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02931nam a22005655i 4500 |
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978-3-540-34669-2 |
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DE-He213 |
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20151204143217.0 |
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|a 9783540346692
|9 978-3-540-34669-2
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|a 10.1007/3-540-34669-4
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|a Jäkel, Matthias F.
|e author.
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|a Pensionomics
|h [electronic resource] :
|b On the Role of PAYGO in Pension Portfolios /
|c by Matthias F. Jäkel.
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|a Berlin, Heidelberg :
|b Springer Berlin Heidelberg,
|c 2006.
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|a XII, 316 p.
|b online resource.
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|a text
|b txt
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|a computer
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|a text file
|b PDF
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|a Lecture Notes in Economics and Mathematical Systems,
|x 0075-8442 ;
|v 572
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|a 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.
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|a 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.
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|a Macroeconomics.
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|a Public finance.
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|a Social policy.
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|a Population.
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|a Aging.
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| 650 |
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|a Demography.
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|a Economics.
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|a Macroeconomics/Monetary Economics//Financial Economics.
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|a Population Economics.
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|a Social Policy.
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|a Public Economics.
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|a Demography.
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|a Aging.
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|a SpringerLink (Online service)
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|t Springer eBooks
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|i Printed edition:
|z 9783540325970
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| 830 |
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|a Lecture Notes in Economics and Mathematical Systems,
|x 0075-8442 ;
|v 572
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| 856 |
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|u http://dx.doi.org/10.1007/3-540-34669-4
|z Full Text via HEAL-Link
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|a ZDB-2-SBE
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| 950 |
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|a Business and Economics (Springer-11643)
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