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Funded and Unfunded Pensions: Risk, Return and Welfare

Miles, David K - C.E.P.R. Discussion Papers - 2000

This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on funded pensions … importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of return and …

Persistent link: https://www.econbiz.de/10005067559

Risk Return and Portfolio Allocation under Alternative Pension Systems with Imperfect Financial Markets

Cerny, Ales; Miles, David K - C.E.P.R. Discussion Papers - 2001

of unfunded state pensions differs. We estimate how the optimal level of unfunded state pensions depends on rate of … is rapid and unfunded pensions are currently generous. …

Persistent link: https://www.econbiz.de/10005792047

Retirement of Spouses and Social Security Reform

Falkinger, Josef; Winter-Ebmer, Rudolf; Zweimüller, Josef - C.E.P.R. Discussion Papers - 1994

The retirement decisions of spouses may be interdependent for various reasons: similarity of tastes, joint assets, sharing rules for income and housework, or complementarity of leisure. Because of data limitations, only a few empirical studies exist on this topic. From a policy point of view...

Persistent link: https://www.econbiz.de/10005123559

Sharing High Growth Across Generations: Pensions and Demographic Transition in China

Song, Zheng Michael; Storesletten, Kjetil; Wang, Yikai; … - C.E.P.R. Discussion Papers - 2012

Intergenerational inequality and old-age poverty are salient issues in contemporary China. China's aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension...

Persistent link: https://www.econbiz.de/10011083803

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

these developments, policyholders desire pensions tailored to their individual needs. This paper proposes a new type of … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of … illiquid capital, complementing public retirement provision, reducing the interest-rate sensitivity of pensions and smoothing …

Persistent link: https://www.econbiz.de/10011252616

The Impact of a Permanent Income Shock on the Situation of Women in the Household: the case of a pension reform in Argentina

Berniell, Inés; de la Mata, Dolores; Machado, Matilde Pinto - C.E.P.R. Discussion Papers - 2014

Transfers to women may affect their bargaining power within the household and consequently their well-being. We analyze the effects of a pension reform in Argentina that resulted in an unexpected and substantial increase in permanent income for around 1.8 million senior women (women 60 years and...

Persistent link: https://www.econbiz.de/10011084362

A Positive Theory of Social Security

Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1994

Social Security programmes around the world link public pensions to retirement: people do not lose their pensions if … consistent with it. The main idea is that pensions are a means to induce retirement, that is, to buy the elderly out of the …

Persistent link: https://www.econbiz.de/10005788967

Ageing Gracefully? A Bootstrap Analysis of Poverty Among Pensioners Using Evidence from the PACO Databases

Heinrich, Georges - C.E.P.R. Discussion Papers - 1998

In 1998 Hungary embarked on a course of comprehensive pension reform. The reforms are likely to change the distribution of incomes of future generations. The purpose of this paper is two-fold. From a policy point of view, we analyse poverty and income inequality among pensioners in Hungary...

Persistent link: https://www.econbiz.de/10005791337

The Evolution of Retirement

Conde-Ruiz, José Ignacio; Galasso, Vincenzo; Profeta, Paola - C.E.P.R. Discussion Papers - 2005

We provide a long-term perspective on the individual retirement behaviour and on the future of early retirement. In a cross-country sample, we find that total pension spending depends positively on the degree of early retirement and on the share of elderly in the population, which increase the...

Persistent link: https://www.econbiz.de/10005791934

Pensions with Heterogenous Individuals and Endogenous Fertility

Cremer, Helmuth; Gahvari, Firouz; Pestieau, Pierre - C.E.P.R. Discussion Papers - 2006

equal pensions for all but different contributions which may or may not increase with the number of children. Additionally … case, pensions are decreasing in the number of children: in the latter case, they are increasing. …

Persistent link: https://www.econbiz.de/10005792304