2010 Fiscal Year Final Research Report
Asset Allocation Decisions for Public Pension Systems : Theory and Practice
| Project/Area Number |
20730179
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic policy
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| Research Institution | National Graduate Institute for Policy Studies |
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Principal Investigator |
PFAU WadeD. National Graduate Institute for Policy Studies, 政策研究科, 准教授 (00377128)
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| Project Period (FY) |
2008 – 2010
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| Keywords | Asset allocation / defined-contribution pensions / international diversification / retirement planning |
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| Research Abstract |
This research project resulted in a number of published research papers about asset allocation issues for pension funds, and related retirement planning issues. An underlying theme for the research is "goals-based investing" in which pension funds focus on the dynamics of wealth accumulation and withdrawals over long periods of time. The research considered important issues such as the role of international diversification for pension funds in emerging market countries, the role of lifecycle asset allocation strategies that reduce investments in stocks as the retirement date approaches, the characteristics of real-life workers that are relevant to the assumptions used in such studies, and effective withdrawal strategies during the retirement period.
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