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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: if risk-averse investors were able to directly invest into the present value of future labour income, they would allocate their pension portfolios in both human and physical 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. This replication works regardless of the demographic development.Therefore, PAYGO should play a key role in optimising the risk-return combinations for old-age savings.
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
