Pensions and intergenerational risk-sharing in general equilibrium
| Authors |
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| Publication date |
2009
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| Journal |
Economica
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| Volume | Issue number |
76 | 302
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| Pages (from-to) |
364-386
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| Number of pages |
23
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| Organisations |
-
Faculty of Economics and Business (FEB) - Amsterdam School of Economics Research Institute (ASE-RI)
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| Abstract |
We investigate intergenerational risk-sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. The funded pension pillar can be either defined contribution or defined benefit. Only a defined-benefit scheme with an appropriate investment policy establishes optimal intergenerational risk-sharing. We show how the pension system affects capital markets in general and the equity premium in particular.
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| Document type |
Article
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| Published at |
https://doi.org/10.1111/j.1468-0335.2008.00685.x
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| Published at |
http://www3.interscience.wiley.com/cgi-bin/fulltext/120120210/PDFSTART
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