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Risiken im Lebenszyklus: Theorie und Evidenz

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  • Börsch-Supan, Axel

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    (Sonderforschungsbereich 504)

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    Abstract

    Individuals are exposed over the life cycle to considerable biometric, economic, family and political risks. Do we have the right institutions to cover these risks efficiently? We use the term “institutions“ in a broad sense comprising individual saving, family help, private insurances and finally the state with its social insurance systems. Where and when do these institutions work efficiently and effectively? Where and when do they fail? What needs to be done to improve them? How does modern „social risk management“ look like? The paper sketches the theoretical underpinnings of saving behavior, portfolio choice and insurance demand and collects the empirical evidence in order to draw economic policy conclusions.

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    File URL: http://www.sfb504.uni-mannheim.de/publications/dp05-05.pdf
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    Bibliographic Info

    Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 05-05.

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    Length: 20 pages
    Date of creation: 09 Feb 2005
    Date of revision:
    Handle: RePEc:xrs:sfbmaa:05-05

    Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
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    1. Storesletten, Kjetil & Telmer, Chris I. & Yaron, Amir, 1999. "The risk-sharing implications of alternative social security arrangements," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 50(1), pages 213-259, June.
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    4. Kenneth R. French & James M. Poterba, 1991. "Investor Diversification and International Equity Markets," NBER Working Papers 3609, National Bureau of Economic Research, Inc.
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    6. Miles S. Kimball, 1989. "Precautionary Saving in the Small and in the Large," NBER Working Papers 2848, National Bureau of Economic Research, Inc.
    7. Hans-Werner Sinn, 1995. "Social Insurance, Incentives, and Risk Taking," NBER Working Papers 5335, National Bureau of Economic Research, Inc.
    8. John McHale, 2001. "The Risk of Social Security Benefit-Rule Changes: Some International Evidence," NBER Chapters, in: Risk Aspects of Investment-Based Social Security Reform, pages 247-290 National Bureau of Economic Research, Inc.
    9. Dirk Krueger & Felix Kubler, 2002. "Intergenerational Risk-Sharing via Social Security when Financial Markets Are Incomplete," American Economic Review, American Economic Association, vol. 92(2), pages 407-410, May.
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    11. Alessie, R.J.M. & Kapteyn, A. & Klijn, F.E., 1997. "Mandatory pensions and personal savings in The Netherlands," Open Access publications from Tilburg University urn:nbn:nl:ui:12-74171, Tilburg University.
    12. Sita Nataraj & John B. Shoven, 2003. "Comparing the Risks of Social Security with and without Individual Accounts," American Economic Review, American Economic Association, vol. 93(2), pages 348-353, May.
    13. Euwals, Rob, 2000. "Do Mandatory Pensions Decrease Household Savings? Evidence for the Netherlands," IZA Discussion Papers 113, Institute for the Study of Labor (IZA).
    14. Zeldes, Stephen P, 1989. "Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 275-98, May.
    15. Robert J. Shiller, 2003. "Social Security and Individual Accounts as Elements of Overall Risk-Sharing," American Economic Review, American Economic Association, vol. 93(2), pages 343-347, May.
    16. James M. Poterba & David A. Wise, 1998. "Individual Financial Decisions in Retirement Saving Plans and the Provision of Resources for Retirement," NBER Chapters, in: Privatizing Social Security, pages 363-401 National Bureau of Economic Research, Inc.
    17. von Gaudecker, Hans-Martin & Weber II, Carsten, 2003. "Surprises in a Growing Market Niche - An Evaluation of the German Private Annuities Market," Sonderforschungsbereich 504 Publications 03-08, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
    18. James M. Poterba, 2004. "Portfolio risk and self-directed retirement saving programmes," Economic Journal, Royal Economic Society, vol. 114(494), pages C26-C51, 03.
    19. R. Glenn Hubbard & Jonathan S. Skinner, 1996. "Assessing the Effectiveness of Saving Incentives," NBER Working Papers 5686, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Heidler, Matthias & Raffelhüschen, Bernd, 2005. "How risky is the German pension system? The volatility of the internal rates of return," Discussion Papers 138, Institut für Finanzwissenschaft, Albert-Ludwigs-Universität Freiburg.
    2. Heidler, Matthias & Raffelhüschen, Bernd, 2005. "How risky is the German pension system? The volatility of the internal rates of return," FZG Discussion Papers 6, Research Center for Generational Contracts (FZG), University of Freiburg.

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