1991 Fiscal Year Final Research Report Summary

Portfolio Selection and Social Security in Aging Society

Research Project

Project/Area Number	02451080
Research Category	Grant-in-Aid for General Scientific Research (B)
Allocation Type	Single-year Grants
Research Field	Public finance/Monetary economics
Research Institution	Kyoto University
Principal Investigator	TACHIBANAKI Toshiaki Kyoto Univ., Institute of Economic Research, Professor, 経済研究所, 教授 (70112000)
Co-Investigator(Kenkyū-buntansha)	YAGI Tadashi Nogoya Univ., Faculty of Economics, Assistant Prof., 経済学部, 講師 (60200474) IKEO Kazuto Kyoto Univ., Faculty of Economics, Associate Prof., 経済学部, 助教授 (00135930)
Project Period (FY)	1990 – 1991
Keywords	Aging Society / Pension
Research Abstract	The research project investigated the relationship between portfolio Selection and social security in aging society. Since the budget on the public pension will be in a difficult position, it is worthwile to examine how the elderly reacts to this problem. We have found several results in this project. First, the inernal rate of return to the public pension will be much lower than that to the private pension or tothe euterprise pension. Second, the effect of the private pension to the total saving rate will be large, and it may reduce the total saving rate. Third, when we are interested in the bequest motive of the elderly, we have to take account of the gift-exchange motive given by "taking care of the elderly. "