8. Financial Engineering and Social Security Reform

Chapters in this book

1. Frontmatter i
2. Contents vii
3. Preface ix
4. Introduction 1
5. 1. Asset Allocation and Risk Allocation: Can Social Security Improve Its Future Solvency Problem by Investing in Private Securities? 11
6. 2. The Transition to Investment-Based Social Security When Portfolio Returns and Capital Profitability Are Uncertain 41
7. 3. The Effect of Pay-When-Needed Benefit Guarantees on the Impact of Social Security Privatization 91
8. 4. Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing? 113
9. 5. The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation 153
10. 6. Social Security and Demographic Uncertainty: The Risk-Sharing Properties of Alternative Policies 203
11. 7. The Risk of Social Security Benefit-Rule Changes: Some International Evidence 247
12. 8. Financial Engineering and Social Security Reform 291
13. 9. The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program 321
14. 10. The Role of International Investment in a Privatized Social Security System 371
15. 11. Investing Retirement Wealth: A Life-Cycle Model 439
16. Contributors 483
17. Author Index 487
18. Subject Index 491