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dc.contributor.authorTeulings, Coen N.en
dc.contributor.authorde Vries, Casper G.en
dc.date.accessioned2009-01-28T16:12:20Z-
dc.date.available2009-01-28T16:12:20Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/20197-
dc.description.abstractThe creeping stock market collapse eroded the wealth of funded pension systems. This led topolitical tensions between generations due to the fuzzy definition of property rights on thepension funds wealth. We argue that this problem can best be resolved by the introduction ofgenerational accounts. Using modern portfolio and consumption planning theory we showthat the younger generations should have the higher equity exposure due to their humancapital. Capital losses should be distributed smoothly over lifetime consumption. When stockmarkets are depressed equity should be bought, savings and consumption should be scaleddown equiproportionally, and retirement should be postponed. Portfolio investmentrestrictions are quite costly.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x961en
dc.subject.jelJ32en
dc.subject.jelH55en
dc.subject.jelG23en
dc.subject.jelG2en
dc.subject.jelE2en
dc.subject.ddc330en
dc.subject.keywordsaving and investmenten
dc.subject.keywordpension fundsen
dc.subject.keywordprivate pensionsen
dc.subject.keywordsocial security and public pensionsen
dc.subject.keywordfinancial institutionsen
dc.subject.stwPensionsfondsen
dc.subject.stwPrivate Rentenversicherungen
dc.subject.stwBörsenkriseen
dc.subject.stwGesetzliche Rentenversicherungen
dc.subject.stwIntergenerative Belastungsrechnungen
dc.subject.stwSolidaritäten
dc.subject.stwGenerationenbeziehungenen
dc.subject.stwPortfolio-Managementen
dc.subject.stwTheorieen
dc.titleGenerational accounting, solidarity and pension losses-
dc.typeWorking Paperen
dc.identifier.ppn377366889en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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