Modeling Pension Systems

✍ Scribed by Andrus Simonovits

• Publisher: Palgrave Macmillan
• Year: 2004
• Tongue: English
• Leaves: 257
• Category: Library

✦ Synopsis

The issue of unfunded public pension systems has moved to the center of public debate all over the world. Unfortunately, a large part of the discussions have remained on a qualitative level. This book seeks to address this by providing detailed knowledge on modeling pension systems.

✦ Table of Contents

Cover......Page 1
Half Title......Page 2
Title......Page 4
Copyright......Page 5
Contents......Page 10
List of figures......Page 13
List of tables......Page 15
Introduction......Page 18
Part I Micro level......Page 22
1 Life cycle......Page 24
2 Life insurance with life annuity......Page 31
3 Fully funded systems......Page 38
4 Unfunded systems......Page 49
5 Mixed systems......Page 66
6 Contributions, taxes and inflation......Page 72
Part II Macro level......Page 80
7 Demographic processes......Page 82
8 Macroeconomics of pension systems......Page 93
9 Transition between pension systems......Page 105
10 Distribution of pensions......Page 114
Part III Special topics......Page 120
11 Optimal consumption path......Page 122
12 Flexible retirement......Page 131
13 A closed model of overlapping cohorts......Page 148
14 Macroeffects of combined indexation......Page 156
15 Prefunding the unfunded system......Page 161
16 A dynamic model of the German pension reform......Page 176
17 Political models......Page 184
18 Generational pension accounting for Hungary......Page 191
19 Closing remarks......Page 194
A Designing optimal linear benefit rules......Page 196
B Overlapping generations......Page 203
Solutions to problems......Page 215
Notations (in alphabetical order)......Page 224
References......Page 230
Index......Page 247