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Intergenerational risk sharing with market liquidity risk
Dimitrov, Daniel - 2022
This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in the form of uncertain trading costs. We use a stylized two-period OLG framework, where each generation makes a portfolio allocation decision for retirement, and show that...
Persistent link: https://www.econbiz.de/10013175574
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Social security pension generosity and the effect on household saving
Halvorsen, Elin; Jia, Zhiyang; Kruse, Herman; Vigtel, … - 2022
This paper examines the substitution between pension wealth and household saving by studying Norway's 2011 pension … reform. The analysis identifies the effect of reductions in social security pension generosity on household saving using … reform, which corresponds to a five-year increase in household saving of about 27,000 NOK. When taking into account the …
Persistent link: https://www.econbiz.de/10013370964
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Does the Pan-European Personal Pension Product suit all? : its perspectives in the EU member and candidate countries
Kochaniak, Katarzyna; Korzeniowska, Anna Magdalena; … - In: Comparative economic research : Central and Eastern Europe 26 (2023) 4, pp. 141-162
alternative to household liquid assets. However, in Croatia, France and Italy, it was recognised as competing with existing … European Union (EU). It focuses on the relationship between the quality of domestic public pension schemes and household … the interrelationship between public pension schemes and household savings based on Pearson's correlation coefficients. In …
Persistent link: https://www.econbiz.de/10014529552
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On the Efficiency of Mandatory Retirement Savings Under Endogenous Borrowing Constraints
Pardo, Oliver - 2019
Mandatory contributions to retirement savings accounts may tighten existing borrowing constraints, forcing individuals to forgo profitable investment options. This welfare-detrimental effect can be offset if retirement savings are allowed to serve as collateral. Moreover, some credit market...
Persistent link: https://www.econbiz.de/10012868941
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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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Proposing a Funding Rate for US State Pension Plans
Reyes-Peña, Robinson; Dandapani, Krishnan; Lawrence, … - 2023
US state pension plans generally use overstated discount rates based on historical performance, creating the appearance of healthy funding at the cost of future underfunding. Conversely, adopting a US Treasury discount rate, or another alternative suggested by previous literature, would cause...
Persistent link: https://www.econbiz.de/10014254596
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Optimal sharing of labor productivity risks and mix of pay-as-you-go and savings
Kusmerski Bilard, Debora - 2008
The paper addresses two related issues: the optimal intergenerational sharing of laborproductivity risks, through a Pay-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that partial contingency of the social security on...
Persistent link: https://www.econbiz.de/10011376622
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Do Private Household Transfers to the Elderly Respond to Public Pension Benefits? Evidence from Rural China
Nikolov, Plamen - 2019
Aging populations in developing countries have spurred the introduction of public pension programs to preserve the standard of living for the elderly. The often-overlooked mechanism of intergenerational transfers, however, can dampen these intended policy effects, as adult children who make...
Persistent link: https://www.econbiz.de/10012867164
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The old-age pension household replacement rate in Belgium
Brown, Alessio J. G.; Fraikin, Anne-Lore - 2022
automatically granted a more generous old-age pension benefits replacement rate, called the household replacement rate. Following a … adequacy measures. Specifically, we test whether the household replacement rate entails a work (dis)incentive mechanism … promoting (harming) pension sustainability and furthermore, we analyse the role of the household replacement rate in old …
Persistent link: https://www.econbiz.de/10012801885
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Public Pensions and Private Savings
García-Miralles, Esteban; Leganza, Jonathan M. - 2021
How does the provision of public pension benefits impact private savings? We answer this question in the context of a reform in Denmark that altered old-age benefit payouts through a discontinuous increase in pension eligibility ages contingent on birthdate. Using detailed administrative data...
Persistent link: https://www.econbiz.de/10013238297