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Pension reform, savings behavior and corporate governance

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Author Info
Börsch-Supan, Axel () (Sonderforschungsbereich 504)
Winter, Joachim () (Mannheim Research Institute for the Economics of Aging (MEA))

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Abstract

France, Germany and Italy, to take the three largest economies in continental Europe, have large and ailing pay-as-you-go public pension systems, very thin capital markets, and low capital performance. This paper proposes to study these three issues together, taking Germany as an example. Specifically, we argue that pension reform, via a change in portfolio composition of households and a strengthening of corporate governance through institutional inves-tors, can have important beneficial side effects both in terms of capital efficiency. Discussions about pension reform should therefore be broader than the narrow debate on how to diffuse the future financial strain caused by population aging. We suggest that looking at pension reform and capital market problems together sheds additional and new light on the continuing debate about advantages and disadvantages of pay-as-you-go and fully funded pension systems.

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Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 99-48.

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Length: 30 pages
Date of creation: 26 Apr 1999
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Handle: RePEc:xrs:sfbmaa:99-48

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  21. Schnabel, Reinhold, 1999. "The Golden Years of Social Security -- Life-cycle Income, Pensions and Savings in Germany," Sonderforschungsbereich 504 Publications 99-40, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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  25. Börsch-Supan, Axel & Tumbarello, Patrizia & Palacios, Robert, 1999. "Pension systems in the Middle East and North Africa: A window of opportunity," Sonderforschungsbereich 504 Publications 99-44, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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  28. Schnabel, Reinhold, 1997. "Rates of Return of the German Pay-As-You-Go Pension System," Sonderforschungsbereich 504 Publications 98-56, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Lothar Essig, 2002. "Stockholding in Germany," MEA discussion paper series 02019, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
  2. Lothar Essig, 2002. "Stockholding in Germany," MEA discussion paper series 02019, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
  3. Axel Börsch-Supan, 2002. "Nach der Reform ist vor der Reform:Weitere Schritte für eine nachhaltige Reform der Altersvorsorge in Deutschland," MEA discussion paper series 02015, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
  4. Börsch-Supan, Axel & Eymann, Angelika, . "Household Portfolios in Germany," IVS discussion paper series 603, Institut für Volkswirtschaft und Statistik (IVS), University of Mannheim. [Downloadable!]
  5. Kai A. Konrad & Gert Wagner, 2000. "Reform of the Public Pension System in Germany," Discussion Papers of DIW Berlin 200, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  6. Robert Holzmann, 2000. "Can Investments in Emerging Markets Help to Solve the Aging Problem?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  7. Agar Brugiavini, 2002. "Savings: The Policy Debate in Europe," MEA discussion paper series 02018, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
    Other versions:
  8. Axel Börsch-Supan, 2002. "A Blue Print For Germany’s Pension Reform," MEA discussion paper series 02002, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
  9. Börsch-Supan, Axel & Eymann, Angelika, 0000. "Household Portfolios in Germany," Sonderforschungsbereich 504 Publications 00-15, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  10. Köke, Jens, 2001. "Corporate governance, market discipline, and productivity growth," ZEW Discussion Papers 01-55, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
  11. Axel Börsch-Supan, 2002. "Nach der Reform ist vor der Reform:Weitere Schritte für eine nachhaltige Reform der Altersvorsorge in Deutschland," MEA discussion paper series 02015, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
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