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dc.contributor.authorTeulings, Coen N.en_US
dc.contributor.authorde Vries, Casper G.en_US
dc.date.accessioned2009-01-28T16:12:20Z-
dc.date.available2009-01-28T16:12:20Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/20197-
dc.description.abstractThe 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.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesIZA Discussion paper series 961en_US
dc.subject.jelJ32en_US
dc.subject.jelH55en_US
dc.subject.jelG23en_US
dc.subject.jelG2en_US
dc.subject.jelE2en_US
dc.subject.ddc330en_US
dc.subject.keywordsaving and investmenten_US
dc.subject.keywordpension fundsen_US
dc.subject.keywordprivate pensionsen_US
dc.subject.keywordsocial security and public pensionsen_US
dc.subject.keywordfinancial institutionsen_US
dc.subject.stwPensionsfondsen_US
dc.subject.stwPrivate Rentenversicherungen_US
dc.subject.stwBörsenkriseen_US
dc.subject.stwGesetzliche Rentenversicherungen_US
dc.subject.stwIntergenerative Belastungsrechnungen_US
dc.subject.stwSolidaritäten_US
dc.subject.stwGenerationenbeziehungenen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwTheorieen_US
dc.titleGenerational accounting, solidarity and pension lossesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn377366889en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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