| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14343 |
| 来源ID | Working Paper 14343 |
| The Intergenerational Transfer of Public Pension Promises | |
| Robert Novy-Marx; Joshua D. Rauh | |
| 发表日期 | 2008-09-19 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | The value of pension promises already made by US state governments will grow to approximately $7.9 trillion in 15 years. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We conservatively predict a 50% chance of aggregate underfunding greater than $750 billion and a 25% chance of at least $1.75 trillion (in 2005 dollars). Adjusting for risk, the true intergenerational transfer is substantially larger. Insuring both taxpayers against funding deficits and plan participants against benefit reductions would cost almost $2 trillion today, even though governments portray state pensions as almost fully funded. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; National Fiscal Issues ; Subnational Fiscal Issues |
| URL | https://www.nber.org/papers/w14343 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572017 |
| 推荐引用方式 GB/T 7714 | Robert Novy-Marx,Joshua D. Rauh. The Intergenerational Transfer of Public Pension Promises. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14343.pdf（709KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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