search query: @indexterm pensions / total: 303
reference: 12 / 303
Author: | Beetsma, R.M.W. Bovenberg, A.L. |
Title: | Pensions and intergenerational risk-sharing in general equilibrium |
Journal: | Economica
2009 : APR, VOL. 76:302, p. 364-386 |
Index terms: | pensions intergenerational transfers risk sharing investments financing capital markets pension funds equities |
Language: | eng |
Abstract: | This paper explores intergenerational risk-sharing (henceforth as: i-g-r-s.) in 2-pillar pension systems with i. a pay-as-you-go pillar and ii. a funded pillar. The ii. pillar can be either a. defined contribution or b. defined benefit. Only the b. scheme with an appropriate investment policy establishes optimal i-g-r-s. It is shown how the pension system has generally an affect on capital markets and particularly on the equity premium. |
SCIMA