[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
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