Welfare Gains from a Capital Market Union with Capital-Funded Pensions

Davoine, ThomasORCID: https://orcid.org/0000-0002-5941-0798 and Forstner, SusanneORCID: https://orcid.org/0000-0002-5411-4068 (2019) Welfare Gains from a Capital Market Union with Capital-Funded Pensions. In: da Costa Cabral, Nazaré and Cunha Rodrigues, Nuno, (eds.) The Future of Pension Plans in the EU Internal Market. Financial and Monetary Policy Studies Book Series (48). Cham: Springer, pp. 145-160. https://doi.org/10.1007/978-3-030-29497-7_9

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We analyze and compare the long-run effects for a country introducing a capital-funded pension pillar in two scenarios: The case of separate capital markets, on the one hand, and the case of integrated capital markets (a capital market union), on the other hand. Our analysis is based on simulations with a large-scale overlapping-generations model. We find that, in the long run, the introduction of capital-funded pensions is more attractive in integrated capital markets than in separated capital markets, if other countries in the integrated capital market have pay-as-you-go pension systems.

Item Type: Book Contribution
Research Units: Former Research Units (until 2020) > European Governance and Public Finance
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Date Deposited: 15 Jan 2020 07:57
Last Modified: 18 Dec 2023 10:23
DOI: 10.1007/978-3-030-29497-7_9
ISBN: 978-3-030-29496-0
URI: https://irihs.ihs.ac.at/id/eprint/5234

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