| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4197 |
| DP4197 Should Courts Always Enforce What Contracting Parties Write? | |
| Luca Anderlini; Leonardo Felli; Andrew Postlewaite | |
| 发表日期 | 2004-01-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generational accounts. Using modern portfolio and consumption planning theory we show that the younger generations should have the higher equity exposure due to their human capital. Capital losses should be distributed smoothly over lifetime consumption. When stock markets are depressed equity should be bought, savings and consumption should be scaled down equiproportionally, and retirement should be postponed. Portfolio investment restrictions are quite costly. |
| 主题 | Financial Economics ; Labour Economics |
| 关键词 | Saving & investment Financial institutions Pension funds Private pensions Social security and public pensions |
| URL | https://cepr.org/publications/dp4197 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533165 |
| 推荐引用方式 GB/T 7714 | Luca Anderlini,Leonardo Felli,Andrew Postlewaite. DP4197 Should Courts Always Enforce What Contracting Parties Write?. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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