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Savings for retirement under liquidity constraints: A note

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  • Corsini, Lorenzo
  • Spataro, Luca

Abstract

Pension systems often entail some compulsory saving over which individuals have some degree of choice in terms of the pension plan in which to invest. We analyse whether the choice between alternative plans is affected by the presence of liquidity constraints during working life and we prove that the analytical conditions that determine the choice between different plans are the same in the constrained and unconstrained case.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 118 (2013)
Issue (Month): 2 ()
Pages: 258-261

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Handle: RePEc:eee:ecolet:v:118:y:2013:i:2:p:258-261

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Choice on pension plans; Optimal portfolio composition; Incomplete markets; Liquidity constraints;

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  1. Egil Matsen & Øystein Thøgersen, 2000. "Designing Social Security – A Portfolio Choice Approach," Working Paper Series 1102, Department of Economics, Norwegian University of Science and Technology.
  2. Georges de Menil & Eytan Sheshinski, 2004. "Planning for the Optimal Mix of Paygo Tax and Funded Savings," DELTA Working Papers 2004-15, DELTA (Ecole normale supérieure).
  3. Dutta, Jayasri & Kapur, Sandeep & Orszag, J. Michael, 2000. "A portfolio approach to the optimal funding of pensions," Economics Letters, Elsevier, vol. 69(2), pages 201-206, November.
  4. Makarov, Dmitry & Schornick, Astrid V., 2010. "A note on wealth effect under CARA utility," Finance Research Letters, Elsevier, vol. 7(3), pages 170-177, September.
  5. Andreas Wagener, 2003. "Pensions as a portfolio problem: fixed contribution rates vs. fixed replacement rates reconsidered," Journal of Population Economics, Springer, vol. 16(1), pages 111-134, 02.
  6. Corsini, Lorenzo & Spataro, Luca, 2011. "Optimal decisions on pension plans in the presence of financial literacy costs and income inequalities," MPRA Paper 30946, University Library of Munich, Germany.
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