The paper examines the long-term implications of various reform options on retirement entry decisions and the actual retirement age of older workers. It focuses on the changes in pension legislation since 1992 and the reform options discussed by the German Social Security Reform Commission...

Das Rentenzugangsalter ist durch die Finanzierungsprobleme der gesetzlichen Rentenversicherung wieder in den Blickpunkt gerückt. In diesem Papier werden die Auswirkungen verschiedener Reformoptionen auf die Wahl des Renteneintritts älterer Arbeitnehmer untersucht. Im Vordergrund stehen die...

The financing problems beleaguering the public pension system have again shifted the spotlight onto the retirement age. This paper examines the impact of various reform options on the actual retirement choices of older workers. The paper focuses in particular on the long-term implications of the...

Despite large potential gains, international equity investment is less diversified across countries than predicted by the international version of the traditional capital asset pricing model (ICAPM). This paper provides empirical evidence on the impact of capital market frictions on...

The paper analyzes the effect of European financial integration, especially of the EMU, on gross portfolio flows between Germany and 47 countries from 1987 to 2002. A gravity model of bilateral asset trade is estimated. The results reveal that there is substantially more portfolio trade between...

The present paper investigates individual determinants of retirement entry age using administrative data on individuals’ retirement entries in 2003 published by the German Pension Insurance (SUF Versichertenrentenzugang 2003 ). As preretirement is an important issue in Germany, special...

This paper describes the German pension reform process 1992-2007 with a stress on a remark-able development: the public pay-as-you-go-financed pension system has almost silently moved from a traditional defined benefit system to a system which works in many respects like a defined contribution...