Arbeitspapier

Generational Accounting, Solidarity and Pension Losses

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The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human capital. Stock market losses should be distributed smoothly over lifetime consumption by adjusting both current contributions and future entitlements. We present expressions for the substantial welfare losses involved in various practically relevant deviations from the optimal system.

Language: Englisch

Bibliographic citation: Series: Tinbergen Institute Discussion Paper ; No. 03-094/3

Classification: Wirtschaft
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
Social Security and Public Pensions

Subject: Saving & investment
Financial institutions
Pension funds
Private pensions
Social security and public pensions
Pensionskasse
Private Altersvorsorge
Finanzkrise
Gesetzliche Rentenversicherung
Generationengerechtigkeit
Solidarität
Generationengerechtigkeit
Portfolio-Management
Theorie

Event: Geistige Schöpfung

(who): Teulings, Coen N.
de Vries, Casper G.

Event: Veröffentlichung

(who): Tinbergen Institute

(where): Amsterdam and Rotterdam

(when): 2003

Handle: http://hdl.handle.net/10419/85758

Last update: 10.03.2025, 11:42 AM CET

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Object type

Arbeitspapier

Associated

Teulings, Coen N.
de Vries, Casper G.
Tinbergen Institute

Time of origin

2003

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