TY  - BOOK
AU  - Campbell,John Y.
AU  - Feldstein,Martin S.
TI  - Risk aspects of investment-based social security reform
T2  - National Bureau of Economic Research conference report
SN  - 9780226092560 (electronic bk.)
AV  - HD7125 .R57 2001eb
U1  - 368.4/3/00973 22
PY  - 2001///
CY  - Chicago
PB  - University of Chicago Press
KW  - Social security
KW  - United States
KW  - Finance
KW  - Congresses
KW  - Privatization
KW  - Sécurité sociale
KW  - États-Unis
KW  - Finances
KW  - Congrès
KW  - Privatisation
KW  - POLITICAL SCIENCE
KW  - Public Policy
KW  - Social Security
KW  - bisacsh
KW  - Sociale zekerheid
KW  - gtt
KW  - Hervormingen
KW  - Privatisering
KW  - Investeringen
KW  - Risicoanalyse
KW  - Pensioen
KW  - სოციალური უზრუნველყოფა აშშ
KW  - კონფერენციები
KW  - Electronic books
N1  - Papers presented at a NBER conference held in Islamorala, Florida, January, 1999; Includes bibliographical references and indexes; Asset allocation and risk allocation: can Social Security improve its future solvency problem by investing in private securities? -- The transition to investment-based social security when portfolio returns and capital profitability are uncertain -- The effect of pay-when-needed benefit guarantees on the impact of Social Security privatization -- Can market and voting institutions generate optimal intergenerational risk sharing? -- The Social Security Trust Fund, the riskless interest rate, and capital accumulation -- Social Security and demographic uncertainty: the risk-sharing properties of alternative policies -- The risk of Social Security benefit-rule changes: some international evidence -- Financial engineering and Social Security reform -- The role of real annuities and indexed bonds in an individual accounts retirement program -- The role of international investment in a privatized social security system -- Investing retirement wealth: a life-cycle model
N2  - Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce--such as the volatility in the market prices of investment a
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