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A two factor stochastic model is introduced for the two phases of a defined-contribution pension scheme. During the accumulation phase of the pension, the scheme member invests part of their stochastic income in a portfolio of a risky stock and a bond in order to build up sufficient funds for...
Persistent link: https://www.econbiz.de/10014216378
Non-contributory pensions are becoming increasingly prevalent worldwide. As their effects are likely to be context-dependent, evaluating their effects in a wide range of settings is important for establishing the external validity of the non-contributory pension literature. We use a new monthly...
Persistent link: https://www.econbiz.de/10012932028
Public expenditures on non-contributory pensions are equivalent to at least 1 percent of GDP in several countries in Latin America and is expected to increase. We explore the effect of non-contributory pensions on the well-being of the beneficiary population by studying the "Pensiones...
Persistent link: https://www.econbiz.de/10012586752
Public expenditures on non-contributory pensions are equivalent to at least 1 percent of GDP in several countries in Latin America and is expected to increase. We explore the effect of non-contributory pensions on the well-being of the beneficiary population by studying the Pensiones...
Persistent link: https://www.econbiz.de/10013244330
Non-contributory pensions are becoming increasingly prevalent worldwide. As their effects are likely to be context-dependent, evaluating their effects in a wide range of settings is important for establishing the external validity of the non-contributory pension literature. We use a new monthly...
Persistent link: https://www.econbiz.de/10011966241
capital investment and labor productivity. I build a quantitative overlapping-generations model with endogenous human capital … in- vestment in the Ben-Porath style. I find that increasing the retirement age increases human capital investment and … legal retirement restrictions and find that they reduce human capital investment and welfare …
Persistent link: https://www.econbiz.de/10013215234
impose a uniform level of pension contributions equal to the first-best level of investment in the nonrisky asset and a U …
Persistent link: https://www.econbiz.de/10013365807
This paper examines the characteristics of three funding strategies for pension plans and analyzes the investment …
Persistent link: https://www.econbiz.de/10003713594
structure, also statutory regulations, especially investment limits had impact on this situation. One may not claim, though …
Persistent link: https://www.econbiz.de/10011308624
The purpose of the article is to present a proposal for supplementing the existing pillar of voluntary pension insurance so that it becomes an important contribution to increasing future retirement benefits. The article presents recommendations by OECD experts on how to construct a voluntary...
Persistent link: https://www.econbiz.de/10011308638