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Welfare Gains from a Capital Market Union with Capital-Funded Pensions

In: The Future of Pension Plans in the EU Internal Market

Author

Listed:
  • Thomas Davoine

    (Institute for Advanced Studies (IHS))

  • Susanne Forstner

    (Institute for Advanced Studies (IHS))

Abstract

We analyze and compare the long-run effects for a country introducing a capital-funded pension pillar in two scenarios: The case of separate capital markets, on the one hand, and the case of integrated capital markets (a capital market union), on the other hand. Our analysis is based on simulations with a large-scale overlapping-generations model. We find that, in the long run, the introduction of capital-funded pensions is more attractive in integrated capital markets than in separated capital markets, if other countries in the integrated capital market have pay-as-you-go pension systems.

Suggested Citation

  • Thomas Davoine & Susanne Forstner, 2019. "Welfare Gains from a Capital Market Union with Capital-Funded Pensions," Financial and Monetary Policy Studies, in: Nazaré da Costa Cabral & Nuno Cunha Rodrigues (ed.), The Future of Pension Plans in the EU Internal Market, pages 145-160, Springer.
    • Handle: RePEc:spr:fimchp:978-3-030-29497-7_9
    DOI: 10.1007/978-3-030-29497-7_9
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