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Rentabilitätsvergleiche im Umlage- und Kapitaldeckungsverfahren: Konzepte, empirische Ergebnisse, sozialpolitische Konsequenzen


  • Börsch-Supan, Axel

    () (Sonderforschungsbereich 504)


In the discussion of a pension reform, an important issue is the difference of the return between a PAYG and a funded system. It is not as straightforward as often suggested, because problems like risk, insurance, and the transition to a reformed system have to be considered. This paper discusses the theoretical background of this issue and presents empirical estimates of the current and simulation results for the future development of the relevant rates of return. Conclusions are drawn for a reform of the pension system.

Suggested Citation

  • Börsch-Supan, Axel, 2000. "Rentabilitätsvergleiche im Umlage- und Kapitaldeckungsverfahren: Konzepte, empirische Ergebnisse, sozialpolitische Konsequenzen," Sonderforschungsbereich 504 Publications 00-27, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  • Handle: RePEc:xrs:sfbmaa:00-27 Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.

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    References listed on IDEAS

    1. Wenger, E & Kaserer, C, 1997. "The German System of Corporate Governance - A Model Which Should Not Be Imitated," Papers 14, American Institute for Contemporary German Studies-.
    2. Bodie, Zvi & Merton, Robert C. & Samuelson, William F., 1992. "Labor supply flexibility and portfolio choice in a life cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 16(3-4), pages 427-449.
    3. Lang, Oliver & Nohrba[ss], Karl-Heinz & Stahl, Konrad, 1997. "On income tax avoidance: the case of Germany," Journal of Public Economics, Elsevier, vol. 66(2), pages 327-347, November.
    4. Bertaut, Carol C. & Haliassos, Michael, 1997. "Precautionary portfolio behavior from a life-cycle perspective," Journal of Economic Dynamics and Control, Elsevier, vol. 21(8-9), pages 1511-1542, June.
    5. Hochguertel, Stefan & Alessie, Rob & van Soest, Arthur, 1997. " Saving Accounts versus Stocks and Bonds in Household Portfolio Allocation," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(1), pages 81-97, March.
    6. Haliassos, Michael & Bertaut, Carol C, 1995. "Why Do So Few Hold Stocks?," Economic Journal, Royal Economic Society, vol. 105(432), pages 1110-1129, September.
    7. Börsch-Supan, Axel & Euwals, Rob & Eymann, Angelika, 1999. "Portfolio Choice with Behavioral Decision Mechanisms," Sonderforschungsbereich 504 Publications 99-37, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
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