Pensionomics

On the Role of PAYGO in Pension Portfolios

Paperback Engels 2006 2006e druk 9783540325970
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Samenvatting

Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution.

Specificaties

ISBN13:9783540325970
Taal:Engels
Bindwijze:paperback
Aantal pagina's:316
Uitgever:Springer Berlin Heidelberg
Druk:2006
Hoofdrubriek:Economie, Economie

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Inhoudsopgave

The Problem.- Global Aging and Pensionomics.- Methodical Foundation.- The Model.- Tradable Human Capital.- Replication with PAYGO.- The Implications.- Discussion and Assessment.- Conclusion and Further Research.

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