The role of pension systems and demographic change for asset prices and capital formation

Hillebrand M (2007) Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld.
Bielefeld: Universität Bielefeld.

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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.
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Hillebrand M. The role of pension systems and demographic change for asset prices and capital formation. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld. Bielefeld: Universität Bielefeld; 2007.
Hillebrand, M. (2007). The role of pension systems and demographic change for asset prices and capital formation (Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld). Bielefeld: Universität Bielefeld.
Hillebrand, M. (2007). The role of pension systems and demographic change for asset prices and capital formation. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, Bielefeld: Universität Bielefeld.
Hillebrand, M., 2007. The role of pension systems and demographic change for asset prices and capital formation, Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, Bielefeld: Universität Bielefeld.
M. Hillebrand, The role of pension systems and demographic change for asset prices and capital formation, Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld, Bielefeld: Universität Bielefeld, 2007.
Hillebrand, M.: The role of pension systems and demographic change for asset prices and capital formation. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld. Universität Bielefeld, Bielefeld (2007).
Hillebrand, Marten. The role of pension systems and demographic change for asset prices and capital formation. Bielefeld: Universität Bielefeld, 2007. Discussion paper / Fakultät für Wirtschaftswissenschaften, Universität Bielefeld.
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