Pension systems in European countries are under review due to demographic changes. As a solution to the graying population, second and third pillar pensions are advocated. However, it is important not to lose sight of the social consequences of encouraging these private pensions. In this master...

In this paper the relationship between stock prices and house prices is analysed for six countries over the years 1976-2001. We find that both asset prices show a positive long-term relationship, which can partly be explained by common macro-economic factors such as credit, consumption and...