Download PDF by A. Simonovits: Modeling Pension Systems

By A. Simonovits

ISBN-10: 1403915245

ISBN-13: 9781403915245

The difficulty of unfunded public pension platforms has moved to the heart of public debate around the world. regrettably, a wide a part of the discussions have remained on a qualitative point. This e-book seeks to deal with this via supplying distinctive wisdom on modeling pension structures.

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The repayment starts at age L and ends at age L + S, the repayment is equal to Xi, i = L,... ,L + S. There are two variants, (a) In case of a traditional bank loan, the repayment time S + 1 is given and the value of the annual repayment is constant (here in real terms, in reality in nominal terms): Xi = xi. (b) In the case of an income-contingent student loan, the value of the annual repayment is proportional to concurrent earnings: x\ = t;Wi, and the repayment time is endogenous. 02, where Wi = wo£l\ Si = 250 HUFs in the 26 Part I.

There are two variants, (a) In case of a traditional bank loan, the repayment time S + 1 is given and the value of the annual repayment is constant (here in real terms, in reality in nominal terms): Xi = xi. (b) In the case of an income-contingent student loan, the value of the annual repayment is proportional to concurrent earnings: x\ = t;Wi, and the repayment time is endogenous. 02, where Wi = wo£l\ Si = 250 HUFs in the 26 Part I. Micro level Summer, 2002. 00, respectively. 2. Describe the relevant relations of the two types of student loan, when Sa = 10 years.

2 Source: Alier-Vittas (2001, p. 7. Remark. 2*) above. 5% on average plus by 1% for seniority) for 40 years and lived in retirement for 20 years. As indicators of the performance of the systems, the authors show both the accumulated capital and the pension in terms of final earnings. 5% for annuity of constant real value. The authors consider four different portfolio strategies; two undiversified portfolios, 1) equities only: 100-0-0, 2) bonds only: 0-100-0; two balanced portfolios, 3) US-type: 60-3010 and 4) Chile-type: 30-60-10, and contrast them with the baseline case, where the return on the pension fund investment is constant over time.

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Modeling Pension Systems by A. Simonovits


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