Pensión Research & Consulting ’s Post

We are pleased to announce our keynote speakers, Elsa Fornero (Former Minister of Labour, Social Policies and Equal Opportunities in Italy) and John Mulvey (Professor of Operations Research and Financial Engineering at Princeton University), for the 2nd Annual Pensión Conference. From November 2011 to April 2013, Elsa Fornero served as Minister of Labour, Social Policies and Equal Opportunities in Italy. Currently, she is a Honorary Professor of Economics at the University of Turin. She is also Scientific Coordinator at CeRP and Vice-President of the Observatoire de l'Epargne Européenne. She is a Research Fellow at Netspar, Policy Fellow at the IZA Institute for the Study of Labour, and a member of the Research Committee of the OECD International Network on Financial Education. John Mulvey is a Professor at Princeton University and a leading expert in large-scale optimization models and algorithms. For over 50 years, he has advised organizations, including the U.S. Joint Chiefs of Staff, U.S. Congress, the Office of Tax Analysis, U.S. Treasury Department, PIMCO, Towers Perrin and Tillinghast, AXA, American Express, Siemens, Munich and Renaissance Re-Insurance, Alibaba, RBC Capital Markets, among others. Join us for our conference themed 'Pensions and Technology' on 25th September (online)! More details to come soon. #conference #pensions #keynote #speakers #pensiontech #fintech #technology #artificialintelligence #machinelearning #socialpolicy #minister #academia #italy #turkey #us #princetonuniversity #secondevent #organization #konferans #emeklilik #konuşmacılar #teknoloji #finansalteknoloji #yapayzeka #italya #türkiye #amerika #organizasyon

Many countries are at risk of public debt distress and dealing with a cost of living crisis, but how can 'fiscal consolidation' efforts facilitate and be supported by inclusive growth? This could be an interesting question to explore in the next The World Bank / TaxDev Public Finance conference - see below for details on submitting papers. Can't wait to see what people are working on!

It's no great surprise that the Draghi Report, which came out today, stands on the shoulders of giants in its reiteration of the need for the EU to deliver a massive step-change in household participation in the capital markets. As the report notes, this is not only needed to finance Europe's future competitiveness and growth but also to help household wealth creation: "...despite their higher savings, EU households have considerably lower wealth than their US counterparts, largely because of the lower returns they receive from financial markets on their asset holdings" Many of Draghi's recommendations are familiar to those of us who have followed this debate for a generation now (and it really is that long), but I confess I'm unconvinced of his core proposal in this area: "The EU must also better channel households’ savings to productive investments. The easiest and most efficient way to do so is via long-term saving products (pensions). To increase the flow of funds into capital markets, the EU should encourage retail investors through the offer of second pillar pension schemes" Given the nature of the politics (just ask Macron) around pension reforms that deliver any kind of radical change quickly I'm not convinced that the "easiest" way to get households to shift billions of euros from savings accounts to capital markets investment accounts is to embark upon the creation of a new pension system. New second pillar pension schemes and a shift away from pay-as-you-go, unfunded pension provision are unquestionably needed. But if your goal is to rapidly reallocate household capital from bank accounts to investment accounts in order to finance the companies of tomorrow wouldn't you start by incentivising retail investment via channels and products that already exist? The (imminent) EU Listing Act will remove some major barriers to retail investor participation in, for example, the IPO market and Member States don't need to wait until they've created a new pension product to be able to take steps to encourage households to ramp up their participation in these markets. #DraghiReport #IPO #Pensions

6th World Bank/IFS/ODI Public Finance Conference | Driving Progress: Public Finance and Structural Transformation September 26-27, 2024 Washington, DC and Online As low- and middle-income countries grow, the structure of production, trade and employment changes; it is imperative for public finance policies to evolve in tandem with these changes. Depending on a country’s development model and natural resources, growth takes different forms, but it typically consists of an expansion of manufacturing and tertiary sectors, diversification of trade, and more limited reliance on primary sectors. Growth is also accompanied by increasing formalization of firms and employment, human capital accumulation and demographic shifts. The mix of tax instruments, the structure of unemployment insurance, and the financing of pension systems hence need to adapt in the process of structural change – and might also have an important role in fostering those changes. We welcome paper submissions, from both micro and macro perspectives, that relate to the conference theme and inform policy design in low and middle-income countries, including on the following topics: Tax policies suitable for lower-income countries on a growth trajectory; Fiscal policy aimed at promoting structural transformation, including industrial policy; Fiscal and Labor market policies addressing high informality / promoting rapid formalization; Design of government pensions systems in low and middle-income countries. https://lnkd.in/dtbwK9vg

Prime Minister Anwar Ibrahim Urges Reprioritization of Investments Is this A Populist Move or a Strategic Shift? In a recent address, Prime Minister Anwar Ibrahim advocated for a significant adjustment in the investment strategies of government-linked investment companies (GLICs) and government-linked companies (GLCs). His call was clear: reduce overseas investments and amplify focus on domestic markets. #NationalEconomy #InvestmentStrategy #GLICs Anwar highlighted the need for GLICs and GLCs to align their investments with national strategies, emphasizing the importance of directing efforts towards the New Industrial Master Plan and the National Energy Transition Roadmap. He stressed urgency in key sectors like energy transition and digital transformation, underscoring the need for prompt adaptation in education and governance. #NationalStrategies #EconomicDevelopment #EnergyTransition Furthermore, Anwar pressed these entities to not only pursue profits but also take on a larger corporate responsibility in national development. This includes addressing issues like employee welfare and accommodating low-income groups within their workforce. #CorporateResponsibility #EmployeeWelfare #NationalDevelopment While Anwar's stance appears directed towards bolstering the national economy and social well-being, some might interpret his directives as populist measures aimed at garnering public favor. The call for increased focus on domestic investments resonates with nationalist sentiments and could be seen as an attempt to win support by prioritizing local interests. #PublicSupport #LocalInterests #NationalistSentiments However, the prime minister's emphasis on aligning with national strategies and promoting corporate responsibility also suggests a strategic shift towards holistic economic development. It's an invitation for GLICs and GLCs to be more socially conscious and align their actions with the country's long-term growth plans. #HolisticDevelopment #SocialConsciousness #GrowthPlans The effectiveness of this strategy will depend on the sincerity of implementation and the ability to strike a balance between national interest and international competitiveness. Anwar's call demands a recalibration of priorities, posing both challenges and opportunities for the nation's economic landscape. #Implementation #NationalInterest #Competitiveness The next steps of GLICs and GLCs, especially in terms of their planning and execution within the given directives, will be crucial in determining the true impact of this approach. As the government awaits reports outlining their strategies, the question remains: is this move merely populist or a pragmatic step towards a more balanced economic future for Malaysia? #NextSteps #GovernmentDirectives #EconomicFuture Tengku Zafrul Aziz Dr Ahmad Sabirin Arshad David Wee Daniel Abrahams Bobby Varanasi, COP Rafizi Ramli Ts. Mahadhir Aziz, PMP Arham Abdul Rahman

The ECON report on the European Semester for economic policy coordination in 2024 will be on the agenda of next week's EP plenary (March 2024). It inter alia 🔹 Emphasizes the role of the European Parliament in the EU’s economic governance framework and advocates for an increased engagement of the European Parliament in the European Semester, while fully respecting the competences established by the Treaties; 🔹 Notes the dialogue between the Commission and the Member States on their individual fiscal-structural plans; 🔹 Stresses the need for all Member States to be treated equally; underlines that an increase in discretionary power for the Commission in the development process for the medium-term fiscal-structural plans must be accompanied by increased compliance with the rules under the scrutiny of the European Fiscal Board, as well as increased accountability and an increase in the flow of information towards the European Parliament; 🔹 Recognizes that the Economic Dialogue as part of the European Semester lays a useful foundation of accountability; 🔹 Considers that proper accountability would require that the European Parliament have instruments that allow it to apply consequences based on its assessment of the performance of the European Semester, in accordance with the Treaties; Full report available here: https://lnkd.in/eW9ibiTd

Our latest #AbsoluteInsight by Simon Nixon is out | ‘Can Reeves’ ‘Securonomics’ Tackle UK’s Ills?'    ASR’s UK political consultant, Simon Nixon, takes a look at the future economic framework of the UK Labour Party. Shadow Chancellor Rachel Reeves’ Mais lecture flags potential institutional changes but dodges public-sector productivity reform. ASR believe Rachel Reeves presents a plausible path to boosting UK productivity, but it may not be enough without public-sector reforms.   Simon Nixon was formerly chief leader writer for The Times where he also wrote a regular column on international economic affairs. Previously, he was chief European commentator at The Wall Street Journal, European editor of the WSJ's Heard on the Street column, and executive editor of Reuters' Breaking views. We are delighted that he will be ASR’s political consultant in the run-up to the UK election. ASR clients can read this report in full here: https://buff.ly/4awqCAW If you are not already a client and are interested in a free trial of our award-winning research, please see: https://lnkd.in/eTPw36RH To read this article in full, please see: https://buff.ly/49crJUX

𝗠𝗼𝗻𝗲𝘆 𝗠𝗮𝘁𝘁𝗲𝗿𝘀: 𝗗𝗲𝗻𝗺𝗮𝗿𝗸 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗟𝗶𝘁𝗲𝗿𝗮𝗰𝘆 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗳𝗼𝗿 𝗧𝗲𝗲𝗻𝗮𝗴𝗲𝗿𝘀 In Denmark, financial literacy is not just a buzzword – it's a mandate. Since 2015, students ages 13-15 have been required to receive education in budgeting, saving, banking, consumer rights, and more. The program's impact is undeniable – Denmark boasts an impressive 71% financial literacy rate, ranking among the highest globally. Each year, 20,000 students at 700 schools participate in Danish Money Week, where financial sector professionals bring real-world expertise into the classroom. 𝙏𝙝𝙚 𝙢𝙚𝙨𝙨𝙖𝙜𝙚 𝙞𝙨 𝙘𝙡𝙚𝙖𝙧: 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙠𝙣𝙤𝙬𝙡𝙚𝙙𝙜𝙚 𝙞𝙨 𝙘𝙧𝙪𝙘𝙞𝙖𝙡 𝙛𝙤𝙧 𝙛𝙪𝙩𝙪𝙧𝙚 𝙨𝙪𝙘𝙘𝙚𝙨𝙨. Denmark's leadership in this area is part of a larger, #global movement. Financial literacy is increasingly recognized as a key factor in wealth inequality and even life expectancy. With only 33% of the global population considered financially literate, countries like #Singapore and New Zealand have followed suit, implementing their own national financial education programs. As the world grapples with #economic uncertainty, Denmark's investment in financial education stands out as a beacon of foresight and progress. Empowering young people with money smarts isn't just a nicety – it's a #necessity. #SimplyFi #Singapore #WEF24 #FinancialLiteracy

"We need to increase investment in research, innovation, and technology, as well as provide more incentives for cooperation among our research institutions, industries, and businesses," said croatian prime minister Andrej Plenkovic during this year’s annual EU budget conference. He supports increasing financial support for high-level proposals aimed at establishing research, innovation, and education as ‘a fifth freedom’. Given the dynamic economic conditions and increasing international competition, it is important to strengthen financial support for the EU annual budget and prioritize competitiveness as a core principle. This raises the question: What would be the most effective approach to shaping a budget that includes efficient policies to manage potential enhanced investments and encourage further investments from EU countries? #EUbudget #EuropeanResearchArea #HorizonEurope https://lnkd.in/diFKSdnV

✍️EERA’s top policy story is out! 💶This week, we take a closer look at the European Competitiveness Fund (ECF), which could be introduced under the EU’s 2028-2034 multiannual financial framework. 📈If implemented, the fund would lead to a far-reaching transformation of the EU research and innovation system by consolidating R&I financing into a single structure.🤝 Programmes such as the European Institute of Innovation & Technology, Horizon Europe Pillar I and the European Research Council would be merged. ✅Inspired by Mario Draghi’s report on the future of European competitiveness, the proposal seeks to establish a common governance to simplify rules. It also echoes key recommendations from Enrico Letta’s 📑 report on the future of the Single Market. 💭Explore below how the ECF could lead to sweeping changes in the EU’s R&I landscape, and the mixed reactions it has sparked in the political arena.👇 https://lnkd.in/eGrD-jg4