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Liquidity in Retirement Savings Systems : An International Comparison
Beshears, John - 2015
What is the socially optimal level of liquidity in a retirement savings system? Liquid retirement savings are desirable because liquidity enables agents to flexibly respond to pre-retirement events that raise the marginal utility of consumption. On the other hand, pre-retirement liquidity is...
Persistent link: https://www.econbiz.de/10013022597
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Propagation and Smoothing of Shocks in Alternative Social Security Systems
Auerbach, Alan J. - 2013
Even with well-developed capital markets, there is no private market mechanism for trading between current and future generations, so a potential role for public old-age pension systems is to spread economic and demographic shocks among different generations. This paper evaluates the smoothing...
Persistent link: https://www.econbiz.de/10013080219
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The Changing Role of Government in Financing Health Care : An International Perspective
Stabile, Mark - 2013
This paper explores the changing role of government involvement in health care financing policy outside the United States. It provides a review of the economics literature in this area to understand the implications of recent policy changes on efficiency, costs and quality. Our review reveals...
Persistent link: https://www.econbiz.de/10013075869
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Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK
Mayer, Colin - 2014
We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the … particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment … countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these …
Persistent link: https://www.econbiz.de/10012752733
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Productivity Growth and Levels in France, Japan, the United Kingdom and the United States in the Twentieth Century
Cette, Gilbert - 2010
This study compares labor and total factor productivity (TFP) in France, Japan, the United Kingdom and the United … extent also to France and Japan, a relative decline that was interrupted by the second world war (WW2); (iii) the remarkable … catching-up to the United States by France and Japan after WW2, that stopped in the case of Japan during the 1990s. Capital …
Persistent link: https://www.econbiz.de/10013149831
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Disability, Pension Reform and Early Retirement in Germany
Börsch-Supan, Axel H. - 2011
The aim of this paper is to describe for (West) Germany the historical relationship between health and disability on the one hand and old-age labor force participation or early retirement on the other hand. We explore how both are linked with various pension reforms. To put the historical...
Persistent link: https://www.econbiz.de/10013124658
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The German Public Pension System : How it Was, How it Will Be
Börsch-Supan, Axel H.; Wilke, Christina B. - 2021
Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high effective replacement rates. Most workers receive virtually all of their retirement income from this public retirement insurance. Costs are almost 12...
Persistent link: https://www.econbiz.de/10013235300
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When Will the Germans Get Trapped in Their Pension System?
Sinn, Hans-Werner; Uebelmesser, Silke - 2021
The upcoming demographic crisis in Germany demands fundamental reforms of the pension system. In a democracy, reforms are, however, only feasible when they are supported by the majority of the electorate. To determine whether the majority is in favor of reforms of the pension system, we...
Persistent link: https://www.econbiz.de/10013236798
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Pension Reform in Germany : The Impact on Retirement Decisions
Börsch-Supan, Axel H.; Berkel, Barbara - 2021
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...
Persistent link: https://www.econbiz.de/10013249133
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Why a Funded Pension System is Useful and Why it is Not Useful
Sinn, Hans-Werner - 2021
Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to funded system even though the latter offers a permanently higher rate of return. The sum of the...
Persistent link: https://www.econbiz.de/10013210645