above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The …

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is … necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing. …

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …

market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various …

, technological growth, the time-preference discount rate, the relative risk aversion, the production function, and the degree of …

risky asset portfolios. We show, however, that this positive relationship between risk taking and retirement flexibility is … considered. Productivity risk in combination with a high elasticity of substitution between consumption and leisure creates a … positive correlation between asset returns and labour income, reducing the willingness of consumers to bear risk. Moreover, it …