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Ertragsrisken kapitalgedeckter Pensionssysteme

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  • Thomas Url

    (WIFO)

Abstract

Die Umstellung des bestehenden Pensionsversicherungssystems auf ein Kapitaldeckungsverfahren wurde in den letzten Jahren vor allem in Deutschland mehrfach gefordert. Neben demographischem Wandel werden auch höheres Wirtschaftswachstum, positive Beschäftigungseffekte und die vergleichsweise hohe Rendite von Kapitalanlagen als Gründe für einen vollständigen Systemwechsel angegeben. Kritiker bezweifeln die Gültigkeit der Annahmen über die Reaktion des gesamtwirtschaftlichen Sparens bzw. des Arbeitskräfteangebotes in solchen Modellen. Die – gemessen an der internen Rendite des Pensionsversicherungssystems – höhere Rendite einer Veranlagung auf dem Kapitalmarkt kann für sich allein kein Grund zur vollständigen Umstellung auf eine Kapitaldeckung sein.

Suggested Citation

  • Thomas Url, 2001. "Ertragsrisken kapitalgedeckter Pensionssysteme," WIFO Monatsberichte (monthly reports), WIFO, vol. 74(2), pages 121-128, February.
    • Handle: RePEc:wfo:monber:y:2001:i:2:p:121-128
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    References listed on IDEAS

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    1. Martin Feldstein & Elena Ranguelova, 2001. "Accumulated Pension Collars: A Market Approach to Reducing the Risk of Investment-Based Social Security Reform," NBER Chapters, in: Tax Policy and the Economy, Volume 15, pages 149-166, National Bureau of Economic Research, Inc.
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