Likviditet och marknader

Liquidity and markets It is useful to distinguish between different forms of financial market: markets for liquidity and markets for speculation. Of course, this is a simplification in that most markets lie on a spectrum between these extremes. The London unsecured deposit market is a prime example of […]

Keating om obestånd och redovisning

Insolvency and Accounting Formally, insolvency is the inability to pay one’s debts in full as they come due, but in practice may be characterised in a number of ways. The failure to meet obligations as they fall due is known as equitable insolvency, while the condition that liabilities […]

Fondering av pensionsåtaganden ock tidskonsistens

Time inconsistency The objective of pension schemes is to provide incomes for its members in retirement; they have many long-term cash-flow commitments. The problem of time-inconsistency arises because the long-term objective may not be optimally achieved as a sequence of short-term actions, even if these are themselves optimal. […]

Visst har vi råd med pensioner!

Don’t stop believing is a sequel to the October 2011 paper Don’t stop thinking about tomorrow, which considers in detail the position of UK private occupational pensions. It is thought-provoking: to quote one reviewer: “In his two “Don’t Stop” papers Con Keating has “watched” pensions more closely than […]