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Intergenerational Risk Sharing

In: Handbook of the Economics of Population Aging

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  • Beetsma, R.
  • Romp, W.

Abstract

This chapter reviews the literature on intergenerational risk sharing (IRS). We explore to what extent and how a market economy with an appropriate institutional setting can replicate a social planner's solution in models with increasing levels of complexity. In particular, we do this for different combinations of pay-as-you-go and funded pension arrangements, after which we turn to the role of public debt policy in promoting IRS. Existing studies show the potential welfare improvements of IRS. We highlight a number of real-world obstacles that limit the gains from IRS, including transitional issues, labor market distortions, participation constraints, and political factors. This is followed by a review of policy options to promote IRS and to deal with these obstacles. Finally, we identify a number of gaps in the literature on IRS.

Suggested Citation

  • Beetsma, R. & Romp, W., 2016. "Intergenerational Risk Sharing," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 311-380, Elsevier.
    • Handle: RePEc:eee:hapoch:v1_311
    DOI: 10.1016/bs.hespa.2016.05.004
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    6. Daniel Dimitrov, 2022. "Intergenerational Risk Sharing with Market Liquidity Risk," Tinbergen Institute Discussion Papers 22-028/VI, Tinbergen Institute.
    7. Kastelein, Pim B. & Romp, Ward E., 2020. "Pension Fund Restoration Policy In General Equilibrium," Macroeconomic Dynamics, Cambridge University Press, vol. 24(7), pages 1785-1814, October.
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    More about this item

    Keywords

    Intergenerational risk sharing; Pay-as-you-go pensions; Funded pensions; Public debt; Social planner; Welfare; Ageing; Participation constraints; E20; E62; H31; H55; H63; J11; J26;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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