SOCIAL SECURITY REFORM FINANCIAL AND POLITICAL ISSUES IN INTERNATIONAL PERSPECTIVEPDF电子书下载

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Introduction 1

PART ONE AGING POPULATIONS AND THE NEED FOR SOCIAL SECURITY REFORM 9

1.The Developed World's Demographic Transition - The Roles of Capital Flows, Immigration, and Policy 11

2 Will Social Security and Medicare Remain Viable as the U.S Population Is Aging? An Update 44

PART TWO UNDERSAVING AS A RATIONALE FOR MANDATORY SOCIAL SECURITY PROGRAMS 71

3 Self-Control and Saving for Retirement 73

PART THREE. INVESTING PUBLIC PENSIONS IN THE STOCK MARKET 143

4 Social Security Investment in Equities 145

5 Investing Public Pensions in the Stock Market: Implications for Risk Sharing, Capital Formation, and Public Policy in the Developed and Developing World 183

6 The Risk-Sharing Implications of Alternative Social Security Arrangements 206

PART FOUR FINANCI AL MARKETS AND SOCI AL SECURITY REFORM 245

7 Asset Market Effects of the Baby Boom and Social Security Reform 247

8 Demographic Structure and Asset Returns 268

9 WiLl Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire? 307

PART FIVE POLITICAL ECONOMY ASPECTS OF SOCIAL SECURITY REFORM 319

10 Aging and the Private Versus Public Pension Controversy: A Political-Economy Perspective 321

11 How Would You Like to Reform Your Pension System? The Opinions of German and Italian Citizens 333

Index 353

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