| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14427 |
| 来源ID | Working Paper 14427 |
| The True Cost of Social Security | |
| Alexander W. Blocker; Laurence J. Kotlikoff; Stephen A. Ross | |
| 发表日期 | 2008-10-21 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Implicit government obligations represent the lion's share of government liabilities in the U.S. and many other countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example is the U.S. Social Security System's net liability to working-age Americans. Marking this debt to market makes a big difference; its market value is 23 percent larger than the Social Security trustees' valuation method suggests. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions ; Corporate Finance ; Public Economics ; Taxation ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w14427 |
| 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/572102 |
| 推荐引用方式 GB/T 7714 | Alexander W. Blocker,Laurence J. Kotlikoff,Stephen A. Ross. The True Cost of Social Security. 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 | ||
| w14427.pdf（349KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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