German Abstract: Die demographische Entwicklung stellt die Gesetzliche Rentenversicherung vor enorme Her-ausforderungen. Vor allem steht die Frage nach der zukünftigen Finanzierbarkeit des Sys-tems in seiner heutigen Form im Mittelpunkt der Diskussion. Um die zukünftige Entwicklung sowie die...

German Abstract: In regelmäßigen Abständen wird Schweden als mögliches Vorbild für eine Reform der deutschen Rentenversicherung genannt. Hierbei werden allerdings meist die unterschiedlichen demographischen Ausgangssituationen beider Länder außer Acht gelassen. In dieser Studie wird die...

In this paper we analyze asymmetric information in the (private) disability insurance, which has not been analyzed before in the literature, but covers one of the most important risks faced by individuals in modern society, namely the loss of human capital. We show that there is asymmetric...

This paper provides a two-part empirical analysis on how actuarial reduction rates for early retirement affect current pension payments in Germany and to what extent the existence and the magnitude of such reduction rates influence people’s retirement planning. First, when looking at...

Previous research on the impact of unilateral divorce law (UDL) on the prevalence of divorce has provided mixed and little cumulative results. Studies based on cross‐sectional cross-country survey data have been criticized for not being able to account for unobserved country heterogeneity,...

Pension reforms in many developed countries make individuals shoulder a bigger share of longevity and income risks. The desired response is that individuals accumulate private assets for retirement. Whether this actually takes place, is of paramount relevance for scientists and policy makers. We...

This study investigates whether and how the crisis in 2008/2009 affects households' risk attitudes, subjective risk and return expectations, and planned financial risk taking using the German SAVE study. Households' wealth change from end-2007 to end-2009 is not found to have an effect. However,...

We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...

Crossing borders, be it international or regional, often go together with price, wage or indeed wealth discontinuities. This paper identifies substantial wealth differences between Luxembourg resident households and cross-border commuter households despite their similar incomes. The average...

Results from the Eurosystem Household Finance and Consumption Survey reveal substantial variation in household net wealth across euro area countries that await explanation. This paper focuses on three main factors for the wealth accumulation process, i) homeownership, ii) housing value...