’étudier l’influence de l’âge sur la composition des patrimoines, notamment sur la détention d’actifs risqués. En effet, une hypothèse souvent avancée est que, plus l’horizon de vie se raccourcit, plus la détention d’actifs risqués devrait se réduire. Cette hypothèse repose néanmoins sur une interprétation fallacieuse de la loi des grands nombres (pour reprendre l’expression de Samuelson). En outre, on peut avancer que les seniors, n’étant plus exposés aux risques du marché du travail (perte d’emploi, réduction de salaire, aléas de carrière), peuvent prendre plus de risques financiers. Après avoir présenté les arguments théoriques en faveur d’un accroissement de la détention d’actifs risqués avec l’âge, nous testons leur pertinence à partir des données de l’Enquête Patrimoine 1998 de l’Insee. A l’aide de techniques économétriques, nous montrons notamment que les individus les plus âgés sont plus fréquemment détenteurs d’actifs risqués, et que la part d’actifs risqués qu’ils détiennent est significativement plus importante que pour les autres classes d’âge. Inversement, les individus plus jeunes, éventuellement soumis à plus de risques par ailleurs (notamment sur le marché du travail) sont moins incités à prendre des risques financiers.The age structure of the French population has been experiencing dramatic changes over the past decades and is likely to do so in a near future. The increasing proportion of elder people may modify the savings behavior of French households. The level of savings, as well as its composition, may be altered by the aging of the French population. This paper analyses the influence of age on the composition of wealth. In fact, there is a widespread opinion that the shorter the lifetime horizon, the thinner the share of risky assets in the total wealth should be. Yet this assertion relies on a misinterpretation of the Law of Large Numbers. Moreover, it may be argued that elder individuals, as far as they no longer face risks on the labour market, may take risks on the financial market. After a short review of the theoretical arguments in favour of an increasing holding of risky assets with age, we test the relevance of these arguments on French survey data (1998) using Probit and Logit regressions. We show that elder households are more likely to hold risky assets than younger ones, and that the share of risky assets is increasing with age. On the contrary the youngest households, presumably because they face more background risks, have a smaller part of their wealth in risky assets.savings; risky assets; portfolio selection; épargne; vieillissement; actifs risqués; choix de portefeuille; Aging;

Aléas de carrière et pension de retraite

International audienceLe système de retraite français établit un lien fort entre l'activité et la retraite, car les droits à pension s'acquièrent en fonction des périodes d'activité. En outre, les paramètres de calcul de la pension sont définis par référence à une carrière continue. En particulier, depuis 2008, les pleins droits sont accordés à un individu totalisant au moins quarante années de durée d'assurance. Tout écart par rapport à cette carrière de référence est ainsi susceptible de modifier le montant de la pension que percevra l'assuré. Le système d'assurance vieillesse comporte cependant des dispositifs de solidarité, parmi lesquels, l'octroi de droits à pension sans contrepartie de cotisations en cas d'interruption de carrière pour cause de maladie, de chômage ou d'éducation des enfants

NÃO É MERA COINCIDÊNCIA: ALGUMAS CONSIDERAÇÕES SOBRE A TELENOVELA BRASILEIRA

O presente artigo tem por objetivo tecer algumas considerações acerca da importância da telenovela brasileira exibida pela Rede Globo de Televisão como um relevante produto de cultural do nosso país. Para tanto reflete sobre a presença da telenovela no cotidiano do brasileiro como um meio poderoso de entretenimento e reflexão sobre problemáticas sociais e humanas que envolvem os telespectadores e os fazem discutir sobre temas considerados tabus para a sociedade através de elaborada linguagem artística. A partir de sua origem folhetinesca e mecanismos de transformação ao longo dos tempos, o gênero ganha fôlego na cultura brasileira e dá mostras de seu poder de disseminação no imaginário brasileiro através de sucessos como Avenida Brasil e Velho Chico, tramas aqui também analisadas