rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Life Cycle Investing and Occupational Old-Age Provision in Switzerland
  name:
    name part: Zainhofer, Florian.
    role:
      role term: creator
    role:
      role term: author.
  name:
    name part: SpringerLink (Online service)
  type of resource: text
  origin info:
    place:
      place term: gw
    date issued: 2008
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: electronic
    form: electronic resource
    reformatting quality: access
    form: remote
    extent: XXI, 281 p. online resource.
  abstract: Swiss economists have proposed to individualize the funded second pillar of the Swiss retirement provision system (BVG) by granting employees flexibility with respect to the contribution rate and risky asset share in their accounts. Opponents have stressed that such a reform would transfer the investment risk from pension funds to financially illiterate employees and thus imply a welfare loss. Florian Zainhofer uses the theory of life cycle investing, i.e. how we should optimally choose our savings rate and risky asset share throughout our lives, as a framework to study the implications of a potential BVG individualization. Following an introduction on the Swiss system of old-age provision, the author reviews recent life cycle models of portfolio choice and covers their numerical solution algorithms in depth. He presents an empirical analysis of Swiss workers’ earnings dynamics since these are important determinants of life cycle investment behavior. To further investigate the implications of a flexible contribution rate and risky asset share in the mandatory BVG, the author proposes a model adapted to Swiss conditions and parameterized with the estimated earnings dynamics.
  table of contents: Institutional framework, motivation and objectives -- Methodology: state-of-the-art -- Methodology: computational aspects -- Empirical analysis of Swiss labor income dynamics -- Illustration of life cycle portfolio choice for stylized Swiss investors -- Welfare analysis -- Conclusions.
  note: by Florian Zainhofer.
  subject:
    topic: Finance
  subject:
    topic: Macroeconomics
  subject:
    topic: Economics
  subject:
    topic: Macroeconomics/Monetary Economics//Financial Economics
  subject:
    topic: Finance, general
  classification: HB172.5
  classification: 339
  related item:
    title info:
      title: Springer eBooks
  identifier: 9783834998187
  identifier: http://dx.doi.org/10.1007/978-3-8349-9818-7
  record info:
    record creation date: 100301
    record change date: 20151204162637.0
    record identifier: 978-3-8349-9818-7