Pension reform, savings behavior and corporate governance
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.
|Date of creation:||26 Apr 1999|
|Date of revision:|
|Note:||Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504 at the University of Mannheim, is gratefully acknowledged.|
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- Börsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 1999. "Ersparnisbildung in Deutschland: Meßkonzepte und Ergebnisse auf Basis der EVS," Sonderforschungsbereich 504 Publications 99-02, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Robert E. Hall & Charles I. Jones, .
"The Productivity of Nations,"
96012, Stanford University, Department of Economics.
- Axel Borsch-Supan & Reinhold Schnabel, 1999.
"Social Security and Retirement in Germany,"
in: Social Security and Retirement around the World, pages 135-180
National Bureau of Economic Research, Inc.
- Börsch-Supan, Axel & Schnabel, Reinhold, 1997. "Social security and retirement in germany," Sonderforschungsbereich 504 Publications 97-20, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Axel Borsch-Supan & Reinhold Schnabel, 1997. "Social Security and Retirement in Germany," NBER Working Papers 6153, National Bureau of Economic Research, Inc.
- 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.
- Borsch-Supan, Axel & Schnabel, Reinhold, 1998. "Social Security and Declining Labor-Force Participation in Germany," American Economic Review, American Economic Association, vol. 88(2), pages 173-78, May.
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