Similar Search Results

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

Time Inconsistent Preferences and the Annuitization Decision

Schreiber, Philipp; Weber, Martin - C.E.P.R. Discussion Papers - 2015

When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...

Persistent link: https://www.econbiz.de/10011165648

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

Intergenerational Risk Sharing, Stability and Optimality of Alternative Pension Systems

Hassler, John; Lindbeck, Assar - C.E.P.R. Discussion Papers - 1997

In an analysis of the risk-sharing properties of different types of pension systems, we show that only fixed-fee pay-as-you-go (PAYG) pension systems can provide risk sharing for living individuals. Under some circumstances, however, other PAYG pension systems can enhance the expected welfare of...

Persistent link: https://www.econbiz.de/10005497947

Participation Constraints in Pension Systems

Beetsma, Roel; Romp, Ward E - C.E.P.R. Discussion Papers - 2013

We explore voluntary participation in pension arrangements. Individuals only participate when participation is more attractive than autarky. The benefit of participation is that risks can be shared with future generations. We apply our analysis to a pay-as-you-go system, a funded system without...

Persistent link: https://www.econbiz.de/10011083626

Capital-Skill Complementarity and the Redistributive Effects of Social Security Reform

Casarico, Alessandra; Devillanova, Carlo - C.E.P.R. Discussion Papers - 2003

This Paper analyses the general equilibrium implications of reforming pay-as-you-go pension systems in an economy with heterogeneous agents, human capital investment and capital-skill complementarity. It shows that increasing funding in the long-run delivers higher physical and human capital and...

Persistent link: https://www.econbiz.de/10005666645

Voting on Parametric Reforms of the Pay-As-You-Go Pension System

Gondim, Brasil; Luis, João; Casamatta, Georges - C.E.P.R. Discussion Papers - 2008

We assess the political support for parametric reforms of the Pay-As-You-Go pension system following a downward fertility shock. Using a continuous time overlapping generations model, we show that, for a large class of utility functions, the majority of the population favor a cut in pension...

Persistent link: https://www.econbiz.de/10005791751

The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal For a Partial Transition to a Funded System

Sinn, Hans-Werner - C.E.P.R. Discussion Papers - 1997

endowed with individual accounts equals the gross contributions of this member. In Germany, this equals about 175,000 Deutsche …

Persistent link: https://www.econbiz.de/10005792013

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

population dynamics and productivity growth. Although a reform is necessary, delaying its implementation implies large welfare … funded reform harms current generations, with small gains to future generations. High wage growth is key for these results. …

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