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Pension Systems, Demographic Change, and the Stock Market

Part of the Lecture Notes in Economics and Mathematical Systems Book Series (volume 610)

DOI: 10.1007/978-3-540-77972-8

ISBN: 978-3-540-77971-1

Publisher: Springer Berlin Heidelberg - Springer Journals

Jan 1, 2008

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Introduction

Pages: 1 –7

[One of the greatest challenges faced by virtually all industrialized nations is the demographic change within their populations. There are two major developments which are responsible for this phenomenon. Firstly, a constant improvement in health care and medical advancements resulting in a...
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The General Model

Pages: 11 –54

[Following the modeling strategy proposed in the introduction the following two chapters develop a theoretical framework that forms the basis for the subsequent study of pension systems and the issues motivated above. In this regard, the present chapter introduces the basic setup of the model...
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The Parameterized Model

Pages: 55 –98

[This chapter refines the general framework developed in the previous sections by making specific assumptions on the microeconomic characteristics of consumers and firms. The goal is to obtain a particular parametrization which admits closed form solutions to the model’s equations. This is...
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Pension Systems in the Presence of a Stationary Population

Pages: 101 –143

[The parameterized framework developed in the previous chapter offers a rich set of possibilities to study the role of a pension system as well as the issue of demographic change. In this regard, the explicit modeling approach adopted in this work entails two distinctive advantages. Firstly, it...
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Pension Systems in the Presence of Demographic Change

Pages: 145 –167

[The introduction as well as the discussion in Section 2.6 has revealed that the predicted change in the German population structure over the next fifty years entails serious consequences for the public pension system. Against this background, the question how the pension system should be...
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Conclusions and Outlook

Pages: 169 –171

[The macroeconomic model developed in the first part of this dissertation provides a comprehensive theoretical framework to analyze the interactions between a public pension system and real and financial markets as well as the consequences of demographic change. The model complements existing...

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