TY  - JOUR
AU  - Diamond,Peter
TI  - Insulation of Pensions from Political Risk
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4895
PY  - 1994
Y2  - October 1994
UR  - http://www.nber.org/papers/w4895
L1  - http://www.nber.org/papers/w4895.pdf
N1  - Author contact info:
Peter A. Diamond
15 Franklin Rd
Lexington, MA 02420
Tel: 617/253-3363
Fax: 617/253-1330
E-Mail: pdiamond@mit.edu
AB  - There are many sources of political risk to public provision of pensions.  This paper analyzes legislation to alter the retirement income system.  This approach naturally recognizes that some changes in the system are good responses to social risks, while others generate such risks.  Thus the discussion is in terms of the effect of institutional structure on the likelihood of alternative legislative actions.  Particular attention is paid to the roles of automatic pension adjustment and pension professionals in providing insulation. Briefly touched upon is the tendency of legislation to redistribute as a function of the type of system being created.
ER  -