Overview
- Includes supplementary material: sn.pub/extras
Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 572)
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Table of contents (6 chapters)
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Front Matter
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The Problem
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Front Matter
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The Model
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Front Matter
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The Implications
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Front Matter
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Back Matter
Keywords
About this book
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.
Authors and Affiliations
Bibliographic Information
Book Title: Pensionomics
Book Subtitle: On the Role of PAYGO in Pension Portfolios
Authors: Matthias F. Jäkel
Series Title: Lecture Notes in Economics and Mathematical Systems
DOI: https://doi.org/10.1007/3-540-34669-4
Publisher: Springer Berlin, Heidelberg
eBook Packages: Business and Economics, Economics and Finance (R0)
Copyright Information: Springer-Verlag Berlin Heidelberg 2006
Softcover ISBN: 978-3-540-32597-0Published: 21 April 2006
eBook ISBN: 978-3-540-34669-2Published: 06 October 2006
Series ISSN: 0075-8442
Series E-ISSN: 2196-9957
Edition Number: 1
Number of Pages: XII, 316
Topics: Macroeconomics/Monetary Economics//Financial Economics, Population Economics, Social Policy, Public Economics, Demography, Aging