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A framework for assessing the costs of pension reform reversals

Baksa, Daniel; Munkacsi, Zsuzsa; Nerlich, Carolin - 2020

Several European countries are currently considering reversing parts of their pension reforms that were adopted previously to improve sustainability. In this paper we present a framework that allows us to quantify the macroeconomic and fiscal costs of such reversals. We thereby integrate the...

Persistent link: https://www.econbiz.de/10012422058

Pensions and fertility: back to the roots - The introduction of Bismarck's pension scheme and the European fertility decline

Fenge, Robert; Scheubel, Beatrice - 2014

Fertility has long been declining in industrialised countries and the existence of public pension systems is considered as one of the causes. This paper provides detailed evidence based on historical data on the mechanism by which a public pension system depresses fertility. Our theoretical...

Persistent link: https://www.econbiz.de/10011605779

Pensions and Fertility : Back to the Roots -- The Introduction of Bismarck's Pension Scheme and the European Fertility Decline

Fenge, Robert - 2014

Persistent link: https://www.econbiz.de/10013047746

A Framework for Assessing the Costs of Pension Reform Reversals

Baksa, Daniel - 2020

Persistent link: https://www.econbiz.de/10012836379

Pensions and household savings: Cross-country heterogeneity in Europe

D'Addio, Anna Cristina; Roger, Muriel; Savignac, … - 2020

We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across … heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns …

Persistent link: https://www.econbiz.de/10012422034

Bank credit and market-based finance for corporations: The effects of minibond issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of "minibonds", which opened a new market-based funding opportunity for unlisted firms. Using the Italian...

Persistent link: https://www.econbiz.de/10012422170

Institutional presence in secondary bank bond markets: How does it affect liquidity and volatility?

Oprică, Silviu; Weistroffer, Christian P. - 2019

Using newly available information on euro area sectoral holdings of securities, this paper investigates to what extent the presence of institutional investors affects volatility and liquidity in secondary bank bond markets. We find that non-bank financial intermediaries, in particular money...

Persistent link: https://www.econbiz.de/10012142120

Pensions and Household Savings : Cross-Country Heterogeneity in Europe

d’Addio, Anna - 2020

Persistent link: https://www.econbiz.de/10012842350

Global Liquidity Glut or Global Savings Glut? A Structural VAR Approach

Bracke, Thierry - 2008

; hypothesis), (ii) preference shocks (quot;savings glutquot; hypothesis), and (iii) investment shocks (quot;investment droughtquot … part of the variation in imbalances and financial market prices. We find that savings shocks and investment shocks explain … imbalances in the US and emerging Asia than a quot;savings glutquot …

Persistent link: https://www.econbiz.de/10012771616

The Feldstein-Horioka Fact

Giannone, Domenico; Lenza, Michele - 2021

This paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving-retention coefficient remains high in the 70's but decreases...

Persistent link: https://www.econbiz.de/10013316585