Abstract The demographic perspective in Spain highlights the need to incorporate new alternatives that allow the sustainability of the welfare state. Clearly, one of the main solutions will be the reverse mortgage, which allows the important real estate savings of the elderly to realese and to procure income complementary to public pensions. This article analyzes, from the point of view of longevity risk, the impact between the use of sex distinct mortality tables or unisex tables, showing he importance of global portfolio management by the bank. Keywords: Reverse Mortgage, Lump Sum, Mortality Modelling and Forecasting, Gender Equality, Longevity Risk.
{"title":"HIPOTECA INVERSA: IMPACTO DEL RIESGO DE LONGEVIDAD EN EL CASO ESPAÑOL","authors":"Atance, Debon, de la Fuente","doi":"10.26360/2021_6","DOIUrl":"https://doi.org/10.26360/2021_6","url":null,"abstract":"Abstract The demographic perspective in Spain highlights the need to incorporate new alternatives that allow the sustainability of the welfare state. Clearly, one of the main solutions will be the reverse mortgage, which allows the important real estate savings of the elderly to realese and to procure income complementary to public pensions. This article analyzes, from the point of view of longevity risk, the impact between the use of sex distinct mortality tables or unisex tables, showing he importance of global portfolio management by the bank. Keywords: Reverse Mortgage, Lump Sum, Mortality Modelling and Forecasting, Gender Equality, Longevity Risk.","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69274441","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}
Abstract In this study we consider how to more accurately identify the possible impact of systemic risk on spatial dependence related to the most significant financial crises over the last 17 years: the Lehman Brothers bankruptcy, the sub-prime mortgage crisis, the European debt crisis, Brexit and the COVID-19 pandemic which has also affected the financial markets. We analyse two new dynamic distances applied to stock markets based on exogenous criteria known as the World Uncertainty Index (WUI) and our proposed Google Trends Uncertainty Index (GTUI). We address the feasibility and benefits of these dynamic distances compared to an alternative criterion based on hours. Using the new proposed dynamic distance to obtain the Moran’s I statistic, we analyse the spatial dependence between the losses of 46 stock markets. Keywords: markets distances, uncertainty index, financial crisis, spatial dependence, stock market
{"title":"DYNAMIC DISTANCES BETWEEN STOCK MARKETS: USE OF UNCERTAINTY INDICES MEASURES","authors":"Catalina Bolancé, C. Acuña, Salvador Torra","doi":"10.26360/2021_3","DOIUrl":"https://doi.org/10.26360/2021_3","url":null,"abstract":"Abstract In this study we consider how to more accurately identify the possible impact of systemic risk on spatial dependence related to the most significant financial crises over the last 17 years: the Lehman Brothers bankruptcy, the sub-prime mortgage crisis, the European debt crisis, Brexit and the COVID-19 pandemic which has also affected the financial markets. We analyse two new dynamic distances applied to stock markets based on exogenous criteria known as the World Uncertainty Index (WUI) and our proposed Google Trends Uncertainty Index (GTUI). We address the feasibility and benefits of these dynamic distances compared to an alternative criterion based on hours. Using the new proposed dynamic distance to obtain the Moran’s I statistic, we analyse the spatial dependence between the losses of 46 stock markets. Keywords: markets distances, uncertainty index, financial crisis, spatial dependence, stock market","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69273755","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}
The Spanish social security widow's pension is the second most expensive pension in Spain. Taking into account its own purpose: to alleviate economic need, as well as analysing the experience of 4 European countries of Spain's economic environment (Germany, France, United Kingdom and Ireland), this paper detects the relevant factors for reforming it. These are: age, family situation and the economic situation at the time of death. On the basis of these factors, this work makes a proposal that specifies the resulting widow's or widower's pension for each beneficiary. Keywords: widow's/widower's pension, pensions, Social Security, expenses
{"title":"UNA PROPUESTA DE UNA PENSIÓN DE VIUDEDAD BASADA EN LA SITUACIÓN ECONÓMICA Y FAMILIAR","authors":"J. De la Peña, Ainara Arsuaga, Gorka Villanueva","doi":"10.26360/2021_1","DOIUrl":"https://doi.org/10.26360/2021_1","url":null,"abstract":"The Spanish social security widow's pension is the second most expensive pension in Spain. Taking into account its own purpose: to alleviate economic need, as well as analysing the experience of 4 European countries of Spain's economic environment (Germany, France, United Kingdom and Ireland), this paper detects the relevant factors for reforming it. These are: age, family situation and the economic situation at the time of death. On the basis of these factors, this work makes a proposal that specifies the resulting widow's or widower's pension for each beneficiary. Keywords: widow's/widower's pension, pensions, Social Security, expenses","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69274165","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}
Abstract This works intends to determine the insured’s financial and fiscal payoff in deferred life annuities. We will obtain the respective analytical expressions of the operation's payoff probability distribution, of the expected payoff, and of other additional risk parameters to be used. We attach the numerical application of a particular case. This study shows the applicability of its results, and thus allows the insured to make his or her decisions with the maximum information within random environments. Keywords: Probability distribution of real return; expected return; risk indicators based on the probability distribution of the real return; deferred life annuity.
{"title":"RENTABILIDAD FINANCIERO-FISCAL DE LAS RENTAS DE JUBILACIÓN TEMPORALES O VITALICIAS ASEGURADAS Y CONTRATADAS A PRIMA ÚNICA","authors":"Pérez-Fructuoso, Alegre Escolano","doi":"10.26360/2021_5","DOIUrl":"https://doi.org/10.26360/2021_5","url":null,"abstract":"Abstract This works intends to determine the insured’s financial and fiscal payoff in deferred life annuities. We will obtain the respective analytical expressions of the operation's payoff probability distribution, of the expected payoff, and of other additional risk parameters to be used. We attach the numerical application of a particular case. This study shows the applicability of its results, and thus allows the insured to make his or her decisions with the maximum information within random environments. Keywords: Probability distribution of real return; expected return; risk indicators based on the probability distribution of the real return; deferred life annuity.","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69274324","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}
{"title":"Tarificación analítica avanzada para cálculo de escenarios postcovid19 en los seguros de automóviles","authors":"M. Guillén, M. Guillén","doi":"10.26360/2020_7","DOIUrl":"https://doi.org/10.26360/2020_7","url":null,"abstract":"","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47600940","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}
{"title":"Advanced model of calculation of capital for operational risk: top-down approach","authors":"E. González, Estefania Gonzalez","doi":"10.26360/2020_8","DOIUrl":"https://doi.org/10.26360/2020_8","url":null,"abstract":"","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69274063","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}
{"title":"Estimación de modelos de mortalidad estocástica para Chile","authors":"Ana Perez-Martin","doi":"10.26360/2020_9","DOIUrl":"https://doi.org/10.26360/2020_9","url":null,"abstract":"","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69274071","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}
{"title":"Efecto de la jubilación demorada y activa en el sistema de pensiones de la Seguridad Social española","authors":"Iñaki de la Peña","doi":"10.26360/2020_3","DOIUrl":"https://doi.org/10.26360/2020_3","url":null,"abstract":"","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69273983","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}
{"title":"Mortality of elite football players in Portugal and Spain","authors":"O. Simões, O. Simões","doi":"10.26360/2020_6","DOIUrl":"https://doi.org/10.26360/2020_6","url":null,"abstract":"","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69274048","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}
{"title":"On flood risk management across socio-economic environments","authors":"W. Ni, W. Ni","doi":"10.26360/2020_4","DOIUrl":"https://doi.org/10.26360/2020_4","url":null,"abstract":"","PeriodicalId":40666,"journal":{"name":"Anales del Instituto de Actuarios Espanoles","volume":null,"pages":null},"PeriodicalIF":0.1,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69274037","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：