Article (Scientific journals)
Optimal mix of funded and unfunded pension systems: The case of Luxembourg
Guigou, Jean-Daniel; Lovat, Bruno; Schiltz, Jang
2012In Pensions, 17 (4), p. 208-222
Peer reviewed
 

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Keywords :
pension systems; pay-as-you-go; semiparametric mixture model; salary trajectories
Abstract :
[en] Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system and hence on an intergenerational contract. As is the case for most other European countries, this system will be exposed to the effects of demographic ageing over the coming decades. The aim of this article is to develop a model that allows evaluating the effi ciency of a diversifi ed pension system fi nanced partly by a PAYG scheme and partly by capitalization. The efficiency is measured by the long-term sustainability of the system. We compare the sustainability of our model with the one of a pure PAYG system.
Disciplines :
Finance
Author, co-author :
Guigou, Jean-Daniel ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF)
Lovat, Bruno;  Université de Lorraine
Schiltz, Jang ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF)
Language :
English
Title :
Optimal mix of funded and unfunded pension systems: The case of Luxembourg
Publication date :
2012
Journal title :
Pensions
ISSN :
1478-5315
Publisher :
Palgrave Macmillan Ltd.
Volume :
17
Issue :
4
Pages :
208-222
Peer reviewed :
Peer reviewed
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since 11 August 2013

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