Beetsma, Roel M.W.J.; Bovenberg, A. Lans; Romp, Ward E. - In: Journal of International Money and Finance 30 (2011) 7, pp. 1516-1534
We explore intergenerational and international risk sharing in a general equilibrium multiple-country model with two-tier pensions systems. The exact design of the pension system is key for the way in which risks are shared over generations. The laissez-faire market solution fails to provide an...