Ageing, Financial Markets and Monetary Policy
net income. It draws on the experience gained when the social security system in Italy was reformed in the early 1990s, which led to drastic reductions in the number of claims against the statutory pension scheme. The various sectors of the population (el
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Springer-Verlag Berlin Heidelberg GmbH
Alan J. Auerbach· Heinz Herrmann (Editors)
Ageing, Financial Markets and Monetary Policy
With 32 Figures and 38 Tables
Springer
Professor Alan J. Auerbach University of California Department of Economics 549 Evans Hall Berkeley, CA 94720-3880 USA [email protected] Dr. Heinz Herrmann Deutsche Bundesbank Wilhelm-Epstein-StraBe 14 60431 Frankfurt am Main Germany [email protected]
ISBN 978-3-642-07661-9 ISBN 978-3-662-04779-8 (eBook) DOI 10.1007/978-3-662-04779-8 Library of Congress Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einheitsaufnahme Ageing, financial markets and monetary policy I ed.: Alan Auerbach; Heinz Herrmann. - Berlin; Heidelberg; New York; Barcelona; Hong Kong; London; Milan; Paris; Tokyo: Springer, 2002
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http://www.springer.de Springer-Verlag Berlin Heidelberg 2002 Originally published by Springer-Verlag Berlin Heidelberg New York in 2002 Softcover reprint of the hardcover 1st edition 2002 ©
The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Hardcover-Design: Erich Kirchner, Heidelberg SPIN 10854752
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Contents
Ageing, financial markets and monetary policy - a summary Alan Auerbach and Heinz Herrmann
Chapter 1 Ageing and Saving in Europe Agar Brugiavini Discussion Reinhold Schnabel
9
49
Chapter 2 Ageing and International Capital Flows Axel Borsch-Supan, Alexander Ludwig and Joachim Winter
55
Discussion Gary Hujbauer
84
Discussion Ulrich Grosch
90
VI
Contents
Chapter 3 Developments in Decumulation: The Role of Annuity Products in Financing Retirement Olivia Mitchell
97
Discussion David Blake
126
Discussion Friedrich Breyer
134
Chapter 4 Retirement Savings in an Ageing Society: A Case for Innovative Government Debt Management Henning Bohn 139 Discussion Alan Auerbach
182
Discussion Philipp Rother
187
Chapter 5 Ageing and Financial Stability E. Philip Davis
191
Discussion Franklin Allen
228
Discussion Martin Hellwig
235
Contents
VII
Chapter 6
Should Monetary Policy be Different in a Greyer World? David Miles
243
Discussion Hiroshi Fujiki
277
Discussion Benoit Mojon
286
Chapter 7
Ageing as a Challenge fo
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