Reference : Optimal mix of funded and unfunded pension systems: the case of Luxembourg
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Business & economic sciences : Finance
http://hdl.handle.net/10993/6905
Optimal mix of funded and unfunded pension systems: the case of Luxembourg
English
Guigou, Jean-Daniel mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF) >]
Lovat, Bruno [> >]
Schiltz, Jang mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF) >]
2012
University of Luembourg
LSF Working Papers 2012-13
22
No
Luxembourg
Luxembourg
[en] Pension systems ; Pay-as-you-go ; Semiparametric mixture model ; Salary trajectories
[en] Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system
<br />and hence on an inter-generational contract. As is the case for most other European
<br />countries, this system will be exposed to the effects of demographic ageing over the coming
<br />decades.
<br />The aim of this paper is to develop a model that allows to evaluate the efficiency of a
<br />diversified pension system financed partly by a pay-as-you-go scheme and partly by
<br />capitalisation. The efficiency is measured by the long term sustainability of the system. We
<br />compare the sustainability of our model to the one of a pure pay-as-you-go system.
http://hdl.handle.net/10993/6905
also: http://hdl.handle.net/10993/8274
http://wwwen.uni.lu/recherche/fdef/luxembourg_school_of_finance_research_in_finance/working_papers/working_papers_2012

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