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Albert-Ludwigs-Universität Freiburg im Breisgau >
Institut für Volkswirtschaftslehre und Finanzwissenschaft I, Universität Freiburg >
Diskussionsbeiträge, Inst. f. Finanzwissenschaft, Universität Freiburg >
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http://hdl.handle.net/10419/56409
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| Title: | | Labor income risk, demographic risk, and the design of (wage-indexed) social security  |
| Authors: | | Borgmann, Christoph |
| Issue Date: | | 2002 |
| Series/Report no.: | | Diskussionsbeiträge, Institut für Finanzwissenschaft der Albert-Ludwigs-Universität Freiburg im Breisgau 100 |
| Abstract: | | Pay-as-you-go pension programs can help to share risk amongst generations. While a wage-indexed pension program is best suited to share labor income risk, I show that the combination of stochastic labor income and stochastic population growth may reduce the possibilities for intergenerational risk sharing: Labor income risk can only be shared when individuals are also exposed to demographic risk. For demographic uncertainty the usual categorization of pension programs does not suffice. I therefore introduce policies on how the demographic uncertainty is transmitted via social security. An optimal demographic indexation is derived for a small open economy and a closed economy. |
| Subjects: | | intergenerational risk sharing social security demography |
| Persistent Identifier of the first edition: | | urn:nbn:de:bsz:25-opus-18711 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Diskussionsbeiträge, Inst. f. Finanzwissenschaft, Universität Freiburg
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