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Optimal Portfolios in Defined Contribution Pension Systems
Walker, Eduardo - 2005
pensions subject to a risk level. By explicitly considering the present value of future individual contributions and changing … the risk-return numeraire to future pension units we obtain interesting insights, consistent with the literature, in a …
Persistent link: https://www.econbiz.de/10014062203
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Default investment strategies in a defined contribution pension system : a pension risk model application for the Chilean case
Berstein J., Solange; Fuentes, Olga; Villatoro, Félix - In: Journal of pension economics and finance 12 (2013) 4, pp. 379-414
Persistent link: https://www.econbiz.de/10010198452
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A Portfolio Approach to the Optimal Mix of Paygo and Funded Pension Systems
Romaniuk, Katarzyna - 2011
We analyze the rationale for the pay-as-you-go (paygo) pension system existence on diversi fication grounds. A continuous-time portfolio choice setting is built, basing on Merton (1971)´s analysis, where a reasonable balance between the taking account of the economic and fi nancial facets of...
Persistent link: https://www.econbiz.de/10013133520
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Lessons of the financial crisis for the design of national pension systems
Burtless, Gary - 2009
The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...
Persistent link: https://www.econbiz.de/10003872221
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Lessons of the Financial Crisis for the Design of National Pension Systems
Burtless, Gary - 2009
The recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow...
Persistent link: https://www.econbiz.de/10013157457
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Optimal risk-sharing in pension funds when stock and labor markets are co-integrated
Boelaars, Ilja; Mehlkopf, Roel - 2018
Persistent link: https://www.econbiz.de/10011856197
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Redistribution in collective pension arrangements without a sponsor guarantee : hidden versus explicit risk transactions
Yi, Lu; Sanders, Barbara; Bégin, Jean-François - In: Journal of pension economics and finance : JPEF 21 (2022) 2, pp. 260-293
Persistent link: https://www.econbiz.de/10013166078
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Generational accounting, solidarity and pension losses
Teulings, Coen N.; Vries, Casper G. de - 2003
The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger...
Persistent link: https://www.econbiz.de/10011334341
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Default Investment Strategies in a Defined Contribution Pension System : A Pension Risk Model Application for the Chilean Case
Villatoro, Félix - 2014
this context, we discuss which is the most suitable risk measurement for the affiliates to the pension system. Different … financial knowledge, inertia and myopia in decision-making. We calibrate a pension risk model for the Chilean economy, including … measures of life-cycle income, human capital risk, investment and annuitization risks. Our results suggest that affiliates can …
Persistent link: https://www.econbiz.de/10013050037
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Investment strategies in the funded pillar of the Slovak pension system
Melicherčík, Igor; Szűcs, Gábor; Vilček, Igor - In: Ekonomický časopis : časopis pre ekonomickú … 63 (2015) 2, pp. 133-151
Persistent link: https://www.econbiz.de/10011341456