E-viri
PDF
Recenzirano
Odprti dostop
-
NOVY-MARX, ROBERT; RAUH, JOSHUA
The Journal of finance (New York), August 2011, Letnik: 66, Številka: 4Journal Article
We calculate the present value of state employee pension liabilities using discount rates that reflect the risk of the payments from a taxpayer perspective. If benefits have the same default and recovery characteristics as state general obligation debt, the national total of promised liabilities based on current salary and service is $3.20 trillion. If pensions have higher priority than state debt, the value of liabilities is much larger. Using zero-coupon Treasury yields, which are default-free but contain other priced risks, promised liabilities are $4.43 trillion. Liabilities are even larger under broader concepts that account for salary growth and future service.
