Modelling Pension Systems

The issue of unfunded public pension systems have moved to the centre of public debate all over the world. Unfortunately, a large part of the discussions have remained on a qualitative level. This book seeks to address this by providing detailed knowledge on modelling pension systems. Front Matter....Pages i-xvi Introduction....Pages 1-3 Front Matter....Pages 5-5 Life cycle....Pages 7-13 Life insurance with life annuity....Pages 14-20 Fully funded systems....Pages 21-31 Unfunded systems....Pages 32-48 Mixed systems....Pages 49-54 Contributions, taxes and inflation....Pages 55-62 Front Matter....Pages 63-63 Demographic processes....Pages 65-75 Macroeconomics of pension systems....Pages 76-87 Transition between pension systems....Pages 88-96 Distribution of pensions....Pages 97-102 Front Matter....Pages 103-103 Optimal consumption path....Pages 105-113 Flexible retirement....Pages 114-130 A closed model of overlapping cohorts....Pages 131-138 Macroeffects of combined indexation....Pages 139-143 Prefunding the unfunded system....Pages 144-158 A dynamic model of the German pension reform....Pages 159-166 Political models....Pages 167-173 Generational pension accounting for Hungary....Pages 174-176 Closing remarks....Pages 177-178 Back Matter....Pages 179-236 The issue of unfunded public pension systems has moved to the centre of public debate all over the world. Unfortunately, a large part of the discussions have remained on a qualitative level. This book seeks to address this by providing detailed knowledge on modelling pension systems