Alternative Risk-Sharing Mechanisms of Social Security

被引:1
作者
Thogersen, Oystein [1 ]
Bohlerengen, Kine [1 ]
机构
[1] Norwegian Sch Econ & Business Adm, Dept Econ, N-5045 Bergen, Norway
来源
FINANZARCHIV | 2010年 / 66卷 / 02期
关键词
social security; risk-sharing; portfolio choice; persistence in income shocks; LONG-RUN; PORTFOLIO CHOICE; PRODUCTIVITY; PENSIONS; GROWTH; DESIGN; PUZZLE;
D O I
10.1628/001522110X524188
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Adopting a portfolio choice approach to pension design, we derive illuminating closed form solutions for optimal pay-as-you-go social security programs. We demonstrate that the nature of the implied risk-sharing effects and their magnitudes are sensitive to the stochastic specification of aggregate wage income growth (i.e. the implicit return on the pay-as-you-go program). Considering individuals in any generation from a "Rawlsian", prebirth perspective, fairly large pay-as-you-go programs in terms of the magnitude of the optimal contribution rate can be rationalized if wage shocks are not permanent.
引用
收藏
页码:134 / 152
页数:19
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