Pension Systems, Demographic Change, and the Stock Market

  • Marten¬†Hillebrand

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 610)

Table of contents

  1. Front Matter
    Pages I-X
  2. Introduction

    1. Pages 1-7
  3. The Model

    1. Front Matter
      Pages 9-9
    2. Pages 11-54
  4. The Simulation Study

  5. Back Matter
    Pages 173-178

About this book


Due to the accelerating demographic change of the population the reform of the existing pension systems constitutes one of the greatest political challenges in most European countries.

A theoretical discussion of different pension reforms must incorporate not only the demographic aspect but also the role of financial market risk and the impact on production and employment.

These notes develop a dynamic macroeconomic model which incorporates these aspects within a flexible theoretical framework. The proposed approach provides a large scale population model and features a sound description of the production side as well as of the financial side of the economy and their interactions with the pension system.

Within this framework various adjustment policies of the pension system are studied under different population scenarios. The consequences for the economy and the welfare of consumers are analyzed and compared.


Asset Markets Demographic change Large-Scale OLG Model Pension Systems Ramdom Dynamical Systems Rating Simulation production

Authors and affiliations

  • Marten¬†Hillebrand
    • 1
  1. 1.Department of EconomicsBielefeld UniversityBielefeldGermany

Bibliographic information

  • DOI
  • Copyright Information Springer Berlin Heidelberg 2008
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Business and Economics
  • Print ISBN 978-3-540-77971-1
  • Online ISBN 978-3-540-77972-8
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site