Pensions, savings and capital markets

This post provides links to a range of papers and presentations I have produced over time on pensions, savings and capital markets:

  • I led the secretariat for the Savings Working Group that was established by the New Zealand Government in August 2010 to provide a point of reference for the government as it developed its medium-term savings strategies; and to stimulate public discussion on issues of national saving in the New Zealand economy, linking this discussion to investment and growth.  The Savings Working Group’s Final Report, Saving New Zealand: Reducing Vulnerabilities and Barriers to Growth and Prosperity, was published in February 2011.

  • Financial Market Implications of Population Ageing:  A note summarising theory and evidence on the relationship between changing population age structure and asset prices, asset returns, and portfolio composition. March 2005.

  • I co-authored, with Dasha Leonova, a Treasury Paper on The Market Equity Risk Premium (May 2005).  A key assumption required for financial portfolio analysis is the level of expected long-term premium of return on equity market investments over return on long-term government bonds.  This paper surveys the relevant literature and forms a view on the market equity risk premium as at that time.


  • The Singapore Central Provident Fund hosted an International Social Security Conference on Building Successful Defined Contribution Systems in Uncertain Times, July 14-15 2005, to mark its 50th anniversary. This was an excellent conference covering a range of issues relevant to public pension funds, and to defined contribution systems in particular. I presented a paper on Investment Structures for Saving in New Zealand.
  • An overview of the KiwiSaver scheme presented in the Singapore Central Provident Fund Social Security Research Series, August 2006.