Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/87037 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. 08-066/1
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
The paper addresses two related issues: the optimal intergenerational sharing of laborproductivity risks, through a Pay-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that partial contingency of the social security on the stochastic labor productivity is ex ante optimal,when the interest rate is above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence.
Schlagwörter: 
intergenerational risk sharing
PAYG social security
household's savings
JEL: 
H55
H21
D91
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
318.49 kB





Publikationen in EconStor sind urheberrechtlich geschützt.