Search results for "notion"
showing 10 items of 57 documents
The Classical Notion of Competition Revisited
2013
This article seeks to fill a lacuna within classical economics concerning the process of market price determination in situations of market disequilibrium. To this aim, first we distinguish the classical notion of free competition from the Walrasian notion of perfect competition and we argue that the latter is beset with some theoretical difficulties alien to the former. Second, we reconstruct in some detail Smith’s and Marx’s views concerning market price determination and show that Marx’s extensive use of metaphors and numerical examples foreshadows the modern taxonomy of buyers’ market, sellers’ market, and mixed strategy equilibrium in the capacity space of a standard Bertrand duopoly m…
Subjective Economic Risk to Beneficiaries in Notional Defined Contribution Accounts
2006
ABSTRACT This article aims to quantify the aggregate subjective economic risk to which beneficiaries would be exposed if a retirement pension system based on notional account philosophy were introduced. We use scenario generation techniques to make projections of the factors that determine the real expected internal rate of return (IRR) and the expected replacement rate (RR) for the beneficiary according to six retirement formulae based on the most widely accepted rates or indices. We then apply the model to the case of Spain. Our projections are based on Herce and Alonso's macroeconomic scenario 2000-2050 (2000) and include information about the past performance of the indices and the time…
Automatic Balance Mechanisms in Pay-As-You-Go Pension Systems
2009
This paper shows the usefulness of the automatic balance mechanisms (ABMs) and explores the issue of introducing an ABM into the Spanish public contributory retirement pension system. We define the concept of the automatic balance mechanism and carry out an analysis of those existing in Sweden, Canada, Germany, Japan and Finland. We also present an indicator of the Spanish system's solvency which emerges from the actuarial balance sheet, and simulate the effect that certain changes in the parameters of the present system would have on solvency, showing the direction that could be taken if the mechanism were to be introduced in Spain. The main conclusion reached is that, given the system's s…
Pour se faire langage. Lexique élémentaire de la Théorie des opérations prédicatives et énonciatives d’Antoine Culioli. Préface de Dominique Ducard
2020
The text aims at introducing the basic ideas underlying to the so-called Theory of Enunciative Operations of Antoine Culioli.
Social Insurance Accounting for a Notional Defined Contribution Scheme Combining Retirement and Long-Term Care Benefits
2018
This paper develops a social insurance accounting model for a notional defined contribution (NDC) scheme combining retirement and long-term care (LTC) contingencies. The procedure relies on standard double-entry bookkeeping and enables us to compile a “Swedish” type actuarial balance sheet (ABS) following a framework equivalent to an open group approach. This methodology is suitable for reporting the system’s solvency status and can show periodical changes in the system’s financial position by means of an income statement. The information underpinning the actuarial valuation is based on events and transactions that are verifiable at the valuation date, without consid…
Quale disciplina per la violazione di norme internazionali?
2023
In this chapter the traditional legal issues concerning the legal regime which applies to international law violations are described, according to an original perspective. First of all, some specific problems (such as the place of fault and damage; the moment in which a violation can be considered as being committed, and the conditions governing such a commission; the role to be recognized to countermeasure in the general framework of the legal consequences of internationally wrongful acts, etc.) are solved, at variance with the mainstream opinion. Second: the elements of an internationally wrongful act as well as its legal effects are both examined with regard to the general regime and som…
Pensions, Economic Growth and Welfare in Advanced Economies
2020
In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and the potential benefits of mixed systems in which a PAYG system with notional accounts is complemented by a funded pensions system. The main findings are as follows. Firstly, the redistribution of income among individuals makes the PAYG system an important part of any mixed system. Secondly, the design of the pension system should efficiently balance incentives and distortions with equality and insurance against individual idiosyncratic risks. Thi…
CRITERIA FOR SUSTAINABILITY OF OLD-AGE PENSION SYSTEM BASED ON THE NDC PRINCIPLES
2015
The topicality of the research subject. The foundations of the old-age pension scheme based on notional accounts, also referred to as the “notional defined contribution” or “non-financial defined contribution” (NDC) old-age pension scheme, were laid in Sweden in 1994, when the prevailing view was that a sustainable defined-contribution PAYG old-age pension scheme is impossible. Since then, the NDC system modifications have been implemented in several countries; since 2000, this scheme is also part of the Latvian pension system and works significantly better than the other part of the pension system - the funded pension scheme. However, the sustainability of NDC scheme is still being questio…
Articolo 56
2018
Questo contributo offre un breve commento all'articolo 56 della Costituzione italiana, avente ad oggetto la Camera dei Deputati, la sua natura elettiva, i principi e le regole per la sua composizione. Viene preso in esame il testo costituzionale del 1948 ed il significato delle elezioni democratiche; il rapporto fra eletti ed elettori e le revisioni costituzionali del 1963 e del 2001; il problema della forza prescrittiva dell'articolo 56: l'esigenza di adattamento della Costituzione all'evoluzione del quadro politico; l'articolo 56 della Costituzione come limite per il legislatore in materia elettorale: il ruolo della magistratura e della Corte costituzionale.
A "Swedish" actuarial balance sheet for a notional defined contribution pension scheme with disability and retirement benefits
2016
This paper proposes a “Swedish” type actuarial balance sheet for a notional defined contribution scheme embedding disability insurance within the retirement pension system. The underlying framework supporting the actuarial balance relies on a multistate overlapping generations model that includes the so-called survivor dividend and a minimum pension benefit for both contingencies. The proposed ABS splits the system into two parts: the actuarial part (pure NDC) and the redistributive part, which includes the assets and liabilities originating from non-contributory rights. The paper also contains a numerical example that sheds light on the real applicability of our proposal and confirms that …