أعرض تسجيلة المادة بشكل مبسط

dc.creator Teulings, Coen N.
dc.creator de Vries, Casper G.
dc.date 2003
dc.date.accessioned 2013-10-16T07:09:17Z
dc.date.available 2013-10-16T07:09:17Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/20197
dc.identifier ppn:377366889
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/20197
dc.description The 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.
dc.language eng
dc.publisher
dc.relation IZA Discussion paper series 961
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject J32
dc.subject H55
dc.subject G23
dc.subject G2
dc.subject E2
dc.subject ddc:330
dc.subject saving and investment
dc.subject pension funds
dc.subject private pensions
dc.subject social security and public pensions
dc.subject financial institutions
dc.subject Pensionsfonds
dc.subject Private Rentenversicherung
dc.subject Börsenkrise
dc.subject Gesetzliche Rentenversicherung
dc.subject Intergenerative Belastungsrechnung
dc.subject Solidarität
dc.subject Generationenbeziehungen
dc.subject Portfolio-Management
dc.subject Theorie
dc.title Generational accounting, solidarity and pension losses
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط