Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Consequences of Population Aging on Private Pension Fund Saving and Asset Markets

Contents:

Author Info

  • Sylvester J. Schieber
  • John B. Shoven
Registered author(s):

    Abstract

    This paper examines the impact of the aging demographic structure of the U.S. on its funded private pension system. A 75-year outlook is produced for the pension system corresponding to the 75-year forecast of the Social Security system. The primary result is that the pension system will cease being a source of national saving in the third decade of the next century. The paper speculates about the impact this may have on asset prices.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.nber.org/papers/w4665.pdf
    Download Restriction: no

    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4665.

    as in new window
    Length:
    Date of creation: Mar 1994
    Date of revision:
    Publication status: published as The Economic Effects of Aging in the United States and Japan, Michael D. Hurd, Naohiro Yashiro, eds., pp. 111-130, (Chicago: University of Chicago Press, 1997).
    Handle: RePEc:nbr:nberwo:4665

    Note: AG PE
    Contact details of provider:
    Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
    Phone: 617-868-3900
    Email:
    Web page: http://www.nber.org
    More information through EDIRC

    Related research

    Keywords:

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. E Philip Davis, 2005. "Challenges Posed by Ageing to Financial and Monetary Stability*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 30(4), pages 542-564, October.
    2. T.Y. Ermolieva & F.L. MacKellar & A. Westlund, 1999. "Robustness to Stochastic Shocks of Alternative Old-Age Pension Arrangements: Macroeconomic Stability," Working Papers, International Institute for Applied Systems Analysis ir99024, International Institute for Applied Systems Analysis.
    3. Olivia S. Mitchell & James F. Moore, 1997. "Retirement Wealth Accumulation and Decumulation: New Developments and Outstanding Opportunities," NBER Working Papers 6178, National Bureau of Economic Research, Inc.
    4. A. Westlund & T.Y. Ermolieva & F.L. MacKellar, 1999. "Analysis and Forecasting of Social Security: A Study of Robustness," Working Papers, International Institute for Applied Systems Analysis ir99004, International Institute for Applied Systems Analysis.
    5. Robert Holzmann, 2000. "Can Investments in Emerging Markets Help to Solve the Aging Problem?," CESifo Working Paper Series 304, CESifo Group Munich.
    6. Christian Helmenstein & Alexia Prskawetz & Yuri Yegorov, 2002. "Wealth and cohort size: stock market boom or bust ahead?," MPIDR Working Papers WP-2002-051, Max Planck Institute for Demographic Research, Rostock, Germany.
    7. Benjamin M. Friedman, 1995. "Economic Implications of Changing Share Ownership," NBER Working Papers 5141, National Bureau of Economic Research, Inc.
    8. Peter S. Yoo, 1997. "Population growth and asset prices," Working Papers, Federal Reserve Bank of St. Louis 1997-016, Federal Reserve Bank of St. Louis.
    9. Goyal, Amit, 2004. "Demographics, Stock Market Flows, and Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 39(01), pages 115-142, March.
    10. F.L. MacKellar & H. Reisen, 1998. "International Diversification of Pension Assets Is No Panacea for Population Aging," Working Papers, International Institute for Applied Systems Analysis ir98034, International Institute for Applied Systems Analysis.
    11. Douglas W. Elmendorf & Louise M. Sheiner, 2000. "Should America save for its old age? Population aging, national saving, and fiscal policy," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2000-03, Board of Governors of the Federal Reserve System (U.S.).
    12. F.L. MacKellar & T.Y. Ermolieva, 1999. "The IIASA Social Security Reform Project Multiregional Economic-Demographic Growth Model: Policy Background and Algebraic Structure," Working Papers, International Institute for Applied Systems Analysis ir99007, International Institute for Applied Systems Analysis.
    13. James M. Poterba, 1998. "Population Age Structure and Asset Returns: An Empirical Investigation," NBER Working Papers 6774, National Bureau of Economic Research, Inc.
    14. Tatiana Ermolieva & Landis Mackellar & Anders Westlund, 2001. "On Long-term Forecasting of Social Security: A Robustness Analysis," Quality & Quantity: International Journal of Methodology, Springer, Springer, vol. 35(1), pages 33-48, February.
    15. F.L. MacKellar & T.Y. Ermolieva & H. Reisen, 1999. "Globalization, Social Security, and International Transfers," Working Papers, International Institute for Applied Systems Analysis ir99056, International Institute for Applied Systems Analysis.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:4665. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.