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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/20197| Title: | Generational accounting, solidarity and pension losses |
| Keywords: | J32 H55 G23 G2 E2 ddc:330 saving and investment pension funds private pensions social security and public pensions financial institutions Pensionsfonds Private Rentenversicherung Börsenkrise Gesetzliche Rentenversicherung Intergenerative Belastungsrechnung Solidarität Generationenbeziehungen Portfolio-Management Theorie |
| Issue Date: | 16-Oct-2013 |
| Publisher: | |
| Description: | The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational accounts. Using modern portfolio and consumption planning theory we show that the younger generations should have the higher equity exposure due to their human capital. Capital losses should be distributed smoothly over lifetime consumption. When stock markets are depressed equity should be bought, savings and consumption should be scaled down equiproportionally, and retirement should be postponed. Portfolio investment restrictions are quite costly. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/20197 |
| Other Identifiers: | http://hdl.handle.net/10419/20197 ppn:377366889 |
| Appears in Collections: | EconStor |
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