GLOBAL PENSIONS PROGRAMME
8th Edition
October 26 - 30th, 2020
Welcome to the 8th Edition of the Global Pensions Programme (GPP). The program began eight years ago in Madrid and is a pension training initiative that seeks to help people make informed decisions throughout their lives to improve their financial health in old age. Conceived by the London School of Economics (LSE) and Novaster, with the support of Santander Asset Management, the GPP sought to provide a global overview of the state of pensions and introduce the latest concepts and developments in this field. This first edition gave way to a consolidated program that, with the support of the IDB, was quickly consolidated both in Europe and in Latin America and the Caribbean; with successive editions in Miami, Cancun, Rio de Janeiro, Madrid, Bogota, and Warsaw.
In the current edition, co-organized by the IDB, the International Association of Pension Funds Supervisors (AIOS) and Novaster, and which will be held entirely online, we have a really exceptional team of teachers. All of them have joined the permanent staff of professors of the program with a commendable generosity and with the desire to collaborate with a program without borders to offer the latest news of the social security systems and to start thinking about the post-COVID-19 scenario.
The program schedules correspond to Washington DC time, so we suggest using the following converter to obtain the equivalent of the city where you are: https://www.timeanddate.com/worldclock/meeting.html
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08:45 – 09:00 Washington DC time
WELCOME REMARKS
Speakers:
a. Diego Valero - Novaster
b. Marcelo Cabrol - IDB.
c. Elio Sánchez - AIOS.
09:00 – 10:00 Washington DC time - OPENING ADDRESS
Designing DB plans: Lessons from the Good and Not-so-good
Speaker: Peter Diamond, MIT
Peter A. Diamond is an institute professor emeritus at MIT, where he taught from 1966 to 2011. He first consulted to U.S. Congress about Social Security reform in 1974. He has analyzed pension systems in many countries. His books include Reforming Pensions: Principles and Policy Choices and Pension Reform: A Short Guide (both with Nicholas Barr) and Saving Social Security: A Balanced Approach (with Peter Orszag). He has been president of the American Economic Association, of the Econometric Society, and of the National Academy of Social Insurance. He was one of the three winners of the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for analysis of markets with search frictions.
10:30 – 11:30 Washington DC time - KEYNOTE CONFERENCE
Designing DC plans: Lessons from the Good and Not-so-good
Speaker Nicholas Barr, LSE
Nicholas Barr is professor of Public Economics at the London School of Economics and Political Science (LSE). He holds an MSc in Economics from LSE and a PhD from the University of California, Berkeley, where he was a Fulbright Scholar. Professor Barr is the author of numerous books and articles on the economics of the welfare state and the finance of higher education, including The Economics of the Welfare State (Oxford University Press, 6th edition, 2020), and Reforming Pensions: Principles and Policy Choices, co-author with 2010 Nobel Laureate Peter Diamond (Oxford University Press, 2008). He is a member of the Editorial Board of the International Social Security Review and an Associate Editor of CESifo Economic Studies, the Australian Economic Review and the Journal of the Economics of Ageing. His teaching includes public economics, the economics of the welfare state, the political economy of post-communist transition and topics in public policy.
12:30 – 13:30 Washington DC time - PARALLEL CONFERENCES
PENSION DESIGN AND REFORMS: Economy and pensions after COVID-19Speaker: David Tuesta, Former Minister of Finance of Peru and head of PinBox Solutions
David Tuesta Cárdenas, Former Minister of Finance of Peru and head of PinBox Solutions Latinoamerica. He currently leads the Latin American Initiative for PinBox Solutions and is an affiliate researcher at the University of Barcelona's Risk Center. He has held senior management positions in international banking and multilateral organizations, working at BBVA and the Development Bank for Latin America. He has worked with the IDB, the World Bank and the OECD on multiple projects.BEHAVIORAL ECONOMICS OF PENSIONS: Behavioral economics and effectiveness of financial educationSpeaker: William Price (D3P Global)
William Price is CEO of D3P Global Pension Consulting. He is also a Program Leader and Advisory Board member of the Insurance and Pensions program of the Toronto Centre for Global Leadership in Financial Supervision and an Ambassador for the UK Transparency Taskforce.PENSIONS FINANCE: Climate change and pensionsSpeaker: Eric Parrado, IDB
Eric Parrado Herrera is chief economist and general manager of the Research Department of the Inter-American Development Bank (IDB) since March 2019. Before joining the IDB, he was a professor of economics and finance at the ESE Business School of the Universidad de los Andes in Santiago, Chile. Mr. Parrado is a visiting professor at Oxford University and the Central European University, and a member of the World Economic Forum's Global Future Council on Financial and Monetary Systems.09:00 – 10:00 Washington DC time - KEYNOTE CONFERENCE
Pensions and Economic Policy
Speaker: Andrés Velasco, LSE
Andrés Velasco has served as an assistant professor at Columbia University and New York University. He was a Sumitomo professor of Development and International Finance at the John F. Kennedy School of Government at Harvard University. In 2005 he was appointed Minister of Finance of Chile. He has been an associate researcher at the Corporación de Estudios para Latinoamérica (1987), coordinator of International Finance at the Ministry of Finance (1990-1992), NAFTA negotiator (1995) advisor to the governments of El Salvador, Ecuador and Mexico (1996-2003) consultant to the IDB, WB, IMF, ECLAC and the Central Bank of Chile. He chaired the Latin American and Caribbean Economic Association (LACEA) between 2006 and 2007. Since its inception in 1999 and until 2005 he was the editor of the leading specialized magazine of LACEA, Economía. In September 2018 he became dean of the newly founded Institute of Public Policy at the London School of Economics. Andrés holds a PhD in Economics from Columbia University. Previously, he completed a Master's degree in Foreign Relations at Yale University and studied at the same university in Philosophy and Economics. He held postdoctoral studies in Political Economy at the Massachusetts Institute of Technology and at Harvard University.
10:30 – 11:30 Washington DC time - KEYNOTE CONFERENCE
Review of LAC pension systems
Speaker: Mariano Bosch, IDB
Mariano Bosch is a senior specialist at the Labor Markets and Social Security Unit of the Inter-American Development Bank (IDB). Since joining the IDB in 2011, he has been leading research projects in the area of labor markets, pensions and welfare policies. Prior to joining the Bank, he worked as a consultant for the World Bank and as an assistant professor at the University of Alicante in Spain. He has published articles in the area of labor markets and development in refereed journals such as American Journal: Applied Economics, Journal of Development Economics, World Bank Economic Review and Labor Economics. He has a PhD in Economics from the London School of Economics.
12:30 – 13:30 Washington DC time - PARALLEL CONFERENCES
PENSION DESIGN AND REFORMS: Pensions and Financial PolicySpeaker: Solange Berstein, BCCh
Solange Berstein Jauregui is manager of the Financial Policy Division of the Central Bank of Chile since April 2017. She is a commercial engineer from the University of Santiago de Chile, Master in Economics from the Ilades/Georgetown University program, and PhD in Economics from Boston University. Berstein served as senior pension specialist at the Labor Markets and Social Security Unit of the Inter-American Development Bank (IDB).BEHAVIORAL PENSION ECONOMICS: Applications de Behavioral EconomicsSpeaker: Carlos Scartascini, IDB
Carlos Scartascini leads the Behavioral Economics Group at the Inter-American Development Bank and is a senior economist in the Research Department and Office of the Chief Economist. His current work is focused on expanding the use of behavioral economics tools within IDB operations, and he leads several field experiments in conjunction with Latin American and Caribbean governments.PENSIONS FINANCE: Behavioral FinanceSpeaker: Diego Valero, NOVASTER
Diego Valero is an academic at the University of Barcelona. He holds a PhD in Economics and Actuary from the University of Barcelona and graduated in Management from IESE. Dr Valero is Honorary Chairman of the 2008 MBA and Executive MBA by ICADE. He is Co-Founder and Chairman of Novaster, a pensions consulting company. He works as a consultant for many companies and governments around the world, with extensive experience in Latin America.08:45 – 10:00 Washington DC time - KEYNOTE CONFERENCE
A six-component integrated approach to addressing the retirement funding challenge
Speaker: Robert Merton, MIT
Robert C. Merton is school of management distinguished professor of Finance at MIT Sloan School of Management and John and Natty McArthur University, professor emeritus at Harvard University. He is resident scientist at Dimensional Holdings, Inc where he is the creator of Target Retirement Solution, a global integrated retirement-funding solution system. He was George Fisher Baker professor of Business Administration (1988–98) and John and Natty McArthur University professor (1998–2010) at Harvard Business School. He received a Ph.D. in Economics from MIT in 1970, then served on the finance faculty at the Sloan School until 1988 as J.C. Penney Professor of Management. He rejoined the MIT faculty in 2010. Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives. He is former President of the American Finance Association, a member of the National Academy of Sciences, and a Fellow of the American Academy of Arts and Sciences. Merton’s research includes finance theory, lifecycle and retirement finance, optimal portfolio selection, capital asset pricing, pricing of derivative securities, credit risk, loan guarantees, financial innovation, the dynamics of institutional change, and improving the methods of measuring and managing macro-financial risk.
10:30 – 11:30 Washington DC time - KEYNOTE CONFERENCE
Popularity Models in Investments
Speaker: Roger Ibbotson, Yale
Roger G. Ibbotson is professor in the Practice Emeritus of Finance at Yale School of Management. He is also chairman and CIO of Zebra Capital Management, LLC, an equity investment and hedge fund manager. He is founder, advisor and former chairman of Ibbotson Associates, now a Morningstar Company. He has written numerous books and articles including Stocks Bonds Bills and Inflation with Rex Sinquefield (updated annually) which serves as a standard reference for information and capital market returns. Professor Ibbotson conducts research on a broad range of financial topics, including popularity, liquidity, investment returns, mutual funds, international markets, portfolio management, and valuation. He has recently published The Equity Risk Premium and Lifetime Financial Advice. He has also co-authored two books with Gary Brinson, Global Investing and Investment Markets. He is a regular contributor and editorial board member to both trade and academic journals. Professor Ibbotson serves on numerous boards including Dimensional Fund Advisors’ funds. He frequently speaks at universities, conferences, and other forums. He received his bachelor’s degree in mathematics from Purdue University, his MBA from Indiana University, and his PhD from the University of Chicago where he taught for more than ten years and served as executive director of the Center for Research in Security Prices.
12:30 – 13:30 Washington DC time - PARALLEL CONFERENCES
PENSION DESIGN AND REFORMS: Reforms and new applicationsSpeakers: Edgar Robles (Novaster), Dariusz Stanko (IOPS)
Edgar A. Robles has a Master’s and PhD in Economics from the University of California, Los Angeles. He has ten years of experience as a national and international consultant. He has advised governments and other private institutions. Mr. Stańko is senior private pensions expert at the OECD’s Financial Affairs Division. He coordinates the work of the Secretariat of the International Organisation of Pension Supervisors (IOPS), an international standard-setting body focused on co-operation and research in pension supervisory issues.
Dariusz Stanko and Edgar Robles PresentationBEHAVIORAL ECONOMICS OF PENSIONS: Behavioral finance in emerging marketsSpeaker: Amy Underwood, Nedbank
Amy Underwood leads the behavioral economics function at Nedbank, which is based in South Africa, and is completing her doctorate at the University of Groningen in the Netherlands. Over the past decade, she has worked across investment banking, investment management, insurance, employee benefits, pensions and retail banking, and is deeply passionate about how scientific principles can improve financial decision-making.PENSIONS FINANCE: Aligning pension fund strategies with their investors' objectivesSpeaker: Daniel Mantilla, Universidad de los Andes
Daniel Mantilla-Garcia is professor of Finance at Universidad de los Andes School of Management (Colombia) and research associate at Edhec-Risk Institute (France). His research currently focuses in optimal retirement solutions and portfolio optimization. Previously, he was head of research at Optimal Asset Management (California) designing factor-investing strategies for pension funds and RIAs, and before that he headed the R&D department of Koris International (France), an asset management company specialized in dynamic asset allocation strategies for institutional investors.09:00 – 10:00 Washington DC time - KEYNOTE CONFERENCE
Behavioral Economics and Pensions
Speaker: Diego Valero, Novaster
Diego Valero is an academic at the University of Barcelona. He holds a PhD in Economics and Actuary from the University of Barcelona and graduated in Management from IESE. Dr Valero is Honorary Chairman of the 2008 MBA and Executive MBA by ICADE. He is Co-Founder and Chairman of Novaster, a pensions consulting company. He works as a consultant for many companies and governments around the world, with extensive experience in Latin America. Dr Valero is ex Vice-President at the SpainSif (Spanish forum for responsible investment), Vice-President at the “Pacto Generacional” Foundation (to strengthen the social transfer from elders to youth), and has been President of the pensions consulting association Ocopen for ten years. He is author of several books and articles and speaks internationally on social security and pension funds.
10:30 – 11:30 Washington DC time - KEYNOTE CONFERENCE
Voluntary savings and non-standarsjobs
Speaker: Richard Jackson, Global Aging Institute
Richard Jackson is president of the Global Aging Institute (GAI), which he founded in 2014. Prior to founding GAI, Richard directed a research program on global aging at the Center for Strategic and International Studies. He is an internationally recognized authority on global aging and the author or co-author of numerous policy studies on the challenges it poses, including Meeting India’s Retirement Challenge (2018); Voluntary Pensions in Emerging Markets: New Strategies for Meeting the Retirement Security Challenge (2017); From Challenge to Opportunity: Wave 2 of the East Asia Retirement Survey (2015); The Global Aging Preparedness Index, Second Edition (2013); and The Graying of the Great Powers: Demography and Geopolitics in the 21st Century (2008). Richard regularly speaks on aging-related issues and is widely quoted in the media. He holds a B.A. from SUNY at Albany and a Ph.D. from Yale University.
12:30 – 13:30 Washington DC time - PARALLEL CONFERENCES
PENSION DESIGN AND REFORMS: Reforms and new applicationsSpeaker: Carlos Noriega (Secretaría de Hacienda, México), Elio Sánchez, (SBS- Perú)
Carlos Noriega is currently Head of the Insurance, Pensions and Social Security Unit at Mexico’s Ministry of Finance (SHCP). In the public sector, Carlos started his career at Mexico’s Central Bank (Banco de Mexico), where he was Director of Macroeconomic Analysis at the Economic Research Department. He also worked at Mexico’s Housing Fund (INFONAVIT) as Deputy Director General and at the Ministry of Finance (SHCP) as Undersecretary, Director General of Financial Planning and Chief of Staff for the Minister. Carlos Noriega and Elio Sánchez PresentationBEHAVIORAL ECONOMICS OF PENSIONS: Financial literacy and inclusion panelSpeaker: Diana Mejía (CAF), Gonzalo Camiña (OpSeeKer), Julián Rincón (BBVA)
Diana Mejia is a senior specialist in productive and financial development at CAF - Latin American Development Bank. Gonzalo Camiña founded OpSeeker at the age of 27 in 2016, a Fintech company that provides technology solutions based on behavioral economics, chatbot and artificial intelligence technologies to improve people's financial health. Julián Rincón is Director of Behavioral Economics and Responsible Business at BBVA Mexico, where his mission is to help internal and external clients make better decisions.PENSIONS FINANCE: Time for novel approach to retirement financing: the case of SelfiesSpeaker: Arun Muralidhar, George Washington University
Arun Muralidhar is founder of Mcube Investment Technologies LLC and founder and client CIO of AlphaEngine Global Investment Solutions. He is serving as an expert advisor to the World Economic Forum’s Retirement Investment Systems Improvement Project, and the Strategic Retirement Advisory Council for the Investments & Wealth Institute (formerly IMCA) for their Retirement Management Advisor (RMA) designation.09:00 – 10:00 Washington DC time - KEYNOTE CONFERENCE
Rebuilding Retirement Systems Post-COVID-19
Speaker: Olivia Mitchell, Wharton
Olivia S. Mitchell is the International Foundation of Employee Benefit Plans professor; professor of Insurance/Risk Management and Business Economics/Policy; executive director of the Pension Research Council; and director of the Boettner Center on Pensions and Retirement Research; all at the Wharton School of the University of Pennsylvania. Concurrently, Dr. Mitchell serves as a research associate at the NBER; independent director on the Wells Fargo Fund Boards; co-investigator for the Health and Retirement Study at the University of Michigan; member of the Executive Board for the Michigan Retirement Research Center; and senior research scholar at the Singapore Management University. She also advises the UNSW Centre for Pensions and Superannuation; is faculty affiliate of the Wharton Public Policy Initiative; and serves as vice-president of the American Economic Association. She received the MA and PhD degrees in Economics from the University of Wisconsin-Madison, and the BA in Economics from Harvard University. She has published over 260 books and articles. She was awarded the FINRA Investor Education Foundation Ketchum Prize; the Fidelity Pyramid Prize for research improving lifelong financial well-being; the Carolyn Shaw Bell Award of the Committee on the Status of Women in the Economics Profession; and the Roger F. Murray First Prize (twice) from the Institute for Quantitative Research in Finance. She was also honored with the Premio Internazionale Dell’Istituto Nazionale Delle Assicurazioni from the Accademia Nazionale dei Lincei in Rome. Her study of Social Security reform won the Paul Samuelson Award for “Outstanding Writing on Lifelong Financial Security” from TIAA-CREF.
11:00 – 12:30 Washington DC time - CONFERENCE
MULTILATERAL ORGANIZATIONS PANEL
Speakers:
a. Mariano Bosch - IDB -
Presentation
b. Gustavo De Marco - WB - Presentation
c. Csaba Feher - FMI - Presentation
d. Pablo Antolín - OECD - Presentation
e. Vinícius Pinheiro - OIT
12:30 – 13:00 Washington DC time - CONFERENCE
CLOSING REMARKS
José Luis Escrivá, Minister of inclusion and social security of the Government of Spain.
In collaboration with:
