LEADER 04903nam 2200709Ia 450 001 9910782741803321 005 20230207230009.0 010 $a1-282-00477-8 010 $a9786612004773 010 $a0-226-09256-9 024 7 $a10.7208/9780226092560 035 $a(CKB)1000000000707780 035 $a(EBL)432162 035 $a(OCoLC)318242719 035 $a(SSID)ssj0000238593 035 $a(PQKBManifestationID)11924901 035 $a(PQKBTitleCode)TC0000238593 035 $a(PQKBWorkID)10233499 035 $a(PQKB)11506902 035 $a(StDuBDS)EDZ0000115700 035 $a(MiAaPQ)EBC432162 035 $a(DE-B1597)524999 035 $a(OCoLC)824152558 035 $a(DE-B1597)9780226092560 035 $a(Au-PeEL)EBL432162 035 $a(CaPaEBR)ebr10276715 035 $a(CaONFJC)MIL200477 035 $a(EXLCZ)991000000000707780 100 $a20000520d2001 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 00$aRisk aspects of investment-based social security reform$b[electronic resource] /$fedited by John Y. Campbell and Martin Feldstein 210 $aChicago $cUniversity of Chicago Press$dc2001 215 $a1 online resource (509 p.) 225 1 $aA National Bureau of Economic Research conference report 300 $aPapers presented at a NBER conference held in Islamorala, Florida, January, 1999. 311 $a0-226-09255-0 320 $aIncludes bibliographical references and indexes. 327 $tFrontmatter -- $tContents -- $tPreface -- $tIntroduction -- $t1. Asset Allocation and Risk Allocation: Can Social Security Improve Its Future Solvency Problem by Investing in Private Securities? -- $t2. The Transition to Investment-Based Social Security When Portfolio Returns and Capital Profitability Are Uncertain -- $t3. The Effect of Pay-When-Needed Benefit Guarantees on the Impact of Social Security Privatization -- $t4. Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing? -- $t5. The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation -- $t6. Social Security and Demographic Uncertainty: The Risk-Sharing Properties of Alternative Policies -- $t7. The Risk of Social Security Benefit-Rule Changes: Some International Evidence -- $t8. Financial Engineering and Social Security Reform -- $t9. The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program -- $t10. The Role of International Investment in a Privatized Social Security System -- $t11. Investing Retirement Wealth: A Life-Cycle Model -- $tContributors -- $tAuthor Index -- $tSubject Index 330 $aOur current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce-such as the volatility in the market prices of investment assets-are the focus of this offering from the NBER. Exploring the issues involved in measuring risk and developing models to reflect the risks of various investment-based systems, economists evaluate the magnitude of the risks that both retirees and taxpayers would assume. The insights that emerge show that the risk is actually moderate relative to the improved return, as well as being balanced by the ability of an investment-based system to adapt to differences in individual preferences and conditions. 410 0$aConference report (National Bureau of Economic Research) 606 $aPrivatization$zUnited States$vCongresses 606 $aSocial security$zUnited States$vCongresses 606 $aSocial security$zUnited States$xFinance$vCongresses 610 $asocial security, reform, investment, retirement, government, economics, prefunding, stocks, bonds, market, assets, risk, finance, privatization, congress, solvency, private securities, portfolio returns, capital profitability, accumulation, uncertainty, real annuities, individual accounts, international, wealth, nonfiction, aging, seniors. 615 0$aPrivatization 615 0$aSocial security 615 0$aSocial security$xFinance 676 $a368.4/3/00973 701 $aCampbell$b John Y$0117380 701 $aFeldstein$b Martin S$088785 712 02$aNational Bureau of Economic Research. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910782741803321 996 $aRisk aspects of investment-based social security reform$93723758 997 $aUNINA