Insurance Markets: Guaranteed Return Products and Graduate Student Training Workshops

本研究项目将探讨自2007/2008年金融危机以来可变年金（VA）市场快速下滑和缺乏复苏的原因。在美国，养老保险市场约占寿险公司负债的40%，随着固定收益养老金计划的衰落，越来越多的美国人开始依赖养老保险来获得老年支持。然而，人们对这个市场知之甚少，不知道它是如何运作的，也不知道它是如何随时间变化的。本研究分为两部分。本研究项目的第一部分将从各种来源收集大量数据集，并使用这些数据集来研究自2007/2008年金融危机以来VA市场急剧下降的来源。研究项目的第二部分重点是开发一门课程，培养学生对可变年金市场的运作进行研究。为这个项目收集的数据将提供给其他研究人员，这将鼓励对这个市场进行更多的研究。鉴于可变年金在退休计划中的重要性日益增加，以及对这个市场缺乏了解，本研究项目的结果可能会导致更好的政策来加强VA市场，从而鼓励更好的退休计划。保险是家庭福利的重要保障，寿险公司在金融中介市场中发挥着重要作用。可变年金（VA）市场占美国寿险公司负债的近40%，但人们对这个市场的运作知之甚少。该市场在2007/2008年金融危机期间急剧下滑，此后一直没有反弹。该研究项目将从各种来源收集大量面板数据集，并使用它来调查市场下滑的来源。在分析市场下跌时，研究的重点是供给和需求两方面的因素。庞大而丰富的面板数据集将使PI能够确定市场下跌中供需方面因素影响的来源，并测试三种不同的假设，以解释金融危机期间市场下跌的原因。研究的第二部分将开发一门课程，教研究生对VA市场的各个方面进行研究。本研究的结果不仅可以让我们更好地了解可变年金市场和寿险的一般情况；它还将帮助决策者设计更好的政策，鼓励明智的退休计划。通过这样做，拟议的研究将有助于长期储蓄，稳定的退休收入和美国经济的稳定。

This research project will investigate the causes of the rapid decline in and lack of revival of the variable annuities (VA) market since the 2007/2008 financial crises. The VA market accounts for about 40% of life insurer liabilities in the U.S. and ever increasing proportion of the US population has come to rely on it for old age support as defined benefit pension plans have declined over time. Yet very little is known about this market---how it operates and how it changes over time. The proposed research has two parts. The first part of this research project will assemble a large data set from various sources and use this data set to study the sources of the sharp decline in the VA market since the 2007/2008 financial crisis. The second part of the research project focuses on developing a course to train students to conduct research in the operation of the variable annuities market. The data collected for this project, which will be made available to other researchers, will encourage more research into this market. Given the increasing importance of variable annuities in retirement planning and the lack of understanding of this market, the results of this research project could lead to better policies to strengthen the VA market hence encourage better retirement planning. Insurance is important for household welfare and life insurers play an important role in the market for financial intermediation. The variable annuities (VA) market makes up almost 40% of life insurer liabilities in the U.S., yet very little is understood about the functioning of this market. This market witnessed a sharp decline during the 2007/2008 financial crisis and has not rebounded since. This research project will assemble a large panel data set from various sources and use it to investigate the sources of the market decline. The research focuses on both supply and demand side factors in analyzing the market decline. The large rich panel data set will allow the PI to identify the sources of the effects of supply and demand side factors in the market's decline as well as test three different hypotheses as to why the market declined during the financial crisis. The second part of the study will develop a curriculum to teach graduate students to do research on various aspects of the VA market. The results of this research project will not only give us a better understanding of the variable annuity markets and life insurance generally; it will also help policy makers design better policies to encourage informed planning for retirement. By so doing, the proposed research will contribute to long-term savings, stable retirement incomes, and the stability of the U.S. economy.