Pensionomics

Name: Pensionomics
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 9783540325970
Price: 551.23 RON
Availability: InStock

On the Role of PAYGO in Pension Portfolios

Autor: Matthias F. Jäkel

Limbă:

Legare: Carte broșată

Editura: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Disponibilitate: În depozitul extern

Expediem în 5-8 zile

551.23 lei

Pensionomics puts forward a portfolio perspective on the combination of funded and unfunded pension...

Informații despre carte

Autor

Matthias F. Jäkel

Limbă

engleză

Legare

Carte - Carte broșată

Publicat

2006

Pagini

316

EAN

9783540325970

ISBN

3540325972

Enbook ID

01561727

Editura

Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Greutate

1030

Dimensiuni

155 x 235 x 19

Descriere completă

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. 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.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. Still, not all types of risk can be mitigated and macroeconomic endowment risk remains undiversifiable in any pension portfolio, even if it includes PAYGO elements.

S-ar putea să te intereseze

Clienții care au cumpărat această carte au mai cumpărat și

Cele mai căutate

Categories

Authors

Publishers

Produse

Produse

Cele mai căutate

Categories

Authors

Publishers

Produse

Produse

Pensionomics

On the Role of PAYGO in Pension Portfolios

Informații despre carte

Descriere completă

S-ar putea să te intereseze

Clienții care au cumpărat această carte au mai cumpărat și