PKK Library

Your cart is empty.

Welcome to P K Kelkar Library, Online Public Access Catalogue (OPAC)

Normal view MARC view ISBD view

Pensionomics : On the Role of PAYGO in Pension Portfolios /

By: J�kel, Matthias F [author.1].
Contributor(s): SpringerLink (Online service)0.
Material type: materialTypeLabelBookSeries: Lecture Notes in Economics and Mathematical Systems, 5720.Berlin, Heidelberg : Springer Berlin Heidelberg, 2006. Description: XII, 316 p. online resource.Content type: text Media type: computer Carrier type: online resourceISBN: 9783540346692.Subject(s): Macroeconomics. 0 | Public finance. 0 | Social policy. 0 | Population. 0 | Aging. 0 | Demography.14 | Economics.24 | Macroeconomics/Monetary Economics//Financial Economics.24 | Population Economics.24 | Social Policy.24 | Public Economics.24 | Demography.24 | Aging.2DDC classification: 339 Online resources: Click here to access online
Contents:
The Problem -- Global Aging and Pensionomics -- Methodical Foundation -- The Model -- Tradable Human Capital -- Replication with PAYGO -- The Implications -- Discussion and Assessment -- Conclusion and Further Research.
In: Springer eBooks08Summary: Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital: if risk-averse investors were able to directly invest into the present value of future labour income, they would allocate their pension portfolios in both human and physical capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution. This replication works regardless of the demographic development.Therefore, PAYGO should play a key role in optimising the risk-return combinations for old-age savings. 0
    average rating: 0.0 (0 votes)
Item type Current location Call number Status Date due Barcode Item holds
PK Kelkar Library, IIT Kanpur
Available EBK5715
Total holds: 0

The Problem -- Global Aging and Pensionomics -- Methodical Foundation -- The Model -- Tradable Human Capital -- Replication with PAYGO -- The Implications -- Discussion and Assessment -- Conclusion and Further Research.

Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension arrangements. In a second-best type argument it is formally shown that a Pay-As-You-Go pension system can substitute the tradability of human capital: if risk-averse investors were able to directly invest into the present value of future labour income, they would allocate their pension portfolios in both human and physical capital. While this ideal form of diversification can not be implemented due to the imperfection of capital markets, one can design a typical Pay-As-You-Go system in such a way that it allows for the same intertemporal consumption allocations as the first-best solution. This replication works regardless of the demographic development.Therefore, PAYGO should play a key role in optimising the risk-return combinations for old-age savings. 0

There are no comments for this item.

Log in to your account to post a comment.

Powered by Koha