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Persistent link: https://www.econbiz.de/10005486911
migration may be resisted by the entire native-born population. However, it is shown that in a dynamic setup with a pension … system which is an important pillar of any welfare state, migration is beneficial to all income (high and low) and age (old … and young) groups when the economy has a good access to international capital markets. The pro-migration feature of the …
Persistent link: https://www.econbiz.de/10005675422
migration policy was a bigger net contribution to public finance by skilled immigrants compared with that of unskilled …, particularly if migration policy is selective. Using a computable general equilibrium model, this letter assesses the contribution … of migration policy to the reduction in social protection financing needs, in the context of the population ageing …
Persistent link: https://www.econbiz.de/10009143900
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/10010324730
We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...
Persistent link: https://www.econbiz.de/10010333438
The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational...
Persistent link: https://www.econbiz.de/10010261654
Since the turn of the millennium the problem of credibility of the social security system has spread to the private pension funds sector. This is evident for those countries, like Australia and Iceland, that have very large funded pensions assets as a result of strong pension reforms. The...
Persistent link: https://www.econbiz.de/10010265691
Recently several countries, including Estonia, Latvia, Lithuania, Hungary, Poland, Romania and Slovakia, have at least partially reversed their earlier moves towards compulsory defined-contribution schemes. This paper concentrates on Poland, which just reduced contributions going to the...
Persistent link: https://www.econbiz.de/10011430865
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
We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...
Persistent link: https://www.econbiz.de/10010238325