EC77-865 Have It Your Way By Making A Will

Making a will is not the sad and gloomy picture painted by some people. Quite the contrary! A person who makes a will is creating his or her own blueprint for the future. A will, like life insurance, social security, or retirement plans, provides security and peace of mind. The person who has a will made can rest assured that property and loved ones will be taken care of precisely in the manner he or she desires. This publication presents basic information about wills, one of the most important documents a person can make or possess. This information can be useful both to those who have already made a will and those who have not.

The Permanent Income Hypothesis: A Test on Czech Privatisation

Since the late eighties, economists have been regarding the transition from command to market economies in Central and Eastern Europe with intense interest. In addition to studying the transition per se, they have begun using the region as a testing ground on which to investigate the validity of certain classic economic propositions. In his research, comprising three articles written in English and totalling 40 pages, Mr. Hanousek uses the so-called "Czech national experiment" (voucher privatisation scheme) to test the permanent income hypothesis (PIH). He took as his inspiration Kreinin's recommendation: "Since data concerning the behaviour of windfall income recipients is relatively scanty, and since such data can constitute an important test of the permanent income hypothesis, it is of interest to bring to bear on the hypothesis whatever information is available". Mr. Hanousek argues that, since the transfer of property to Czech citizens from 1992 to 1994 through the voucher scheme was not anticipated, it can be regarded as windfall income. The average size of the windfall was more than three month's salary and over 60 percent of the Czech population received this unexpected income. Furthermore, there are other reasons for conducting such an analysis in the Czech Republic. Firstly, the privatisation process took place quickly. Secondly, both the economy and consumer behaviour have been very stable. Thirdly, out of a total population of 10 million Czech citizens, an astonishing 6 million, that is, virtually every household, participated in the scheme. Thus Czech voucher privatisation provides a sample for testing the PIH almost equivalent to a full population, thus avoiding problems with the distribution of windfalls. Compare this, for instance with the fact that only 4% of the Israeli urban population received personal restitution from Germany, while the number of veterans who received the National Service Life Insurance Dividends amounted to less than 9% of the US population and were concentrated in certain age groups. But to begin with, Mr. Hanousek considers the question of whether the public percieves the transfer from the state to individual as an increase in net wealth. It can be argued that the state is only divesting itself of assets that would otherwise provide a future source of transfers. According to this argument, assigning these assets to individuals creates an offsetting change in the present value of potential future transfers so that individuals are no better off after the transfer. Mr. Hanousek disagrees with this approach. He points out that a change in the ownership of inefficient state-owned enterprises should lead to higher efficiency, which alone increases the value of enterprises and creates a windfall increase in citizens' portfolios. More importantly, the state and individuals had very different preferences during the transition. Despite government propaganda, it is doubtful that citizens of former communist countries viewed government-owned enterprises as being operated in the citizens' best interest. Moreover, it is unlikely that the public fully comprehended the sophisticated links between the state budget, state-owned enterprises, and transfers to individuals. Finally, the transfers were not equal across the population. Mr. Hanousek conducted a survey on 1263 individuals, dividing them into four monthly earnings categories. After determining whether the respondent had participated in the voucher process, he asked those who had how much of what they received from voucher privatisation had been (a) spent on goods and services, (b) invested elsewhere, (c) transferred to newly emerging pension funds, (d) given to a family member, and (e) retained in their original form as an investment. Both the mean and the variance of the windfall rise with income. He obtained similar results with respect to education, where the mean (median) windfall for those with a basic school education was 13,600 Czech Crowns (CZK), a figure that increased to 15,000 CZK for those with a high school education without exams, 19,900 CZK for high school graduates with exams, and 24,600 CZK for university graduates. Mr. Hanousek concludes that it can be argued that higher income (and better educated) groups allocated their vouchers or timed the disposition of their shares better. He turns next to an analysis of how respondents reported using their windfalls. The key result is that only a relatively small number of individuals reported spending on goods. Overall, the results provide strong support for the permanent income hypothesis, the only apparent deviation being the fact that both men and women aged 26 to 35 apparently consume more than they should if the windfall were annuitised. This finding is still fully consistent with the PIH, however, if this group is at a stage in their life-cycle where, without the windfall, they would be borrowing to finance consumption associated with family formation etc. Indeed, the PIH predicts that individuals who would otherwise borrow to finance consumption would consume the windfall up to the level equal to the annuitised fraction of the increase in lifetime income plus the full amount of the previously planned borrowing for consumption. Greater consumption would then be financed, not from investing the windfall, but from avoidance of future repayment obligations for debts that would have been incurred without the windfall.

The Risk Management of Minimum Return Guarantees

Contracts paying a guaranteed minimum rate of return and a fraction of a positive excess rate, which is specified relative to a benchmark portfolio, are closely related to unit-linked life-insurance products and can be considered as alternatives to direct investment in the underlying benchmark. They contain an embedded power option, and the key issue is the tractable and realistic hedging of this option, in order to rigorously justify valuation by arbitrage arguments and prevent the guarantees from becoming uncontrollable liabilities to the issuer. We show how to determine the contract parameters conservatively and implement robust risk-management strategies.

Na 1 Nachlass Max Horkheimer, 370 - Korrespondenzen u.a. mit Ludwig Neundörfer und Oskar Negt (p. V 128, 1-177)

2 Briefe zwischen der Buchhandlung Peter Naacher und Max Horkheimer, 1966-1968; 1 Brief von E. Nabulon an Max Horkheimer, 1971; 13 Briefe und Beilage zwischen dem Dozenten Georg Nádor und Max Horkheimer, 1964-1967; 4 Briefe zwischen Cornelia Nass und Max Horkheimer sowie der Beilage: Vortrag von Val. Giscard d'Estaing über "die neue Gesellschaft" Brüssel 1970, 1970-1972; 6 Briefe zwischen Else Nassauer und Max Horkheimer, 1967-1973; 3 Briefe zwischen S.Andhil Fineberg und Max Horkheimer, 1967-1969; 1 Brief von Dr. med. Horst Naujoks an Max Horkheimer, 1963; 3 Briefe von Max Horkheimer an die Zeitschrift Nebelspalter, 1964-1969; 7 Briefe zwischen Max Horkheimer und Carl Nedelmann, 1964; 2 Briefe und Beilage zwischen Dr. Renate Neef-Cramer und Max Horkheimer, 1972; 3 Briefe zwischen Walter Neef und Max Horkheimer, 1965; 1 Brief an Dr. Oskar Negt von Max Horkheimer, 1964; 9 Briefe zwischen Dr. Günther Nenning und Max Horkheimer, 1962-1972; 4 Briefe zwischen der Neuen Deutschen Biographie und Max Horkheimer, 1969-1970; 4 Briefe und Beilage zwischen der Wochenschrift Neue Politik und Max Horkheimer, 1971; 6 Briefe zwischen Joachim Günther und Max Horkheimer, 1969-1970; 10 Briefe zwischen der Neuen Rundschau Rudolf Hartung und Max Horkheimer, 1964-1968; 1 Brief an Heinz Friedrich von Max Horkheimer, 1969; 9 Briefe zwischen Dr. Günther Nenning und Max Horkheimer, 1969-1972; 4 Briefe zwischen dem Rektor Günther Neuhardt und Max Horkheimer, 1970; 7 Briefe zwischen Rexa Neumeister und Max Horkheimer, 1967; 28 Briefe und Beilage zwischen dem Professor Ludwig Neundörfer und Max Horkheimer, 1955-1971; 1 Brief an den Professor John J. Neunaier von Max Horkheimer, 1965; 2 Briefe zwischen der Newton Compton Editori und Max Horkheimer, 1970; 3 Briefe zwischen der New York Times und Max Horkheimer, 1959-1960; 4 Briefe und Beilage zwischen Stephen Ney und Max Horkheimer, 1967; 4 Briefe und Beilage zwischen dem Student Claus Niederberger und Max Horkheimer, 1973; 1 Brief an Dr. Friedrich Niewöhner von Max Horkheimer, 1973; 4 Briefe zwischen dem Professor August Nietschke und Max Horkheimer, 1965; 1 Dankesbrief von N.N. an Maidon Horkheimer, 1963; 1 Brief [Hinweis auf eine Krebstherapie] von N.N. an Max Horkheimer; 1 Brief [gegen den Kommunismus] von N.N. an Max Horkheimer, 1955; 1 Brief [Ansichtskarte, Unterzeichnet mit D.C.] von N.N. an Max Horkheimer, 1953; 1 Telegramm [Mitteilung über Schiffverbindung] von N.N. an Max Horkheimer, 1949; 3 Briefe und Beilage zwischen dem Northern Life Insurance Co. Seattle, Wash. und Max Horkheimer, 1951-1953; 4 Briefe und Beilage zwischen den Nürnberger Nachrichten und Max Horkheimer sowie einem Interview mit Max Horkheimer, 1973; 1 Brief von der Nymphenburger Verlagshandlung an Max Horkheimer, 1968;

Na 1 Nachlass Max Horkheimer, 586 - Korrespondenzen mit Friedrich (Frederick) Pollock (p. VI 36, 110-334)

1 Brief von Frederick Pollock an Walter Munding, 16.08.1950; 1 Brief von Frederick Pollock an Joseph Christ, 24.05.1950; 1 Brief von Albert Flegenheimer an Frederick Pollock, 18.05.1950; 2 Briefe von Frederick Pollock an E. Wehrle, 03.04.1950; 1 Brief von Margot von Mendelssohn an Max Horkheimer, 18.01.1950; 1 Brief von Nothern Life Insurance Co. (Seattle) an Max Horkheimer, 16.01.1950;

Berkshire Hills, Massachusetts, railway and highway map, 1883 (Raster Image)

This layer is a georeferenced raster image of the historic paper map entitled: Railway and highway map of the famous Berkshire Hills region, showing also villages and points of interest, by Walter Watson, C.E. for the Berkshire Life Insurance Co. of Pittsfield, Mass., 1883. Scale [1:134,376]. The image inside the map neatline is georeferenced to the surface of the earth and fit to the Massachusetts State Plane Coordinate System, Mainland Zone (in Feet) (Fipszone 2001). All map collar and inset information is also available as part of the raster image, including any inset maps, profiles, statistical tables, directories, text, illustrations, or other information associated with the principal map. This map shows features such as main roads, railroads and railroad stations, drainage, mountains, schools, churches, cemeteries, town boundaries and more. Relief is shown by hachures and spot heights. Includes text and illustrations. This layer is part of a selection of digitally scanned and georeferenced historic maps of Massachusetts from the Harvard Map Collection. These maps typically portray both natural and manmade features. The selection represents a range of regions, originators, ground condition dates (1755-1922), scales, and purposes. The digitized selection includes maps of: the state, Massachusetts counties, town surveys, coastal features, real property, parks, cemeteries, railroads, roads, public works projects, etc.

Berkshire Hills, Massachusetts, railway and highway map, 1896 (Raster Image)

This layer is a georeferenced raster image of the historic paper map entitled: Railway and highway map of the famous Berkshire Hills region : showing also villages and points of interest, by Walter Watson, C.E. for the Berkshire Life Insurance Co. of Pittsfield, Mass., 1883, corrected to 1896. Scale [1:134,376]. The image inside the map neatline is georeferenced to the surface of the earth and fit to the Massachusetts State Plane Coordinate System, Mainland Zone (in Feet) (Fipszone 2001). All map collar and inset information is also available as part of the raster image, including any inset maps, profiles, statistical tables, directories, text, illustrations, or other information associated with the principal map. This map shows features such as main roads, railroads and railroad stations, drainage, mountains, schools, churches, cemeteries, town boundaries and more. Relief is shown by hachures and spot heights. Includes text and illustrations. This layer is part of a selection of digitally scanned and georeferenced historic maps of Massachusetts from the Harvard Map Collection. These maps typically portray both natural and manmade features. The selection represents a range of regions, originators, ground condition dates (1755-1922), scales, and purposes. The digitized selection includes maps of: the state, Massachusetts counties, town surveys, coastal features, real property, parks, cemeteries, railroads, roads, public works projects, etc.

The finance-welfare state nexus. ACES Cases No. 2013.1

At the height of the financial crisis, the Western welfare state prevented a repeat of the Great Depression. But there were also suggestions that social policy had contributed to the crisis, particularly by promoting households’ access to credit in pursuit of welfare goals. Others claim that it was the withdrawal of state welfare that led to the disaster. Against this background that motivated our interest, we propose a systematic way of assessing the relationship between financial market and public welfare provisions. We use structural vector auto-regression to establish the causal link and its direction. Two hypotheses about this relationship can be inferred from the literature. First, the notion that welfare states ‘decommodify’ livelihoods or that there is an equity-efficiency tradeoff would suggest that welfare states substitute to varying degrees for financial market offers of insurance and savings. By contrast, welfare states may support private interests selectively and/or help markets for households to function better; thus the nexus would be one of complementarity. Our empirical strategy is to spell out the causal mechanisms that can account for a substitutive or complementary relationship and then to see whether advanced econometric techniques find evidence for the existence of either of these mechanisms in six OECD countries. We find complementarity between public welfare (spending and tax subsidies) and life insurance markets for four out of our six countries, notably even for the United States. Substitution between welfare and finance is the more plausible interpretation for France and the Netherlands, which is surprising. Data availability constrains us from testing the implications for the welfare state contribution to the crisis directly but our findings suggest that the welfare state cannot generally be blamed for the financial crisis.

Tables for the purchasing of estates, freehold, copyhold, or leasehold annuities, advowsons, &c., and for the renewing of leases ...

Mode of access: Internet.

Financial statement.

Mode of access: Internet.

The elements of actuarial science,

Mode of access: Internet.

Investigation of concentration of economic power; monograph no. 1[-43]

Printed for the use of the Temporary National Economic Committee.

Report of the Industrial Commission of Colorado.

Report year ends Decemember 1.

Commutation tables for joint annuities & survivorship assurances, based on the Carlisle mortality at 3, 3 1/2, 4, 5, and 6 per cent interest, with tables of annuities & assurances on single lives, and other useful tables, and an introduction on their construction & use.

Mode of access: Internet.

Die Beziehungen der alkoholfrage zur deutschen Arbeiterversicherung, nach geschichtlicher Entwicklung und grundsätzlicher Bedeutung,

"Literaturnachweis": p. viii.