Pensions and intergenerational risk-sharing in general equilibrium
| Authors |
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| Publication date | 2009 |
| Journal | Economica |
| Volume | Issue number | 76 | 302 |
| Pages (from-to) | 364-386 |
| Number of pages | 23 |
| Organisations |
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| Abstract |
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. |
| Document type | Article |
| Published at |
https://doi.org/10.1111/j.1468-0335.2008.00685.x
(Final published version)
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| Published at | |
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