G38G39 Asset Liability Modelling för pensionsåtaganden i Sverige Inledning G45G6EG20 G41G4CG4DG2DG73G74G75G64G69G65G20 G67G65G72G20 G66GF6G72G73G74GE5G65G6CG73G65G20 G66GF6G72G20 G76G69G6CG6BG61G20 G70G72G6FG2D G70G6FG72G74G69G6FG6EG65G72G20G61G76G20G6FG6CG69G6BG61G20G74G69G6CG6CG67GE5G6EG67G73G73G6CG61G67G20G6DG61G6EG20G62GF6G72G20G68G61G20G69 G70G6FG72G74G66GF6G6CG6AG65G6EG2CG20 G6DG65G6EG20 G6BG61G6EG20 G6FG63G6BG73GE5G20 G61G6EG76GE4G6EG64G61G73G20 G66GF6G72G20 G61G74G74 G73G76G61G72G61G20 G70GE5G20 G61G6EG64G72G61G2CG20 G6CG69G6BG6EG61G6EG64G65G20 G66G72GE5G67G6FG72G20 G74G2EG65G78G2EG20 G94G56G61G64 G68GE4G6EG64G65G72G20G6FG6DG20G76G69G20G73G70G65G6EG64G65G72G61G72G20G65G6EG20G64G65G6CG20G61G76G20GF6G76G65G72G73G6BG6FG74G74G65G74 G69G20G74G69G6CG6CG67GE5G6EG67G73G6DG61G73G73G61G6EG3FG20G48G75G72G20G70GE5G76G65G72G6BG61G72G20G64G65G74G20G72G69G73G6BG65G6EG20G61G74G74 G76G69G20G66GE5G72G20G66GF6G72G20G6CG69G74G65G74G20G70G65G6EG67G61G72G20G69G20G66G72G61G6DG74G69G64G65G6EG3FG94G20G56G69G20G64G69G73G6BG75G2D G74G65G72G61G72G20G6CGE4G6EG67G72G65G20G66G72G61G6DG20G69G20G74G65G78G74G65G6EG20G68G75G72G20G6DG61G6EG20G6BG61G6EG20G64G65G66G69G6EG69G65G2D G72G61G20G41G4CG4DG2E G49G20G45G6EG67G6CG61G6EG64G20G68G61G72G20G62G61G6EG6BG65G72G20G6FG63G68G20G66GF6G72G73GE4G6BG72G69G6EG67G73G62G6FG6CG61G67 G61G6EG76GE4G6EG74G20 G41G4CG4DG2DG74G65G6BG6EG69G6BG65G72G20 G73G65G64G61G6EG20 G31G39G36G30G2DG74G61G6CG65G74G2EG20 G53G65G2D G64G61G6EG20 G64G65G73G73G20 G68G61G72G20 G41G4CG4DG2DG74G65G6BG6EG69G6BG65G72G6EG61G2CG20 G69G20 G74G61G6BG74G20 G6DG65G64 G75G74G76G65G63G6BG6CG69G6EG67G65G6EG20 G61G76G20 G64G61G74G61G74G65G6BG6EG6FG6CG6FG67G69G6EG2CG20 G62G6CG69G76G69G74G20 G6DG65G72 G73G6FG66G69G73G74G69G6BG65G72G61G64G65G20 G6FG63G68G20 G64G65G73G73G20 G61G6EG76GE4G6EG64G6EG69G6EG67G20 G68G61G72G20 GF6G6BG61G74 G73G74G61G64G69G67G74G2CG20G66G72GE4G6DG73G74G20G69G6EG6FG6DG20G70G65G6EG73G69G6FG6EG73G66G6FG6EG64G65G72G2EG20G41G6EG6CG65G64G2D G6EG69G6EG67G65G6EG20G74G69G6CG6CG20G61G74G74G20G41G4CG4DG20G66G75G6EG67G65G72G61G72G20G62G72G61G20G70GE5G20G6AG75G73G74G20G70G65G6EG2D G73G69G6FG6EG73G66G6FG6EG64G65G72G20 GE4G72G20 G61G74G74G20 G70G65G6EG73G69G6FG6EG73G66G6FG6EG64G65G72G6EG61G20 G68G61G72G20 G65G6E G74G69G64G73G72G65G66G65G72G65G6EG73G20G6FG63G68G20G61G74G74G20G64G65G73G73G61G20G68G61G72G20G65G74G74G20G72G65G67G65G6CG62G75G6EG64G65G74 G61G6BG74G75G65G6CG6CG74G20 G76GE4G72G64G65G2E G44G65G74G20 G73G6FG6DG20 G69G6EG74G65G20 G6BG61G6EG20 G75G74G6CGE4G73G61G73G20 G75G72G20 G64G65G74G20 G61G6BG74G75G65G6CG6CG61 G76GE4G72G64G65G74G20 GE4G72G20 G68G75G72G20G6BG6FG6DG62G69G6EG61G74G69G6FG6EG65G6EG20 G61G76G20 G74G69G6CG6CG67GE5G6EG67G61G72G6EG61 G6FG63G68G20 G73G6BG75G6CG64G65G72G6EG61G20 G6BG6FG6DG6DG65G72G20 G61G74G74G20 G72G65G61G67G65G72G61G20 G70GE5G20 G64G65G6E G6EG75G76G61G72G61G6EG64G65G20G74G69G6CG6CG67GE5G6EG67G73G66GF6G72G64G65G6CG6EG69G6EG67G65G6EG2EG20G44G65G74G74G61G20G62G65G72G6FG72 G70GE5G20G6DGE5G6EG67G61G20G66G61G6BG74G6FG72G65G72G20G73G6FG6DG20G69G6EG66G6CG61G74G69G6FG6EG73G74G61G6BG74G2CG20G76G61G6CG75G74G61G2D G66G6CG75G6BG74G75G61G74G69G6FG6EG65G72G2CG20 G66GF6G72GE4G6EG64G72G69G6EG67G61G72G20 G70GE5G20 G61G6BG74G69G65G6DG61G72G6BG6EG61G2D G64G65G6EG2CG20 G64G65G6DG6FG67G72G61G66G69G73G6BG61G20 G66GF6G72GE4G6EG64G72G69G6EG67G61G72G2CG20 G73G6BG61G74G74G65G66GF6G72G2D GE4G6EG64G72G69G6EG67G61G72G2CG20G70G6FG6CG69G74G69G73G6BG61G20G66GF6G72GE4G6EG64G72G69G6EG67G61G72G2CG20G76G61G72G69G61G74G69G6FG6EG65G72 G69G20G74G69G6CG6CG67GE5G6EG67G20G6FG63G68G20G65G66G74G65G72G66G72GE5G67G61G6EG20G70GE5G20G6DG61G72G6BG6EG61G64G65G6EG20G6DG2EG6DG2E Asset Liability Modelling för pensionsåtaganden i Sverige av Petter Pettersson Asset Liability Modelling för pensionsåtaganden är ett område som kräver både kunskaper om metoder för placeringsstrategier och kunskaper om åtaganden. ALM står för Asset Liability Modelling i den här texten, men det finns även andra tolkningar av M:et, t.ex. Matching och Management. Begreppet ALM i dess olika utskrivningar används för att beskriva flera olika situationer där man vill att tillgångarna ska bli lika stora som skulderna. ALM-tekniker används inte bara av banker, försäkringsbolag och pen- sionsstiftelser utan också av regeringar, främst i Kontinentaleuropa, och multinationella företag. Petter Pettersson pp@kth.se Petter Pettersson studerar Teknisk fysik vid Kungl. Tekniska Högskolan samt på Ekonomlinjen vid Stock- holms universitet. I artikeln har han gjort ett samman- drag av den 10-poängsuppsats han skrivit vid Företags- ekonomiska institutionen (oktober 2001) tillsammans med Linda Jonsson och Lars Weslien. Handledare: Gustaf Onn. 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G41G4CG4DG20 G6BG61G6EG20 G67G65G20 G73G76G61G72G20 G70GE5G20 G68G75G72G20 G64G65G6EG20 GF6G76G65G72G67G72G69G70G61G6EG64G65 G69G6EG76G65G73G74G65G72G69G6EG67G73G73G74G72G61G74G65G67G69G6EG20G62GF6G72G20G73G65G20G75G74G2CG20G68G75G72G20G73G74G6FG72G20G61G6EG64G65G6C G61G76G20G6FG6CG69G6BG61G20G74G79G70G65G72G20G61G76G20G74G69G6CG6CG67GE5G6EG67G73G73G6CG61G67G20G6DG61G6EG20G73G6BG61G20G61G6EG76GE4G6EG2D G64G61G2EG20 G4DG61G6EG20 G6BG61G6EG20 G6FG63G6BG73GE5G20 G61G6EG76GE4G6EG64G61G20 G41G4CG4DG2DG74G65G6BG6EG69G6BG65G72 G66GF6G72G20G61G74G74G20G73G76G61G72G61G20G70GE5G20G61G6EG64G72G61G20G66G72GE5G67G6FG72G2CG20G74G2EG65G78G2EG20G94G56G61G64G20G68GE4G6EG2D G64G65G72G20 G6FG6DG20 G76G69G20 G73G70G65G6EG64G65G72G61G72G20 G65G6EG20 G64G65G6CG20 G61G76G20 GF6G76G65G72G73G6BG6FG74G74G65G74G20 G69 G74G69G6CG6CG67GE5G6EG67G73G6DG61G73G73G61G6EG3FG20G48G75G72G20G70GE5G76G65G72G6BG61G72G20G64G65G74G20G72G69G73G6BG65G6EG20G61G74G74 G69G6EG74G65G20G6BG75G6EG6EG61G20G67GF6G72G61G20G64G65G20G75G74G62G65G74G61G6CG6EG69G6EG67G61G72G20G76G69G20G6CG6FG76G61G74G3FG94 G44G65G74G20 G76G69G6BG74G69G67G61G73G74G65G20 G73G79G66G74G65G74G20 G6DG65G64G20 G41G4CG4DG20 GE4G72G20 G61G74G74G20 G66GE5 G66GF6G72G73G74GE5G65G6CG73G65G20 G66GF6G72G20 G72G69G73G6BG65G72G6EG61G20 G6DG61G6EG20 G75G74G73GE4G74G74G65G72G20 G73G69G67G20 G66GF6G72G2E G44G65G6EG20 G73G74G72G61G74G65G67G69G73G6BG61G20 G74G69G6CG6CG67GE5G6EG67G73G66GF6G72G64G65G6CG6EG69G6EG67G65G6EG2CG20 G76G69G6CG6BG61 G70G72G6FG70G6FG72G74G69G6FG6EG65G72G20G61G76G20G74G69G6CG6CG67GE5G6EG67G73G73G6CG61G67G20G6DG61G6EG20G68G61G72G20G69G20G70G6FG72G74G2D G66GF6G6CG6AG65G6EG2CG20GE4G72G20G64G65G74G20G76G69G6BG74G69G67G61G73G74G65G20G62G65G73G6CG75G74G65G74G20G6EGE4G72G20G6DG61G6EG20G76G69G6CG6C G62G65G73G74GE4G6DG6DG61G20G73G69G67G20G66GF6G72G20G68G75G72G20G74G69G6CG6CG67GE5G6EG67G61G72G6EG61G20G73G6BG61G20G69G6EG76G65G73G2D G74G65G72G61G73G2E G53G74G65G65G64G6DG61G6EG20 G67G65G72G20 G6EGE5G67G72G61G20 G65G78G65G6DG70G65G6CG20 G70GE5G20 G68G75G72G20 G65G6E G73G74G75G64G69G65G20G61G76G20G62GE5G64G65G20G74G69G6CG6CG67GE5G6EG67G61G72G20G6FG63G68G20G73G6BG75G6CG64G65G72G20G67G65G72G20G6DG65G72 GE4G6EG20G61G74G74G20G62G61G72G61G20G74G69G74G74G61G20G70GE5G20G74G69G6CG6CG67GE5G6EG67G61G72G6EG61G2EG20G54G69G74G74G61G72G20G6DG61G6EG20G69G6EG74G65 G70GE5G20GE5G74G61G67G61G6EG64G65G74G20G6DG69G73G73G61G72G20G6DG61G6EG20G61G74G74G20G64G65G74G20G6BG61G6EG20G76G61G72G61G20G6FG6CG69G6BG61 G6CGE5G6EG67G20G74G69G64G20G74G69G6CG6CG73G20G75G74G62G65G74G61G6CG6EG69G6EG67G61G72G6EG61G20G73G6BG61G20G67GF6G72G61G73G2EG20G44G65G74G74G61 G68G61G72G20 G62G65G74G79G64G65G6CG73G65G20 G66GF6G72G20 G76G69G6CG6BG65G6EG20 G74G69G6CG6CG67GE5G6EG67G73G66GF6G72G64G65G6CG6EG69G6EG67 G73G6FG6DG20GE4G72G20G62GE4G73G74G2EG20G44GE5G20G6BG61G6EG20G6DG61G6EG20G6FG63G6BG73GE5G20G66GE5G20G65G6EG20G66G65G6CG61G6BG74G69G67 G39G32 Asset Liability Modelling för pensionsåtaganden i Sverige G62G69G6CG64G20 G61G76G20 G68G75G72G20 G62G72G61G20 G65G6CG6CG65G72G20 G64GE5G6CG69G67G74G20 G64G65G74G20 G67GE5G74G74G2EG20 G56G69G73G73G61 G66G61G6BG74G6FG72G65G72G20G70GE5G76G65G72G6BG61G72G20G62GE5G64G65G20G74G69G6CG6CG67GE5G6EG67G61G72G20G6FG63G68G20G73G6BG75G6CG64G65G72G2E G41G74G74G20 G62GE5G64G65G20 G74G69G74G74G61G20 G70GE5G20 G74G69G6CG6CG67GE5G6EG67G61G72G20 G6FG63G68G20 G73G6BG75G6CG64G65G72G20 G67G65G72 G6FG63G6BG73GE5G20G65G6EG20G62GE4G74G74G72G65G20G75G70G70G66G61G74G74G6EG69G6EG67G20G6FG6DG20G76G69G6CG6BG65G6EG20G72G69G73G6BG74G6FG2D G6CG65G72G61G6EG73G20G64G65G20G73G6FG6DG20G61G6EG73G76G61G72G61G72G20G66GF6G72G20GE5G74G61G67G61G6EG64G65G74G20G68G61G72G2EG20G44G65G74 G68G61G72G20G62G65G74G79G64G65G6CG73G65G20G6FG6DG20G70G65G6EG73G69G6FG6EG73GE5G74G61G67G61G6EG64G65G74G20GE4G72G20G65G6EG20G73G74G6FG72 G65G6CG6CG65G72G20G6CG69G74G65G6EG20G64G65G6CG20G61G76G20G75G74G67G69G66G74G65G72G6EG61G2EG20GC4G72G20G64G65G74G20G65G6EG20G6CG69G74G65G6EG20G64G65G6C G6BG61G6EG20G6DG61G6EG20G76GE4G6CG6AG61G20G65G6EG20G73G74G72G61G74G65G67G69G20G6DG65G64G20G68GF6G67G72G65G20G72G69G73G6BG2E Alternativ till ALM-studier G44G65G6EG20G66G72GE4G6DG73G74G61G20G61G6EG6CG65G64G6EG69G6EG67G65G6EG20G74G69G6CG6CG20G61G74G74G20G73GF6G6BG61G20G61G6CG74G65G72G6EG61G2D G74G69G76G20G74G69G6CG6CG20G41G4CG4DG2DG73G74G75G64G69G65G72G20GE4G72G20G61G74G74G20G64G65G74G20GE4G72G20G64G79G72G74G20G61G74G74G20G67GF6G72G61 G65G6EG20 G73G74G6FG72G20 G73G74G75G64G69G65G2EG20 G45G6EG20 G6FG6DG66G61G74G74G61G6EG64G65G20 G73G74G75G64G69G65G20 G6BG72GE4G76G65G72 G64G65G73G73G75G74G6FG6DG20G65G74G74G20G73G74G6FG72G74G20G65G6EG67G61G67G65G6DG61G6EG67G20G61G76G20G64G65G20G69G6EG62G6CG61G6EG2D G64G61G64G65G2EG20G45G74G74G20G61G6CG74G65G72G6EG61G74G69G76G20GE4G72G20G61G74G74G20G67GF6G72G61G20G65G6EG20G6CG69G74G65G6EG20G41G4CG4DG2D G73G74G75G64G69G65G2CG20 G64GE4G72G20 G6DG61G6EG20 G67GF6G72G20 G76G69G73G73G61G20 G66GF6G72G65G6EG6BG6CG69G6EG67G61G72G20 G73G6FG6D G62G79G67G67G65G72G20 G70GE5G20 G61G74G74G20 G6DGE5G6EG67G61G20 G70G65G6EG73G69G6FG6EG73G66G6FG6EG64G65G72G20 G6CG69G6BG6EG61G72 G76G61G72G61G6EG64G72G61G2EG20 G41G6CG6CG20 G69G6EG66G6FG72G6DG61G74G69G6FG6EG20 G69G6EG66GF6G72G20 G65G74G74G20 G62G65G73G6CG75G74G20 GE4G72 G76GE4G72G64G65G66G75G6CG6CG2CG20 G76G69G6CG6BG65G74G20 G67GF6G72G20 G61G74G74G20 GE4G76G65G6EG20 G65G6EG20 G6CG69G74G65G6EG20 G41G4CG4DG2D G73G74G75G64G69G65G2CG20 G65G6EG20 G94G41G4CG4DG2DG6CG69G67G68G74G94G2CG20 G6BG61G6EG20 G76G61G72G61G20 G74G69G6CG6CG20 G73G74G6FG72 G6EG79G74G74G61G2E G45G74G74G20 G61G6EG6EG61G74G20 G61G6CG74G65G72G6EG61G74G69G76G20 GE4G72G20 G61G74G74G20 G65G6EG64G61G73G74G20 G73G74G75G64G65G72G61 G74G69G6CG6CG67GE5G6EG67G61G72G6EG61G2EG20 G44G65G74G74G61G20 G6BG61G6EG20 G76G61G72G61G20 G74G69G6CG6CG72GE4G63G6BG6CG69G67G74G20 G6FG6D G6DG61G6EG20 G62G65G64GF6G6DG65G72G20 G61G74G74G20 GE5G74G61G67G61G6EG64G65G74G20 G65G6CG6CG65G72G20 G73G6BG75G6CG64G65G6EG20 GE4G72 G6DG79G63G6BG65G74G20G6CGE4G74G74G20G61G74G74G20G61G6EG61G6CG79G73G65G72G61G20G65G6CG6CG65G72G20G6FG6DG20G64G65G74G20G61G76G20G6EGE5G67G6FG6E G61G6EG6CG65G64G6EG69G6EG67G20G72GE4G63G6BG65G72G20G6DG65G64G20G65G6EG20G67G72G6FG76G20G62G69G6CG64G20G61G76G20G73G6BG75G6CG64G65G6EG2E G4FG6DG20 GE5G74G61G67G61G6EG64G65G74G20 GE4G72G20 G6DG65G72G20 G6BG6FG6DG70G6CG65G78G74G20 G65G6CG6CG65G72G20 G73G74G61G72G6BG74 G62G65G72G6FG65G6EG64G65G20G61G76G20G66G61G6BG74G6FG72G65G72G20G73G6FG6DG20G64GF6G64G6CG69G67G68G65G74G20G62GF6G72G20G6DG61G6E G64G6FG63G6BG20 GF6G76G65G72G76GE4G67G61G20 G65G6EG20 G6DG65G72G20 G6FG6DG66G61G74G74G61G6EG64G65G20 G41G4CG4DG2D G73G74G75G64G69G65G2CG20 G64GE4G72G20 GE4G76G65G6EG20 GE5G74G61G67G61G6EG64G65G74G20 G73G74G75G64G65G72G61G73G20 G69G6EG67GE5G2D G65G6EG64G65G2EG54G69G74G74G61G72G20G6DG61G6EG20G62G61G72G61G20G70GE5G20G74G69G6CG6CG67GE5G6EG67G61G72G6EG61G20G62G65G68GF6G76G65G72 G6DG61G6EG20G69G6EG74G65G20G62G6CG61G6EG64G61G20G69G6EG20G61G6BG74G75G61G72G69G65G72G20G66GF6G72G20G61G74G74G20G61G6EG61G6CG79G73G65G72G61 GE5G74G61G67G61G6EG64G65G74G2CG20G75G74G61G6EG20G6BG61G6EG20G6EGF6G6AG61G20G73G69G67G20G6DG65G64G20G65G6EG20G67G72G75G70G70G20G61G76 G69G6EG76G65G73G74G65G72G69G6EG67G73G65G78G70G65G72G74G65G72G2E Vilka anvä nder ALM? G44G65G74G20GE4G72G20G66G72GE4G6DG73G74G20G70G65G6EG73G69G6FG6EG73G73G74G69G66G74G65G6CG73G65G72G20G73G6FG6DG20G67GF6G72G20G41G4CG4DG2D G73G74G75G64G69G65G72G20G61G76G20G70G65G6EG73G69G6FG6EG73GE5G74G61G67G61G6EG64G65G6EG2EG20G44G65G74G20G66G69G6EG6EG73G20GE4G76G65G6E G61G6EG64G72G61G20 G73G6FG6DG20 G61G6EG76GE4G6EG74G20 G41G4CG4DG2CG20 G73G6FG6DG20 G74G2EG65G78G2EG20 G66GF6G72G73GE4G6BG2D G72G69G6EG67G73G62G6FG6CG61G67G2CG20G6DG65G6EG20G76G69G20G68G61G72G20G69G6EG74G65G20G73G74G75G64G65G72G61G74G20G68G75G72G20G61G6EG64G72G61 GE4G6EG20 G70G65G6EG73G69G6FG6EG73G66GF6G72G76G61G6CG74G61G72G65G20 G61G6EG76GE4G6EG64G65G72G20 G41G4CG4DG2EG20 G4BG75G6EG2D G73G6BG61G70G65G72G20G6FG6DG20G41G4CG4DG20G66G69G6EG6EG73G20G62G6CG2EG61G2EG20G68G6FG73G20G61G6BG74G75G61G72G69G65G2DG20G6FG63G68 G69G6EG76G65G73G74G65G72G69G6EG67G73G6BG6FG6EG73G75G6CG74G66GF6G72G65G74G61G67G2E Vilka borde anvä nda ALM? 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Edition:
1, 2002
Language: International
Category:
Articles before 2014
Bilaga