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Risk aspects of investment-based social security reform [electronic resource] / edited by John Y. Campbell and Martin Feldstein.

Contributor(s): Campbell, John Y | Feldstein, Martin S.
Material type: TextTextSeries: Conference report (National Bureau of Economic Research): Publisher: Chicago : University of Chicago Press, 2001Description: 1 online resource (xi, 496 p.) : ill.ISBN: 9780226092560 (electronic bk.); 0226092569 (electronic bk.).Subject(s): Social security -- United States -- Finance -- Congresses | Social security -- United States -- Congresses | Privatization -- United States -- Congresses | Privatization | Social security | S�ecurit�e sociale -- �Etats-Unis -- Finances -- Congr�es | S�ecurit�e sociale -- �Etats-Unis -- Congr�es | Privatisation -- �Etats-Unis -- Congr�es | POLITICAL SCIENCE -- Public Policy -- Social Security | Sociale zekerheid | Hervormingen | Privatisering | Investeringen | Risicoanalyse | PensioenGenre/Form: Electronic books.Additional physical formats: Print version:: Risk aspects of investment-based social security reform.DDC classification: 368.4/3/00973 Online resources: EBSCOhost
Contents:
Asset allocation and risk allocation: can Social Security improve its future solvency problem by investing in private securities? -- The transition to investment-based social security when portfolio returns and capital profitability are uncertain -- The effect of pay-when-needed benefit guarantees on the impact of Social Security privatization -- Can market and voting institutions generate optimal intergenerational risk sharing? -- The Social Security Trust Fund, the riskless interest rate, and capital accumulation -- Social Security and demographic uncertainty: the risk-sharing properties of alternative policies -- The risk of Social Security benefit-rule changes: some international evidence -- Financial engineering and Social Security reform -- The role of real annuities and indexed bonds in an individual accounts retirement program -- The role of international investment in a privatized social security system -- Investing retirement wealth: a life-cycle model.
Summary: Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce--such as the volatility in the market prices of investment a.
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Papers presented at a NBER conference held in Islamorala, Florida, January, 1999.

Includes bibliographical references and indexes.

Asset allocation and risk allocation: can Social Security improve its future solvency problem by investing in private securities? -- The transition to investment-based social security when portfolio returns and capital profitability are uncertain -- The effect of pay-when-needed benefit guarantees on the impact of Social Security privatization -- Can market and voting institutions generate optimal intergenerational risk sharing? -- The Social Security Trust Fund, the riskless interest rate, and capital accumulation -- Social Security and demographic uncertainty: the risk-sharing properties of alternative policies -- The risk of Social Security benefit-rule changes: some international evidence -- Financial engineering and Social Security reform -- The role of real annuities and indexed bonds in an individual accounts retirement program -- The role of international investment in a privatized social security system -- Investing retirement wealth: a life-cycle model.

Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce--such as the volatility in the market prices of investment a.

Description based on print version record.

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