Pensionomics On the Role of PAYGO in Pension Portfolios /

• Main Author: Jäkel, Matthias F. (Author)
• Corporate Author: SpringerLink (Online service)
• Format: Electronic eBook
• Language: English
• Published: Berlin, Heidelberg : Springer Berlin Heidelberg, 2006.
• Series: Lecture Notes in Economics and Mathematical Systems, 572
• Subjects: Macroeconomics.; Public finance.; Social policy.; Population.; Aging.; Demography.; Economics.; Macroeconomics/Monetary Economics//Financial Economics.; Population Economics.; Social Policy.; Public Economics.

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 in...