Axel Börsch-Supan

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We discuss the current state of stockownership among households in major European countries (France, Germany, Italy, the Netherlands, Sweden, and the UK), drawing parallels and contrasts with the US experience. We use detailed microeconomic datasets and explore the extent to which observed international differences in stockholding can be attributed to(More)
In this paper, we present a quantitative analysis of international capital flows induced by differences in population aging processes across countries and by pension reforms. In the vast majority of countries, demographic change will continue well into the 21 st century. It is well known that within each country, demographic change alters the time path of(More)
The opinions and conclusions are solely those of the authors and should not be considered as representing the opinions or policy of the Social Security Administration or any agency of the Federal Government. Abstract Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high(More)
We are grateful to Anette Reil-Held, Bernd Katzenstein, Klaus Kortmann and Joachim Winter for most helpful comments and to the interviewers for their commitment in implementing this study. We would also like to thank the German Science Foundation (DFG) and the European Commission, who financed most of the survey through the "Sonderforschungsbereich 504" and(More)
The European welfare states have fundamental problems, in particular high unemployment and a mounting pressure on public pensions. Although these problems have been prominent topics of the political debate for years and years, we have seen little fundamental reform. Why this is so? One of the core hypotheses claims that the current state of affairs, as(More)
This paper is an abbreviated version of a working paper that is available upon request. We gratefully acknowledge financial support of the Deutsche Forschungsgemeinschaft and the European Union (through Project B1 of the Sonderforschungsbereich 504 at the University of Mannheim, and through TMR-project ERBFMRXCT960016 ¢ Sonderforschungsbereich 504, Abstract(More)
This paper measures capital productivity in West Germany, Japan and the United States and links capital productivity to financial performance. We show that West Germany and Japan have significantly lower levels of capital productivity than the United States, mainly due to lower capital utilization but also because less productive capacity was created per(More)
Germany has one of the most generous retirement systems in the world. At the very same time, Germany also faces one of the most incisive population aging processes. The ratio of workers to pensioners will decrease to about one to one within the next generation. This will put the German pay-as-you-go social security system under sever pressure. This paper(More)
Many economists and policy-makers argue that households do not save enough to maintain an adequate standard of living during retirement. However, there is no consensus on the answer to the underlying question about what this standard should be, despite the fact that it is crucial for the design of saving incentives and pension systems. We address this(More)