Borgmann, Christoph; Heidler, Matthias - In: FinanzArchiv: Public Finance Analysis 63 (2007) 1, pp. 83-106
past three decades. In order to do so, we firstly outline the social security reforms of the past 50 years. Then, we … illustrate political risk by measuring the volatility of social security wealth induced by the legislative benefit rule changes …%. Furthermore, it turns out that the gross social security wealth can be subject to losses between 30% and 60% over the life cycle. …