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Journal Article
On asset-liability matching and federal deposit and pension insurance
Asset-liability mismatch was a principal cause of the Savings and Loan Crisis of the 1980s. The federal government's failure to recognize the mismatch risk early on and manage it properly led to huge losses by the Federal Savings and Loan Insurance Corporation, which had to be covered by taxpayers. In dealing with the problems now facing the defined-benefit pension system and the Pension Benefit Guaranty Corporation (PBGC), the government seems to be making some of the same mistakes it made then. Among the causes is the fallacious belief that because pension funds have a long time horizon the ...
Journal Article
Pensions in peril
Journal Article
Concern growing about troubled corporate pension fund insurer
Conference Paper
Statement of corporate pension fund accounts
Journal Article
The present and future of pension insurance
Conference Paper
Testimony on the Pension Benefit Guaranty Corporation
Discussion Paper
The funding of private pension plans