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Pensions and Intergenerational Risk-sharing in General Equilibrium

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Author Info
ROEL M. W. J. BEETSMA
A. LANS BOVENBERG

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Abstract

We investigate intergenerational risk-sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. The funded pension pillar can be either defined contribution or defined benefit. Only a defined-benefit scheme with an appropriate investment policy establishes optimal intergenerational risk-sharing. We show how the pension system affects capital markets in general and the equity premium in particular. Copyright (c) The London School of Economics and Political Science 2008.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0335.2008.00685.x
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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 76 (2009)
Issue (Month): 302 (04)
Pages: 364-386
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Handle: RePEc:bla:econom:v:76:y:2009:i:302:p:364-386

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  1. Beetsma, Roel / Romp, Ward E. / Vos, Siert J., 2008. "Intergenerational Risk Sharing, Pensions and Endogenous Labor Supply in General Equilibrium," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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This page was last updated on 2009-12-18.

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