Pub Date : 2020-01-01DOI: 10.15855/SWP.2020.47.3.341
Heejoo Kim
{"title":"A Qualitative Study of Experiences of Refugees’ Social Exclusion","authors":"Heejoo Kim","doi":"10.15855/SWP.2020.47.3.341","DOIUrl":"https://doi.org/10.15855/SWP.2020.47.3.341","url":null,"abstract":"","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"1 1","pages":"341-372"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86427231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Although a relevant share of firms is created out of unemployment and current active labor market policies in Europe often subsidize unemployed individuals to start their own businesses, little is known about the role of unemployment insurance (UI) generosity for self-employment. By using Spanish administrative data including so far inaccessible information on self-employment, we exploit a reform-driven exogenous cut in UI benefits to identify its causal effect on general employment and decompose it into the effects on self-employment and re-employment. Exploiting a discontinuity in the UI benefit schedule which changed as a result of the 2012 Spanish labor market reform, we estimate the causal reform effects on the extensive margin of (self-)employment and on unemployment duration. We find heterogeneous effects on the extensive margin: while the job-finding rate increases, the startup rate decreases. Over different time horizons, the negative effect on self- employment (35-50%) outweighs the positive effect on employment (5-33%). Therefore, omitting self-employment as a counterfactual outcome might lead to overestimate general employment effects. Our UI benefit duration elasticity estimates indicate that reduced UI benefits extend unemployment duration for individuals transitioning into self-employment but shorten unemployment for individuals finding re-employment. These results might be relevant for the (optimal) design of UI systems.
{"title":"The Effect of Unemployment Insurance Benefits on (Self-) Employment: Two Sides of the Same Coin?","authors":"Sebastian Camarero Garcia, Michelle Hansch","doi":"10.2139/ssrn.3736742","DOIUrl":"https://doi.org/10.2139/ssrn.3736742","url":null,"abstract":"Although a relevant share of firms is created out of unemployment and current active labor market policies in Europe often subsidize unemployed individuals to start their own businesses, little is known about the role of unemployment insurance (UI) generosity for self-employment. By using Spanish administrative data including so far inaccessible information on self-employment, we exploit a reform-driven exogenous cut in UI benefits to identify its causal effect on general employment and decompose it into the effects on self-employment and re-employment. Exploiting a discontinuity in the UI benefit schedule which changed as a result of the 2012 Spanish labor market reform, we estimate the causal reform effects on the extensive margin of (self-)employment and on unemployment duration. We find heterogeneous effects on the extensive margin: while the job-finding rate increases, the startup rate decreases. Over different time horizons, the negative effect on self- employment (35-50%) outweighs the positive effect on employment (5-33%). Therefore, omitting self-employment as a counterfactual outcome might lead to overestimate general employment effects. Our UI benefit duration elasticity estimates indicate that reduced UI benefits extend unemployment duration for individuals transitioning into self-employment but shorten unemployment for individuals finding re-employment. These results might be relevant for the (optimal) design of UI systems.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"161 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87698478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.15855/SWP.2020.47.1.31
Jung Hyun Kim, Chun, Miae
{"title":"Changes in Income and Income Composition of Elderly After the Introduction of Basic Pension - Comparison of Gender and Households Types -","authors":"Jung Hyun Kim, Chun, Miae","doi":"10.15855/SWP.2020.47.1.31","DOIUrl":"https://doi.org/10.15855/SWP.2020.47.1.31","url":null,"abstract":"","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"93 1","pages":"31-50"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77258867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Cinda Klickna, trustee of the State of Illinois Teachers' Retirement System (TRS), was preparing to vote in June 2019 on a proposed $75 million investment in a new fund being raised by First Light Capital (FLC), a midsized buyout firm. Illinois had been under financial pressure for some time, and TRS, the state's largest public pension, was seriously underfunded. In 2012, TRS's board began a plan to strategically increase its allocations to private equity (PE). By 2018, the target allocation to PE had reached 15%, well above the 10% average of other public pensions. The increase in PE was undertaken in an attempt to close the funding gap necessitated by insufficient state funding and the generally low-interest-rate environment. The strategy had not gone unnoticed, and many now openly questioned the higher risk and costs of these investments. In the face of this greater scrutiny, Klickna believed it was important that the pension's PE investments earn a satisfactory return, by looking to invest in funds that had upper-quartile returns and public market equivalents (PMEs) greater than one.This case is appropriate for courses that cover PE investments, such as those typically covering topics on venture capital or PE, or courses on asset management that include alternative assets. It introduces students to some of the commonly used PE performance metrics and the challenges associated with measuring performance for an illiquid asset class. Students are introduced to the Global Investment Performance Standards (GIPS) and their purposes and limitations in evaluating performance. Students are asked to calculate the gross and net since-inception internal rate of return (SI-IRR), DPI, RVPI, TVPI, and PME for the same pending investment in FLC Fund IV and compare how performance is assessed across these metrics. The case also discusses the push for greater disclosure in the PE industry as it grows in its influence and public investors seek to know more about its performance.
Cinda Klickna, former president of the Illinois Education Association, the state's largest teachers' union, and trustee of the State of Illinois Teachers' Retirement System (TRS), had grown frustrated with discussions about the “new reality” regarding teachers' pension benefits. Over the past decade, the benefits promised to public-sector employees and teachers had come under increased scrutiny as states struggled to meet their fiscal obligations. Illinois had been under financial pressure for some time, and TRS was seriously underfunded. In 2012, the board began a plan to strategically increase its allocations to private equity (PE). By 2018, the target allocation to PE had reached 15%, well above the 10% average of other public pensions. The increase in PE was undertaken in an attempt to close the funding gap necessitated by insufficient state fundi
2019年6月，伊利诺伊州教师退休制度(TRS)受托人辛达·克利克纳(Cinda Klickna)正准备对中型收购公司First Light Capital (FLC)筹集的一只新基金的7500万美元投资进行投票。伊利诺伊州面临财政压力已经有一段时间了，该州最大的公共养老金TRS资金严重不足。2012年，TRS董事会开始计划战略性地增加对私募股权(PE)的配置。到2018年，私募股权的目标配置已达到15%，远高于其他公共养老金10%的平均水平。私人股本的增加是为了弥补由于国家资金不足和普遍低利率环境而造成的资金缺口。这一策略并没有被忽视，许多人现在公开质疑这些投资的更高风险和成本。面对这种更严格的审查，Klickna认为，通过寻求投资于回报率在四分之一以上且公开市场当量(pme)大于1的基金，养老金的私募股权投资获得令人满意的回报是很重要的。这种情况适用于涉及私募股权投资的课程，例如那些通常涉及风险资本或私募股权主题的课程，或者包括另类资产的资产管理课程。它向学生介绍了一些常用的PE绩效指标，以及与衡量非流动性资产类别绩效相关的挑战。向学生介绍全球投资绩效标准(GIPS)及其评估绩效的目的和局限性。学生被要求计算自成立以来的总和净内部收益率(SI-IRR)、DPI、RVPI、TVPI和PME，并比较如何通过这些指标评估FLC基金IV的绩效。此案还讨论了私募股权行业加大信息披露力度的必要性，因为该行业的影响力越来越大，公众投资者也希望更多地了解其业绩。2019年伊利诺斯州教师退休制度:私募股权投资业绩伊利诺斯州最大的教师工会伊利诺斯州教育协会前主席、伊利诺斯州教师退休制度(TRS)受托人琳达·克利克纳对有关教师养老金福利的“新现实”的讨论感到沮丧。在过去的十年里，随着各州努力履行其财政义务，向公共部门雇员和教师承诺的福利受到了越来越多的审查。伊利诺伊州的财政压力已经持续了一段时间，TRS资金严重不足。2012年，董事会开始计划战略性地增加对私募股权(PE)的投资。到2018年，私募股权的目标配置已达到15%，远高于其他公共养老金10%的平均水平。私人股本的增加是为了弥补由于国家资金不足和普遍低利率环境所造成的资金缺口。这一策略并没有被忽视:许多人现在公开质疑这些投资的更高风险和成本。面对这种更严格的审查，该基金的私募股权投资必须获得令人满意的回报。作为董事会成员，Klickna对所有新投资进行了投票，在2019年6月即将举行的会议上，董事会计划就是否向First Light Capital筹集的新基金投资7500万美元进行投票。克利克娜认为，她在董事会的角色是倡导承诺给教师的福利。在准备即将到来的会议时，她将回顾她对PE绩效评估的理解，并检查拟议投资.. ..的材料
{"title":"Illinois Teachers' Retirement System, 2019: Private Equity Performance","authors":"Susan J. Chaplinsky","doi":"10.2139/ssrn.3648509","DOIUrl":"https://doi.org/10.2139/ssrn.3648509","url":null,"abstract":"Cinda Klickna, trustee of the State of Illinois Teachers' Retirement System (TRS), was preparing to vote in June 2019 on a proposed $75 million investment in a new fund being raised by First Light Capital (FLC), a midsized buyout firm. Illinois had been under financial pressure for some time, and TRS, the state's largest public pension, was seriously underfunded. In 2012, TRS's board began a plan to strategically increase its allocations to private equity (PE). By 2018, the target allocation to PE had reached 15%, well above the 10% average of other public pensions. The increase in PE was undertaken in an attempt to close the funding gap necessitated by insufficient state funding and the generally low-interest-rate environment. The strategy had not gone unnoticed, and many now openly questioned the higher risk and costs of these investments. In the face of this greater scrutiny, Klickna believed it was important that the pension's PE investments earn a satisfactory return, by looking to invest in funds that had upper-quartile returns and public market equivalents (PMEs) greater than one.This case is appropriate for courses that cover PE investments, such as those typically covering topics on venture capital or PE, or courses on asset management that include alternative assets. It introduces students to some of the commonly used PE performance metrics and the challenges associated with measuring performance for an illiquid asset class. Students are introduced to the Global Investment Performance Standards (GIPS) and their purposes and limitations in evaluating performance. Students are asked to calculate the gross and net since-inception internal rate of return (SI-IRR), DPI, RVPI, TVPI, and PME for the same pending investment in FLC Fund IV and compare how performance is assessed across these metrics. The case also discusses the push for greater disclosure in the PE industry as it grows in its influence and public investors seek to know more about its performance.<br><br>Excerpt<br><br>UVA-F-1952<br><br>Jul. 6, 2020<br><br>Illinois Teachers' Retirement System, 2019: Private Equity Performance<br><br>Cinda Klickna, former president of the Illinois Education Association, the state's largest teachers' union, and trustee of the State of Illinois Teachers' Retirement System (TRS), had grown frustrated with discussions about the “new reality” regarding teachers' pension benefits. Over the past decade, the benefits promised to public-sector employees and teachers had come under increased scrutiny as states struggled to meet their fiscal obligations. Illinois had been under financial pressure for some time, and TRS was seriously underfunded. In 2012, the board began a plan to strategically increase its allocations to private equity (PE). By 2018, the target allocation to PE had reached 15%, well above the 10% average of other public pensions. The increase in PE was undertaken in an attempt to close the funding gap necessitated by insufficient state fundi","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"138 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79804639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.15855/SWP.2020.47.2.5
Kim, Mi Ok, J. Hye, Park Ji Hea
{"title":"Effect of Communication Level and Social Participation on Happiness of the People with Developmental Disabilities - Focused on the Mediating Effect of the Autoregressive Cross-lagged Modeling -","authors":"Kim, Mi Ok, J. Hye, Park Ji Hea","doi":"10.15855/SWP.2020.47.2.5","DOIUrl":"https://doi.org/10.15855/SWP.2020.47.2.5","url":null,"abstract":"","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"23 1","pages":"5-29"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75174314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.15855/SWP.2020.47.2.59
Kim HyoungYong, Cheong Sejeong
{"title":"In the era of austerity, how is social care dismantled? - Focusing on changes since the Conservative-Liberal Democrat Coalition Government in U.K. -","authors":"Kim HyoungYong, Cheong Sejeong","doi":"10.15855/SWP.2020.47.2.59","DOIUrl":"https://doi.org/10.15855/SWP.2020.47.2.59","url":null,"abstract":"","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"35 1","pages":"59-85"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73985546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.15855/SWP.2020.47.3.205
Hyejin Kim, shin seunghee
{"title":"A Study on the Old-age Pension Beneficiaries who are engaged in Income-earning Activities","authors":"Hyejin Kim, shin seunghee","doi":"10.15855/SWP.2020.47.3.205","DOIUrl":"https://doi.org/10.15855/SWP.2020.47.3.205","url":null,"abstract":"","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"78 1","pages":"205-225"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74958664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we characterized health trajectories over an 18-year period for a cohort of American workers. We used administrative data to track monthly, health-related events for six chronic diseases (asthma, arthritis, diabetes, depression, ischemic heart disease, and hypertension) including the diagnoses of new disease, hospitalizations, and outpatient visits. Using these data, we first used sequence and cluster analysis to characterize long-term trajectories of health and to group workers according to their patterns of work experience. We then modeled the relationship of these health trajectories to retirement age, accounting for baseline underlying health, as well as a number of demographic and job-related characteristics. Finally, we consider the role of physical and psychosocial job demand in retirement age.
Our analysis produces a number of findings that should be of interest to those studying retirement policy. In our data, workers can be categorized into a small number of distinct work trajectories. While the majority of workers in this sample remain relatively healthy for much of the observation window, others exhibit patterns of health-related events that are often marked by hypertension and/or arthritis. We find that clusters characterized with health events related to hypertension and arthritis are likely to retire later, not earlier. We offer a possible interpretation that these numerous health-related events are signaling the proper management of these chronic diseases, allowing workers to extend their working life. Moreover, we find an association with job demands and retirement, even after controlling for health. Specifically, we find that increases in exposure to heat are associated with lower retirement age, as is less decision-making autonomy. The limitations of this paper include the lack of a representative sample, a relatively small sample size, and the strong incentives of retirement pensions in this cohort that may overwhelm other factors related to retirement decisions.
{"title":"A Study of Longitudinal Trajectories of Health and Job Demand on Retirement Age","authors":"Amal Harrati, P. Hepburn, D. Rehkopf","doi":"10.2139/ssrn.3520188","DOIUrl":"https://doi.org/10.2139/ssrn.3520188","url":null,"abstract":"In this paper, we characterized health trajectories over an 18-year period for a cohort of American workers. We used administrative data to track monthly, health-related events for six chronic diseases (asthma, arthritis, diabetes, depression, ischemic heart disease, and hypertension) including the diagnoses of new disease, hospitalizations, and outpatient visits. Using these data, we first used sequence and cluster analysis to characterize long-term trajectories of health and to group workers according to their patterns of work experience. We then modeled the relationship of these health trajectories to retirement age, accounting for baseline underlying health, as well as a number of demographic and job-related characteristics. Finally, we consider the role of physical and psychosocial job demand in retirement age.<br><br>Our analysis produces a number of findings that should be of interest to those studying retirement policy. In our data, workers can be categorized into a small number of distinct work trajectories. While the majority of workers in this sample remain relatively healthy for much of the observation window, others exhibit patterns of health-related events that are often marked by hypertension and/or arthritis. We find that clusters characterized with health events related to hypertension and arthritis are likely to retire later, not earlier. We offer a possible interpretation that these numerous health-related events are signaling the proper management of these chronic diseases, allowing workers to extend their working life. Moreover, we find an association with job demands and retirement, even after controlling for health. Specifically, we find that increases in exposure to heat are associated with lower retirement age, as is less decision-making autonomy. The limitations of this paper include the lack of a representative sample, a relatively small sample size, and the strong incentives of retirement pensions in this cohort that may overwhelm other factors related to retirement decisions.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76014273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyses the behaviour of prices and supply on the German housing market taking into account the interaction between prices and quantities. A novel price index for residential property prices covering the whole country going back to 1993 is used in a macroeconomic model to estimate key housing market elasticities for Germany. A decomposition suggests that the land price component of house prices is relatively elastic with respect to income and interest rates, while the construction price component responds to income and the level of construction activity. The decomposition also highlights countervailing house price effects of a supply increase: A dampening effect via land prices and a stimulating effect via construction prices.
{"title":"The German Housing Market Cycle: Answers to FAQs","authors":"Florian Kajuth","doi":"10.2139/ssrn.3581221","DOIUrl":"https://doi.org/10.2139/ssrn.3581221","url":null,"abstract":"This paper analyses the behaviour of prices and supply on the German housing market taking into account the interaction between prices and quantities. A novel price index for residential property prices covering the whole country going back to 1993 is used in a macroeconomic model to estimate key housing market elasticities for Germany. A decomposition suggests that the land price component of house prices is relatively elastic with respect to income and interest rates, while the construction price component responds to income and the level of construction activity. The decomposition also highlights countervailing house price effects of a supply increase: A dampening effect via land prices and a stimulating effect via construction prices.","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79201747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-01DOI: 10.15855/SWP.2020.47.3.5
Lee Bong Hwan, Lee, Moonsuk, A. Kim，Yun
{"title":"A Study on the Turnover Behavior of Youths of Non-profit Organizations - Job Satisfaction vs. person-job fit -","authors":"Lee Bong Hwan, Lee, Moonsuk, A. Kim，Yun","doi":"10.15855/SWP.2020.47.3.5","DOIUrl":"https://doi.org/10.15855/SWP.2020.47.3.5","url":null,"abstract":"","PeriodicalId":10619,"journal":{"name":"Comparative Political Economy: Social Welfare Policy eJournal","volume":"121 1","pages":"5-34"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88257587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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