We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the …'s willingness to do so. We characterise equilibria with voluntary participation and show that the likelihood of their existence … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is …

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the …'s willingness to do so. We characterise equilibria with voluntary participation and show that the likelihood of their existence … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is …

This paper analyses institutional reforms and political participation, most notably indirect and direct elections of … awareness and participation. For instance, they make people voice more opinions in their shequ, which may be a good starting …. Whilst 'security first, participation second' seems to be the order of the day and the 'freedom of politics' is still more …