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- Title
Pensions and Intergenerational Risk-sharing in General Equilibrium.
- Authors
BEETSMA, ROEL M. W. J.; LANS BOVENBERG, A.
- Abstract
We investigate intergenerational risk-sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. The funded pension pillar can be either defined contribution or defined benefit. Only a defined-benefit scheme with an appropriate investment policy establishes optimal intergenerational risk-sharing. We show how the pension system affects capital markets in general and the equity premium in particular.
- Subjects
ECONOMIC equilibrium; PENSIONS; RISK; POLICY sciences; INVESTMENTS; CAPITAL market
- Publication
Economica, 2009, Vol 76, Issue 302, p364
- ISSN
0013-0427
- Publication type
Article
- DOI
10.1111/j.1468-0335.2008.00685.x