-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The …

We explore the feasibility of a funded pension system with intergenerational risk sharing when participation in the … increases with risk aversion and financial market uncertainty. We find that it is likely that mandatory participation is … necessary to sustain a funded pension pillar and to let participants benefit from intergenerational risk sharing. …

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … allocation decision for retirement, and show that illiquidity reduces the range of transferable shocks between generations and … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …

This chapter reviews the literature on intergenerational risk sharing (IRS). We explore to what extent and how a market …