Pensionomics

Matthias F. Jäkel

ISBN 10: 3540325972 / ISBN 13: 9783540325970

Editore: Springer Berlin Heidelberg, Springer Berlin Heidelberg Apr 2006, 2006

Riguardo questo articolo

Neuware -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.Springer Verlag GmbH, Tiergartenstr. 17, 69121 Heidelberg 332 pp. Englisch.

Codice articolo 9783540325970

Dati bibliografici

• Titolo: Pensionomics
• Editore: Springer Berlin Heidelberg, Springer Berlin Heidelberg Apr 2006
• Data di pubblicazione: 2006
• Lingua: Inglese
• ISBN 10: 3540325972
• ISBN 13: 9783540325970
• Rilegatura: Taschenbuch
• Condizione: Neu

Descrizione articolo

Riassunto

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. 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.

Contenuti

The Problem.- Global Aging and Pensionomics.- Methodical Foundation.- The Model.- Tradable Human Capital.- Replication with PAYGO.- The Implications.- Discussion and Assessment.- Conclusion and Further Research.