Die vorliegende Arbeit möchte, vor dem Hintergrund gesellschaftlicher und ökonomischer Charakteristika Deutschlands einerseits und Rußland andererseits Vorzüge und Nachteile der alternativen Finanzierungssysteme einer gesetzlichen Rentenversicherung zu diskutieren.

Das Nebeneinander von gesetzlicher(GKV) und und privater (PKV) Krankenversicherungim deutschen Krankenversicherungssystemführt zu erheblichen Problemen.Überdurchschnittlich gesunde Personen undPersonen mit einem überdurchschnittlichhohen Einkommen wandern in die PKV ab –und gefährden damit...

The abolition or reform of unfunded pensions will generally make members of a transitional generation worse-off, because of the "double burden" of funding their own retirement along with that of paying off the unfunded pension liability. Reform will also lower the time-path of interest rates,...

A switch from a Bismarckian (BIS) earnings-related to a Beveridgean (BEV) flat ratepay-as-you-go (PAYG) pension scheme will raise the variance of personal replacementratios and, hence, the variance of individual interest-saving elasticities. A monopolisticfinancial sector can then make greater...

If unfunded pensions crowd-out private savings, pensions reform should raise the timepath of capital. Even if reform has long-run benefits, there will still be a “doubleburden”problem for a transitional generation. Assuming that there is an asset whichdiscounts the present value of an income...

A large part of the current debate on US stock price behaviorconcentrates on the question of whether stock prices are driven byfundamentals or by non-fundamental factors(...)

This paper provides one potential explanation for the rise, persistence and eventual fall of internet stock prices. Specifically, we appeal to a model of heterogenous agents with varying degrees of beliefs about asset payoffs who are subject to short sales constraints.(...)

On 5 December 1925, the ‘Portuguese Bank Note Bubble’ burst. The Lisbon daily newspaper, O Século (The Century), revealed the swindle in the headline ‘O Pais em Crise’ (The Country in Crisis). The article describes how twenty-eight year old white-collar worker, Artur Virgilio Alves...