Social security's investment shortfall $8 trillion plus -- and the way forward : plus how the US government's financial deficit reporting = 64 Madoffs / Nils H. Hakansson, University of California, Berkeley, USA.
| Author/creator | Hakansson, Nils Hemming, 1937- |
| Format | Electronic |
| Publication Info | Hackensack, NJ ; Singapore : World Scientific, |
| Description | xv, 129 pages : illustrations ; 24 cm. |
| Supplemental Content | Full text available from Ebook Central - Academic Complete |
| Subjects |
| Series | World Scientific series in finance ; v. 3 World Scientific series in finance ; v. 3. ^A1130450 |
| Contents | Social security : a very brief overview -- Safety nets: insurance policies and retirement plans -- Shortcomings of social security -- If social security funds had been invested in marketable treasury bonds and stocks... with other things being equal -- Privatizing social security results in inefficiency, moral hazard, and very low productivity -- The way forward. |
| Abstract | This study documents that the notion of Social Security as a minimal safety net is consistent with the views of both Adam Smith and Friedrich Hayek and that private social security accounts are inefficient and subject to moral hazard and huge productivity losses. It also introduces a novel approach to long-term investing suitable for perpetual funds consistent with the empirical phenomena of risk premia and mean reversion, including no asset sales and the use of short-term borrowing on a rollover basis to cover negative net inflows. |
| Bibliography note | Includes bibliographical references (pages 115-119) and index. |
| Access restriction | Available only to authorized users. |
| Technical details | Mode of access: World Wide Web |
| Genre/form | Electronic books. |
| LCCN | 2012360326 |
| ISBN | 9789814407960 |
| ISBN | 9814407968 |
Availability
| Library | Location | Call Number | Status | Item Actions |
|---|---|---|---|---|
| Electronic Resources | Access Content Online | ✔ Available |