Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Innovative investments, natural resources, and intergenerational fairness : are pension funds good for sustainable development?
Authors: Bretschger, Lucas
Pittel, Karen
Published in: Swiss Journal of Economics and Statistics
Volume(Issue): 141
Issue: 3
Page(s): 355
Pages to: 376
Issue Date: 2005
Publisher / Ed. Institution: Peter Lang
ISSN: 0303-9692
Language: English
Subjects: Economic growth; Financial investment; Sustainable development; Pension fund
Subject (DDC): 332.6: Investment
Abstract: We analyse long-term consumption paths in a dynamic two-sector economy with overlapping generations. Each young generation saves for the retirement age, both with private savings and pension funds. The productivity of each sector can be raised by sector-specific research, while the essential use of a non-renewable natural resource poses a threat to consumption possibilities in the long run. Bonds, the two types innovations, and resource stocks are the different investment opportunities. We show that pension funds have a positive impact on long-term development, provided that individuals have a preference for own investments. In this case, sustainability is more likely to be achieved due to pension fund savings.
Fulltext version: Published version
License (according to publishing contract): Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: Center for Economic Policy (FWP)
Appears in collections:Publikationen School of Management and Law

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