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| 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. |
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