TY  - GEN
AB  - The paper develops a large-scale overlapping generations model with production and a stochastic asset market. The role of a pension system and the impact of demographic change on real and financial markets are analyzed. In the absence of demographic change a reduction in contribution rates increases the long-run levels of capital and asset prices while reducing interest rates. In addition a lower contribution rate may stabilize financial markets by reducing the volatility and avoiding crashes in asset prices. Demographic change due to a shrinking population induces a meltdown of capital and asset prices confirming results in the literature.
DA  - 2007
KW  - Asset market meltdown
KW  - Demographic change
KW  - Pension systems
KW  - Stochastic asset market
KW  - Multi-period overlapping generations
LA  - eng
PY  - 2007
TI  - The role of pension systems and demographic change for asset prices and capital formation
UR  - https://nbn-resolving.org/urn:nbn:de:hbz:361-11300
Y2  - 2024-11-22T15:46:20
ER  -