Risk, return and portfolio allocation under alternative pension systems with incomplete and imperfect financial markets

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Miles, D.; Černý, A.;

This article uses stochastic simulations on a calibrated model to assess the impact of different pension reform strategies where financial markets are less than perfect. We investigate the optimal split between funded and unfunded systems when there are sources of unins... View more
  • References (1)

    Feldstein, M. (1996), “The missing piece in policy analysis: social security reform”, American Economic Review, May 1996, pp. 1-14.

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