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| Author: | Burtless, G. |
| Title: | What Do We Know About the Risk of Individual Account Pensions? Evidence from Industrial Countries |
| Journal: | American Economic Review
2003 : MAY, VOL. 93:2, p. 354-359 |
| Index terms: | PENSIONS PENSION SCHEMES SOCIAL SECURITY RISK ANALYSIS RISK |
| Language: | eng |
| Abstract: | This paper examines evidence on the likely success of individual accounts in providing retirement income. The author uses historical and simulated data on financial-market performance to evaluate the market risks facing contributors to a system that is based on individual investment accounts. The paper estimates the hypothetical pensions that workers in five industrialized countries could have obtained based on historical data. The empirical magnitude of retirement income risks is shown to be quite large, almost certainly larger than would be tolerated in most rich democracies. |
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