000			01930naa a2200181uu 4500
001			11752
003			OSt
005			20190211155630.0
008			030312s2006 xx ||||gr |0|| 0 eng d
100	1		_aWELLER, Christian _911273
245	1	0	_aRisky Business? Evaluating market risk of equity investment proposals to reform social security
260			_c2000
520	3		_aA number of options have been proposed to address the expected financing shortfall of Social Security in the nest century. Most basic aspects of the various reform proposals are captured by the three options offered by the Advisory Council on Social Security in 1996. Common to all three options is that they would permit either public or private equity investment. This article discusses the economic risks involved in public and private equity investments as a funding solution for Social Security. To quantify the risks involved in equity investment, stochastic simulations are based on the economic assumptions of the 1998 Trustees Report of Old Age and Survivors Insurance and Disability Insurance in combination with different assumptions abou the rates of return on bonds and stocks. For public equity investiment, financial market risk remains significant for at least 40 years. For individual accounts, I find that the change of doing worse than with Social Security or of falling into poverty in retirement is generally high, yet vaires with income level, gender, family status, and employment history. In general, women, married workers with dependent spouses,or workers with incomplete work histories fare worse than men, single workers, or workers with complete work histories when compared either to the current system or to the poverty line
773	0	8	_tJournal of Policy Analysis and Management _g19, 2, p. 263-273 _d, 2000 _w
942			_cS
998			_a20030312 _bCassio _cCassio
998			_a20060331 _b1712^b _cQuiteria
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c11875 _d11875
041			_aeng