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The Crisis of Germany's Pension Insurance System and How It Can Be Resolved
Sinn, Hans-Werner - 1999
The paper discusses the options for a reform of the German pension system using a model developed at CES for the German Council of economic advisors to the Federal Ministry of Economics and Research. It is argued that the German pay-as-you-go-system is efficient in a present value sense but will...
Persistent link: https://www.econbiz.de/10012471480
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Notional Defined Contribution Pension Systems in a Stochastic Context : Design and Stability
Auerbach, Alan J. - 2006
Around the world, Pay-As-You-Go (PAYGO) public pension programs face serious long-term fiscal problems due primarily to actual and projected population aging, and most appear unsustainable as currently structured. Some have proposed the replacement of such plans with systems of fully funded...
Persistent link: https://www.econbiz.de/10012465854
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Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
Feldstein, Martin - 1998
This paper examines the risk aspects of a fully phased-in investment-based defined contribution Social Security plan … system. A higher saving rate provides a cushion' that reduces the risk of unacceptably low benefits. For example, saving 6 … annuity exceeds 92 percent of the benchmark benefit. We also study a modified plan in which retirees face no risk of …
Persistent link: https://www.econbiz.de/10012471973
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Old Europe ages : Reforms and Reform Backlashes
Boersch-Supan, Axel H. - 2010
The extent of the demographic changes in Europe is dramatic and will deeply affect future labor, financial and goods markets. The expected strain on public budgets and especially social security has already received prominent attention, but aging poses many other economic challenges that...
Persistent link: https://www.econbiz.de/10012462881
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Why a Funded Pension System is Useful and Why It is Not Useful
Sinn, Hans-Werner - 2000
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/10012471177
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Reforming Social Security with Progressive Personal Accounts
Geanakoplos, John - 2008
households with low lifetime incomes by taking from households with high lifetime incomes. PAAWS define benefits and achieve risk …
Persistent link: https://www.econbiz.de/10012464667
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Changing Progressivity as a Means of Risk Protection in Investment-Based Social Security
Samwick, Andrew A. - 2007
risk inherent in investment-based Social Security reform. Focusing on a single cohort of workers, it simulates the … replacement rates for lower earnings are reduced by less than those for higher earnings allow about half of the equity risk to be … risk aversion, the equity premium, and the size of the personal retirement accounts established by the reform …
Persistent link: https://www.econbiz.de/10012465595
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Transition to a Fully Funded Pension System : Five Economic Issues
Feldstein, Martin - 1997
This paper provides a relatively nontechnical discussion of the effects of shifting from a pay-as-you-go system of Social Security pensions to a fully funded plan based on individual accounts. The analysis discusses the rationale for such a shift and deals with five common problems: (1) the...
Persistent link: https://www.econbiz.de/10012472664
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Entitlement Reforms in Europe : Policy Mixes in the Current Pension Reform Process
Börsch-Supan, Axel H. - 2012
Current costs are high, and the pressures will increase due to population aging and negative incentive effects. This paper focuses on the pension reform process in Europe. It links the causes for current problems to the cures required to make the pay-as-you-go entitlement programs in Continental...
Persistent link: https://www.econbiz.de/10012460651
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Explaining Pension Dynamics
Luzadis, Rebecca A. - 1989
Some contend the US labor market will fail to adapt smoothly to an aging workforce, whereas others argue that employee pensions can and will play an important role in helping companies induce desired turnover patterns. This paper undertakes a longitudinal examination of pension retirement...
Persistent link: https://www.econbiz.de/10012475962