Pension reform, savings behavior and corporate governance

Axel Börsch-Supan () and Joachim Winter ()
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Axel Börsch-Supan: Sonderforschungsbereich 504, Postal: L 13, 15, D-68131 Mannheim

No 99-48, Sonderforschungsbereich 504 Publications from Sonderforschungsbereich 504, Universität Mannheim, Sonderforschungsbereich 504, University of Mannheim

Abstract: France, Germany and Italy, to take the three largest economies in continental Europe, have large and ailing pay-as-you-go public pension systems, very thin capital markets, and low capital performance. This paper proposes to study these three issues together, taking Germany as an example. Specifically, we argue that pension reform, via a change in portfolio composition of households and a strengthening of corporate governance through institutional inves-tors, can have important beneficial side effects both in terms of capital efficiency. Discussions about pension reform should therefore be broader than the narrow debate on how to diffuse the future financial strain caused by population aging. We suggest that looking at pension reform and capital market problems together sheds additional and new light on the continuing debate about advantages and disadvantages of pay-as-you-go and fully funded pension systems.

Pages: 30 pages
Date: 1999-04-26
New Economics Papers: this item is included in nep-cdm, nep-fin, nep-pke and nep-pub
Note: Financial Support from the Deutsche Forschungsgemeinschaft, SFB 504 at the University of Mannheim, is gratefully acknowledged.
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Citations: View citations in EconPapers (17)

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