Risk aspects of investment-based social security reform:
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Bibliographische Detailangaben
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Chicago University of Chicago Press 2001
Schriftenreihe:Conference report (National Bureau of Economic Research)
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Beschreibung:Papers presented at a NBER conference held in Islamorala, Florida, January, 1999
Includes bibliographical references and indexes
Asset allocation and risk allocation: can Social Security improve its future solvency problem by investing in private securities? -- The transition to investment-based social security when portfolio returns and capital profitability are uncertain -- The effect of pay-when-needed benefit guarantees on the impact of Social Security privatization -- Can market and voting institutions generate optimal intergenerational risk sharing? -- The Social Security Trust Fund, the riskless interest rate, and capital accumulation -- Social Security and demographic uncertainty: the risk-sharing properties of alternative policies -- The risk of Social Security benefit-rule changes: some international evidence -- Financial engineering and Social Security reform -- The role of real annuities and indexed bonds in an individual accounts retirement program -- The role of international investment in a privatized social security system -- Investing retirement wealth: a life-cycle model
Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce--such as the volatility in the market prices of investment a
Beschreibung:1 Online-Ressource (xi, 496 pages)
ISBN:0226092569
9780226092553
9780226092560

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