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Pension Economics and Finance


This course provides an introduction to the public pension systems, a detailed analysis of pension economics and finance, and discusses the future challenges faced by the pension systems in a political economic contest. The course is offered to students in different Masters, such as Master in Finance, Master in Banking and Finance, Master in Financial Communication, Master in Management and Master in Public Management and Policy. The course is worth 3 credits. It is structured around regular lectures by professors Alfredo Fusetti (AF) and Vincenzo Galasso (VG).


Economics of Pensions VG

  • Pensions and Individual Portfolio decisions
  • Corporate pensions
  • Pensions, Aggregate Savings, Demography & Economic Growth Pension Reforms

Aging and Politics of Pensions VG

  • Politics of Pension Reforms under Aging
  • The Political economy of Early Retirement

Pension Finance AF

  • The Swiss II. Pillars System: Review, Balance Sheet and Funding Ratio, Technical Interest Rate, Actuarial vs Economic Funding Ratio.
  • Asset Liability Management, Portfolio Formation and Risk Diversification (Investment Strategy); Implementation of the Strategy
  • Strategy, Tactical Position and Stocks Selection, Beta, Alpha, Volatility, Tracking Error
  • Active vs Passive Management, Investment Controlling: Concluding remarks.



Galasso V.

Course director

Additional information

Academic year
Master of Science in Economics, Core course, Minor in Public Policy, 1st year

Master of Science in Economics and Communication in Financial Communication, Elective course, Elective course, 2nd year