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Optimal mix of funded and unfunded pension systems: the case of Luxembourg
GUIGOU, Jean-Daniel; Lovat, Bruno; SCHILTZ, Jang
2012
 

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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 <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.
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
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
Publisher :
University of Luembourg, Luxembourg, Luxembourg
Number of pages :
22
Available on ORBilu :
since 26 September 2013

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