@techreport{Habermann2003Pension,
abstract = {The present paper compares the distributional and risk-sharing consequences of
two pension reform proposals in Germany which both aim to improve the sustainability of the
current system by introducing demographic variables to the benefit calculation. While the first
reform proposes a so-called "sustainability factor" which measures the changes in the dependency
ratio, the second reform proposes a so-called "demographic factor" which takes into account
the changes in life expectancy. Our simulations indicate that both reforms imply a double
burden for currently middle-aged generations and a double relief for future living generations.
On the one side, resources are redistributed from currently towards future living generations.
In addition, part of the risk from demographic uncertainty is shifted from future living towards
currently living middle-aged generations. The reforms differ, however, with respect to
the magnitude of the resource distribution and risk implications. Therefore, future generations
are much better of with the "sustainability factor", while it is not clear whether middle-aged
generations are better off with the "demographic factor" or the "sustainability factor".},
author = {Christian Habermann and Hans Fehr},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {D58; J11; H55; 330; Stochastic population forecasts; CGE models; pension reform in Germany; Rentenreform; Gesetzliche Rentenversicherung; Versicherungstechnik; Wirtschaftspolitische Wirkungsanalyse; Generationenbeziehungen; Allgemeines Gleichgewicht; Deutschland; Rentenformel},
language = {eng},
number = {47},
title = {Pension Reform and Demographic Uncertainty : The Case of Germany},
type = {W\"{u}rzburg economic papers},
url = {http://hdl.handle.net/10419/22340},
year = {2003}
}
