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The sustainability of the pay-as-you-go system with falling birth rates
Praag, Bernard M. S. van; Cardoso, Pedro - 2002
A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension and the relative shares of the two systems may be explained and are determined by the population growth rate, technological growth, the time-preference discount rate, the...
Persistent link: https://www.econbiz.de/10011326408
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Optimal sharing of labor productivity risks and mix of pay-as-you-go and savings
Kusmerski Bilard, Debora - 2008
-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …
Persistent link: https://www.econbiz.de/10011376622
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Optimal education when capital markets are integrated
Viaene, Jean-Marie; Zilcha, Itzhak - 1999
Persistent link: https://www.econbiz.de/10001363375
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Demography and provisions for retirement : the pension composition, an equilibrium approach
Praag, Bernard M. S. van; Hop, J. Peter - 2018
Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory … individual savings, that the fully funded occupational system is decided upon by the age cohort of the median worker and that … decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …
Persistent link: https://www.econbiz.de/10011870742
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Voluntary participation and intergenerational risk sharing in a funded pension system
Beetsma, Roel; Romp, Ward; Vos, Siert J. - 2011
Persistent link: https://www.econbiz.de/10008938561
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Voluntary participation and intergenerational risk sharing in a funded pension system
Beetsma, Roel; Romp, Ward E.; Vos, Siert J. - 2011 - This version: March 16, 2011
We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the system is voluntary. Typically, the willingness of the young to participate depends on their belief about the future young's willingness to do so. We characterise equilibria with...
Persistent link: https://www.econbiz.de/10011386164
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Intergenerational risk sharing with market liquidity risk
Dimitrov, Daniel - 2022
This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … for the trading friction. We still find that a contingent transfers policy based on a reasonably parametrized savings …
Persistent link: https://www.econbiz.de/10013175574
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Intergenerational sharing of unhedgeable inflation risk
Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2022 - This version: November 16, 2022
We explore how members of a collective pension scheme can share inflation risks in the absence of suitable financial market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various participants of a collective pension scheme than would be...
Persistent link: https://www.econbiz.de/10013460026
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Optimal sharing of labor productivity risks and mix of pay-as-you-go and savings
Kusmerski, Debora - 2008
Persistent link: https://www.econbiz.de/10003739012
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Generational accounting, solidarity and pension losses
Teulings, Coen N.; Vries, Casper G. de - 2003
consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human …
Persistent link: https://www.econbiz.de/10011334341