Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/30543 
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dc.contributor.authorBurtless, Garyen
dc.date.accessioned2009-09-02-
dc.date.accessioned2010-05-14T08:21:56Z-
dc.date.available2010-05-14T08:21:56Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/30543-
dc.description.abstractThe recent financial crisis and historical record suggest important lessons about the design of national pension systems. First, wide fluctuation in asset returns makes it hard for well-informed savers to select a saving rate or a sensible investment strategy for DC pensions. Workers who follow identical investment strategies but who retire a few years apart can receive DC pensions that are startlingly unequal. Second, it is hard for ordinary workers, as opposed to optimal planners, to make sensible choices about portfolio allocation. Their investment errors mean that actual returns fall short of the theoretical returns that could be earned by a well-informed, disciplined investor.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2735en
dc.subject.jelJ32en
dc.subject.jelH55en
dc.subject.jelG11en
dc.subject.jelJ33en
dc.subject.ddc330en
dc.subject.stwGesetzliche Rentenversicherungen
dc.subject.stwUmlageverfahrenen
dc.subject.stwKapitaldeckungsverfahrenen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwPrivate Rentenversicherungen
dc.subject.stwKapitalertragen
dc.subject.stwPortfolio-Managementen
dc.subject.stwRentenpolitiken
dc.subject.stwUSAen
dc.titleLessons of the financial crisis for the design of national pension systems-
dc.typeWorking Paperen
dc.identifier.ppn608010170en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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