Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/20197 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 961
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational accounts. Using modern portfolio and consumption planning theory we show that the younger generations should have the higher equity exposure due to their human capital. Capital losses should be distributed smoothly over lifetime consumption. When stock markets are depressed equity should be bought, savings and consumption should be scaled down equiproportionally, and retirement should be postponed. Portfolio investment restrictions are quite costly.
Schlagwörter: 
saving and investment
pension funds
private pensions
social security and public pensions
financial institutions
JEL: 
J32
H55
G23
G2
E2
Dokumentart: 
Working Paper

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