Boersch-Supan, Axel; Heiss, Florian; Ludwig, Alexander; … - In: German Economic Review 4 (2003) 2, pp. 151-181
This paper discusses the consequences of population aging and a fundamental pension reform - that is, a shift towards more pre-funding - for capital markets in Germany. We use a stylized closed-economy, overlapping-generations model to compare the effects of the recent German pension reform with...