Detail práce

Pension Systems in a World with Stagnant Population and Market Inefficiencies: A Comparison

Autor: Mgr. Martin Štěpánek
Rok: 2014 - letní
Vedoucí: PhDr. Jaromír Baxa Ph.D.
Typ práce: Diplomová
Finance, finanční trhy a bankovnictví
Jazyk: Anglicky
Stránky: 118
Ocenění: Pochvala děkana Fakulty sociálních věd za vynikající výkon u státních zkoušek a za vynikající diplomovou práci.
Abstrakt: Financial unsustainability of pension systems in developed economies looms
large on the horizon due to increasing life expectancy and continuous drop in
fertility. In spite of a broad discussion, there has been but a little consensus
on appropriate remedy. Besides, the theoretical arguments supporting funded
pension systems often build upon the unrealistic assumption of stable financial
markets and fair transformation of saved funds into retirement benefits. This
work provides an insight into performance of various pension systems in real-
world conditions using large-scale simulations of an overlapping generations
model based on existing pension schemes in the Czech Republic, Sweden, and
Chile. Specifically, my model assumes adverse demographics, individual un-
certainty, volatile financial markets’ returns, and administrative costs to affect
social security systems and estimates magnitude of the effects. According to
the results, each pension system seems to be partially advantageous - in pro-
motion of economic growth, level of retirement benefits, or protection against
market risks - but no scheme is dominant or dominated overall


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