On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds:
"In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
[2006]
|
| Schriftenreihe: | Policy research working paper
3966 |
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | "In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. The authors show that current proxies for the sustainable rate, including the Swedish "gyroscope," are not stable and propose an alternative measure that depends on the growth of the buffer-stock and the pay-as-you-go asset. Using a simple one-sector macroeconomic model that embeds a notional account pension system they then show how GDP indexed government bonds, if combined with the right measure for the sustainable rate of return on contributions, could be used to generate a sustainable and secure earnings-related pension system, without becoming a fiscal burden. The proposal is particularly attractive for countries considering reforms to earnings-related systems that have accumulated a large implicit pension debt. In this case, the government bonds allow the financing of this debt in a transparent way. The proposed mechanism can also facilitate the transition to a fully-funded pension system when the government bonds are allowed to be traded. "--World Bank web site |
| Beschreibung: | Includes bibliographical references Title from PDF file as viewed on 8/21/2006 |
| Beschreibung: | 1 Online-Ressource |
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| index_date | 2024-07-03T22:27:47Z |
| indexdate | 2024-07-10T09:54:31Z |
| institution | BVB |
| language | English |
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| spelling | Robalino, David A. Verfasser aut On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds David A. Robalino, Andras Bodor, Research working paper Collection Title:Policy [Washington, D.C] World Bank [2006] 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Policy research working paper 3966 Includes bibliographical references Title from PDF file as viewed on 8/21/2006 "In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. The authors show that current proxies for the sustainable rate, including the Swedish "gyroscope," are not stable and propose an alternative measure that depends on the growth of the buffer-stock and the pay-as-you-go asset. Using a simple one-sector macroeconomic model that embeds a notional account pension system they then show how GDP indexed government bonds, if combined with the right measure for the sustainable rate of return on contributions, could be used to generate a sustainable and secure earnings-related pension system, without becoming a fiscal burden. The proposal is particularly attractive for countries considering reforms to earnings-related systems that have accumulated a large implicit pension debt. In this case, the government bonds allow the financing of this debt in a transparent way. The proposed mechanism can also facilitate the transition to a fully-funded pension system when the government bonds are allowed to be traded. "--World Bank web site Online-Ausg Also available in print Government securities Pensions Retirement income Bodor, András Sonstige oth World Bank Sonstige oth Robalino, David A On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3966 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Robalino, David A. On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds Government securities Pensions Retirement income |
| title | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds |
| title_auth | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds |
| title_exact_search | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds |
| title_exact_search_txtP | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds |
| title_full | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds David A. Robalino, Andras Bodor, Research working paper Collection Title:Policy |
| title_fullStr | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds David A. Robalino, Andras Bodor, Research working paper Collection Title:Policy |
| title_full_unstemmed | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds David A. Robalino, Andras Bodor, Research working paper Collection Title:Policy |
| title_short | On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds |
| title_sort | on the financial sustainability of earnings related pension schemes with pay as you go financing and the role of government indexed bonds |
| topic | Government securities Pensions Retirement income |
| topic_facet | Government securities Pensions Retirement income |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3966 |
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