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Risk sharing and transition costs in the reform of pension systems in Europe

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  • David Miles
  • Allan Timmermann

Abstract

"Unfunded pay-as-you-go state pension schemes are financially unsustainable in Europe as elsewhere. Proponents of reform argue that, by switching to a fully funded scheme that takes advantage of the high return on assets such as equities, the solvency of the state scheme could be restored at little or no financial burden to current taxpayers. We show that this is mistaken for two reasons." Copyright Centre for Economic Policy Research, Center for Economic Studies, Maison des Sciences de l'Homme, 1999 .

Suggested Citation

  • David Miles & Allan Timmermann, 1999. "Risk sharing and transition costs in the reform of pension systems in Europe," Economic Policy, CEPR;CES;MSH, vol. 14(29), pages 251-286, October.
  • Handle: RePEc:bla:ecpoli:v:14:y:1999:i:29:p:251-286
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