Does single pregnancy adversely affect infant health? This is a challenging research question because there is selection in coresidence during pregnancy. We exploit quasi-natural variation in single pregnancy from the moment of conception to birth, arising from the reform of the marriageable age laws in Korea. The Korean birth certificate data are unique. They provide the information about the coresidence status in addition to the legal marital status. The coresidence start date allows us to identify the intensity of coresidence during pregnancy. We find that coresidence or legal marriage during pregnancy does not significantly affect birth outcomes.

While previous studies have confirmed the negative effects of son preference on the prenatal care received by girls, few have examined its effect on birth outcomes. This study contributes to the literature on son preference by examining this relationship. The degree of son preference is measured by the sex ratio at birth, and the data were obtained from the birth registry of South Korea, which has a long history of strong son preference. We find that girls are more likely to be born with low birth weight when son preference is stronger. In addition, when son preference is stronger, girls are more likely to be born outside hospitals, which implies that mothers conceiving girls make fewer prenatal visits to the hospital when their son preference is stronger.

This special issue of the Journal of Demographic Economics contains 10 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity 16: The Sixteenth International Longevity Risk and Capital Markets Solutions Conference that was held in Helsingør near Copenhagen on 13–14 August 2021. It was hosted by PerCent at Copenhagen Business School and the Pensions Institute at City, University of London.

We develop a method which assumes that marital preferences are characterized either by the scalar-valued measure proposed by Liu and Lu, or by the matrix-valued generalized Liu–Lu measure. The new method transforms an observed contingency table into a counterfactual table while preserving its (generalized) Liu–Lu value. After exploring some analytical properties of the new method, we illustrate its application by decomposing changes in the prevalence of homogamy in the US between 1980 and 2010. We perform this decomposition with two alternative transformation methods as well where both methods capture preferences differently from Liu and Lu. Finally, we use survey evidence to support our claim that out of the three considered methods, the new transformation method is the most suitable for identifying the role of marital preferences at shaping marriage patterns. These data are also in favor of measuring assortativity in preferences à la Liu and Lu.

Pension risk transfer and longevity risk transfer are now growing secular trends. From North America to Europe, companies are de-risking pension plans in near-record volumes and have continued to boldly do so throughout the pandemic—at or near the most favorable pricing experienced in years. The arrival of funded reinsurance on both sides of the Atlantic is bringing reinsurer capital and private assets to support the steady growth in the pension risk transfer market. Additionally, we have observed that the enduring low-rate environment and quest for uncorrelated risk has the world's largest investors directing billions into life reinsurance sidecars. How have these markets thrived during the worst global outbreak in a century? Key research on the pandemic's impact on pensioner life expectancy allowed prices to be set and transactions to proceed through a time of significant uncertainty.

We study marital assortative mating in education and its relation to dowry in India. There are four main results and contributions of this paper. First, instrumental variable estimates using Indian Human Development Survey-II data suggest existence of positive assortative mating in education levels of husband and wife. Second, this association is weaker in dowry-prominent districts suggesting that in districts with strong patriarchal norms, high dowry transfers could substitute for lower bride's education. Third, we study the independent effect of husband's and wife's education and its interaction on dowry. Estimates suggest that dowry rises with the groom's education and falls with the bride's schooling years. However, the joint effect of husband-and-wife education on dowry is negative, implying that though dowry rises with groom's education, the rate of increase is smaller the more educated the bride is. Finally, to explain the empirical results, we propose a theoretical model of assortative mating in the presence of dowry.

This paper is the first to study the effects of the Immigration Reform and Control Act of 1986 on marriage rates between foreign-born individuals and natural-born citizens. Using marriage license data, I find that gains to marriages involving a native bride and foreign groom decrease by 0.2 log points. The decrease in is driven by reductions in gains to marriages involving a Mexican groom or a non-Canadian, non-Mexican groom. I do not find evidence that the effects differed for states with lower educational attainment or higher shares of illegal immigrants.

Investment in family planning (FP) provides returns through a lifetime. Global evidence shows that FP is the second-best buy in terms of return on investment after liberalizing trade. In this study, we estimate the cumulative benefits of FP investments for India from 1991 to 2016 and project them up to 2061 with four scenarios of fertility levels. The findings suggest that India will have greater elasticity of FP investments to lifetime economic returns compared to the world average (cost–revenue ratio of 1:120). We have taken four scenarios for the goalpost, viz., 2.1, 1.8, 1.6, and 1.4. Although different scenarios of total fertility rate (TFR) levels at the goalpost (i.e., the year 2061) offer varied lifetime returns from FP, scenario TFR < 1.8 will be counterproductive and will reduce the potential benefits. With a comprehensive approach, if the country focuses more on improving the quality of FP services and on reducing the unmet need for FP to enhance reproductive health care and expand maximum opportunities for education and employment for both women and men, it can improve its potential to reap more benefits.

In this paper, I address the U-shaped dynamics (a decrease followed by an increase) in the age at first marriage during the twentieth century. First, I show that the U-shaped dynamics have been steeper in Western that in other countries. Second, I find that these dynamics in the West are strongly related to the post-World War II (WWII) economic growth. By contrast, in the nineteenth and the first half of the twentieth centuries age of marriage was much less correlated across Western countries. I propose a simple model where age of marriage is a function of search frictions and married women's labor force participation. Both factors put together generate U-shaped dynamics as a result of an industrial boom that mimics the post-WWII Western economic development.

Over the past three decades, educational attainment in Mexico has grown substantially. This increase in educational attainment may affect marriage patterns through the growing supply of individuals with higher education and changing preferences over their partner's education level. We use administrative marriage and birth certificate records to quantify changes in the relative education levels for both married and unmarried couples. Our results suggest that individuals who marry outside their education category prefer to match with a partner with a similar education level. That is, college graduates prefer to match with individuals with a secondary education rather than those with a primary education. We also find that assortativeness among pairs which include college graduates has grown considerably over this time period. Our findings hold across both marriage records and birth certificate records, indicating a parallel increase in assortativeness regardless of marital status.

Longevity risk is the risk that people on average will live longer than expected. That potential increase in life expectancy exposes corporations and pension funds to the risk of having insufficient funds to pay a more extended stream of annuity benefits. Buy-ins, buy-outs, and longevity bonds provide pension funds with insurance and financial market instruments to hedge their longevity risk. The most straightforward instruments and the most robust markets are currently for buy-ins and buy-outs. The model developed here shows that these instruments transfer value to pension holders and, other things being equal, would not be used by firms since shareholder value is reduced. The analysis, however, also shows that these instruments can be used to solve the under-investment problem created by underfunded pension plans and so increase not only the pension fund value but also the corporate stock value.

This paper studies the impact of immigration on native labor market outcomes in South Korea. We exploit the variation in immigration flows in an education-experience cell and find that, on average, immigration has no harmful effect on the wages or employment of native workers. However, there is a great heterogeneity of wage effects across education groups: high school dropouts suffer from the adverse effects, whereas the effects for college graduates are positive. We find the potential explanation for these differential effects in the suggestive evidence on the degree of substitution. Specifically, we examine the similarity of occupational distribution between natives and immigrants and assimilation patterns for immigrants.

Simple ordinary least squares estimates indicate that absent fathers boost probabilities of adolescent criminal behavior by 16–38%, but those numbers likely are biased by unobserved heterogeneity. This paper first presents an economic model explaining that unobserved heterogeneity. Then turning to empirics, fixed effects, which attempt to address that bias, suggest that absent fathers reduce certain types of adolescent crime, while lagged-dependent variable models suggest the opposite. Those conflicting conclusions are resolved by an approach that combines those two estimators using an orthogonal reparameterization approach, with model parameters calculated using a Bayesian algorithm. The main finding is that absent fathers do not appear to directly affect adolescent criminal activity. Rather, families with absent fathers possess traits that appear to correlate with increased adolescent criminal behaviors.

We compare the trajectories of families who have a child with poor neonatal health compared to those who do not, using administrative birth record data merged with longitudinal household survey data. We apply entropy balancing and weighting methods to enhance comparison between the two types of families. We find that children with poor neonatal health are more likely to be diagnosed with a disability and to receive Supplemental Security Income. Mothers who have children with poor neonatal health are more likely to reduce labor force participation at both the intensive and extensive margins when the child is young. Further, they are more likely to receive benefits from the Supplemental Nutrition Assistance Program and the Temporary Assistance for Needy Families program. We find no significant effects of poor neonatal health on maternal mental health or household income. Parents who have children with poor neonatal health are significantly less likely to remain married or cohabiting.

This paper provides a new market consistent approach to the valuation of no negative equity guarantees and equity release mortgages. The paper provides a new approach to the estimation of volatility inputs. The proposed approach to volatility produces a volatility term structure that is dependent on the age and gender of the borrower. Illustrative valuations are provided based on the Black ’76 put pricing formula and mortality projections based on the M5 Cairns–Blake–Dowd mortality model. Results show interesting ramifications for industry practice and prudential regulation.

It is well-known that marital status is an important predictor for life expectancy. However, non-married individuals are often misclassified as singles which ignores the heterogeneity within the group. This paper shows the importance of distinguishing between types of singles, and in particular whether they are cohabiting, when predicting life expectancies. We use unique and detailed longitudinal register data to track marital status throughout the individual's lifetime. We find that all types of singles consistently benefit from living with a spouse, i.e., after divorce, becoming widower or being never married. This result holds for both men and women. For certain types of cohabiting singles we reject significant differences in life expectancy compared to married individuals. Finally, we use a case study to show that, like married individuals, all types of singles that cohabit also serve as informal caregivers and have the potential to limit the end-of-life long-term care expenditure levels.

This study examines the degree of educational assortative mating, its evolution, and its relationship with income inequality in Thailand using national labor force survey data from 1985 to 2016. Since the 1990s, Thailand shows a trend of decreasing educational homogamy, but there is evidence of continuing educational hypergamy in Thai households. Using the semiparametric decomposition method of DiNardo, Fortin and Lemieux (1996), the study finds that educational assortative mating has affected changes in household income inequality over time. Furthermore, there exists a negative relationship between income inequality and marital sorting with same education, which contradicts evidence found in developed countries.

A potential solution to low fertility is the employment of foreign domestic workers (FDWs), who substitute child-rearing and housework duties, thus reducing child-rearing costs. Recent studies argue that the flow of low-skilled foreign workers into the childcare sector influences fertility choice. However, these studies mainly use the availability of FDWs in the local area as the causal inference and focus on Western countries, making it difficult to identify individual direct effects or generalize the findings to other countries. To bridge this research gap and examine the impacts, this study uses household data from the Hong Kong census. Employing ordinary least squares, the inverse probability weighted regression adjustment, and the instrumental variable approach, we find that households that employ live-in FDWs give birth to more children. Moreover, the heterogeneous analysis reveals that women's greater proportional contribution to household income has a positive impact on households' fertility response after employing the FDWs.