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Beetsma, R. and Bovenberg, A. (2009). Pensions and intergenerational risk-sharing in general equilibrium Economica, 76(302):364--386.

  • Journal
    Economica
View publication

We investigate intergenerational risk-sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. The funded pension pillar can be either defined contribution or defined benefit. Only a defined-benefit scheme with an appropriate investment policy establishes optimal intergenerational risk-sharing. We show how the pension system affects capital markets in general and the equity premium in particular.