E-Book, Englisch, 316 Seiten
Pensionomics
1. Auflage 2006
ISBN: 978-3-540-34669-2
Verlag: Springer-Verlag
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
On the Role of PAYGO in Pension Portfolios
E-Book, Englisch, 316 Seiten
ISBN: 978-3-540-34669-2
Verlag: Springer-Verlag
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
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.
Autoren/Hrsg.
Weitere Infos & Material
1;Foreword;6
2;Contents;8
3;Part I The Problem;12
3.1;Global Aging and Pensionomics;13
3.2;Methodical Foundation;29
4;Part II The Model;60
4.1;Tradable Human Capital;61
4.2;Replication with PAYGO;129
5;Part III The Implications;178
5.1;Discussion and Assessment;179
5.2;Conclusion and Further Research;246
6;Part IV Appendices;256
6.1;Methodological Foundation;257
6.2;Tradable Human Capital;259
6.3;Replication with PAYGO;274
6.4;Discussion and Assessment;282
7;Part V Lists and References;288
7.1;List of Tables;289
7.2;List of Figures;290
7.3;Symbols and Abbreviations;291
7.4;References;294
