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| Tekijä: | Matsen, E. Thögersen, Ö. |
| Otsikko: | Designing social security - a portfolio choice approach |
| Lehti: | European Economic Review
2004 : AUG, VOL. 48:4, p. 883-904 |
| Asiasana: | Social security Risk sharing Portfolio investment Models |
| Kieli: | eng |
| Tiivistelmä: | Using a theoretical portfolio choice framework, this article examines the benefits of a pay-as-you-go (hereafter as: paygo) system as a "quasi-asset" to public social security systems. The optimal size of the paygo system and the best split between funded and unfunded pension savings is explored. The results show that social security systems in many economies should be at least partially paygo financed. The size of the paygo system is depending on the specified risk concept and the random properties of stock market returns and implicit paygo-returns. |
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