Pensions and Intergenerational Risk‐sharing in General Equilibrium

Roel Beetsma and Lans Bovenberg

Economica, 2009, vol. 76, issue 302, 364-386

Abstract: We investigate intergenerational risk‐sharing in two‐pillar pension systems with a pay‐as‐you‐go pillar and a funded pillar. The funded pension pillar can be either defined contribution or defined benefit. Only a defined‐benefit scheme with an appropriate investment policy establishes optimal intergenerational risk‐sharing. We show how the pension system affects capital markets in general and the equity premium in particular.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:bla:econom:v:76:y:2009:i:302:p:364-386

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