Pensions and Intergenerational Risk-sharing in General Equilibrium

被引：24
作者：
Beetsma, Roel M. W. J. [1 ,2 ]
Bovenberg, A. Lans [2 ]
机构：
[1] Univ Amsterdam, NL-1012 WX Amsterdam, Netherlands
[2] Tinbergen Inst, CEPR & CESifo, Amsterdam, Netherlands
来源：
ECONOMICA | 2009年 / 76卷 / 302期
关键词：
SOCIAL-SECURITY; FINANCIAL-MARKETS;
D O I：
10.1111/j.1468-0335.2008.00685.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：364 / 386
页数：23
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