Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractOne important parameter in the decision process when buying a private annuity is individuals' subjective life expectancy, because it directly influences the expected rate of return. We examine the market for private annuities in Germany and evaluate potential selection effects based on subjective life expectancy. First individuals are pessimistic about their life span compared to the official life tables.Second we find a significant selection effect based on subjective life expectancy for women invested in private annuity contracts-so-called Riester pensions. For men there seems to be no difference in subjective life expectancy by Riester ownership.Comparing the size of this selection effect with the underlying mark ups in life expectancy that are charged by the insurance industry shows that the latter appears to be in line for women but too high for men. Our findings have strong policy implications. On the one hand miss-perceptions about longevity risk might prevent individuals from providing sufficiently for retirement, on the other hand mandated unisex tariffs appear to prevent men from investing in Riester pensions.

The paper provides an empirical analysis of the macroeconomic factors that enhance revenue gap in South Africa using the multivariate cointegration techniques for the period 1965 to 2012. The results from the cointegration analysis indicate that the revenue gap in South Africa is negatively associated with the level of imports while positively related to external debt and underground economy. The former finding is consistent with the notion that imports are subjected to more taxation than domestic activities because of certain features of international trade that tend to make tax evasion difficult. On the other hand, the positive relationship between external debt and tax gap shows that the South African government relies upon external debt to finance its budget deficit resulting from missing revenues. Furthermore, the observed negative effect of the post-apartheid dummy confirms that the tax policy reforms that South Africa introduced following the liberation in 1994 have led to a reduction in missing revenues. The results from the Granger causality test also show that there is a unidirectional causality running from imports and underground economy to revenue gap, while revenue gap on the other hand is found to Granger-cause national income and external debt in South Africa.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Summary: In the course of the ongoing debate regarding the critique of the German Riester pension the Swedish premium pension has often been referred to as a role model regarding potential amendments and reforms. The Swedish pension reform of 1998 has led to a reorganization towards a stratified scheme, consisting of a pay-as-you-go and a fully funded element. The mandatory implementation of the Swedish premium pension has proved to be the major difference in comparison to the voluntary German Riester pension. In addition, numerous differences between the two systems can be outlined, of which most are due to the differing methods of implementation in the countries old age provision systems. This paper evaluates the possibilities and limitations of a complete adoption of the Swedish premium pension (German premium pension) as well as a partial modification of the existing Riester scheme (Swedish-Riester). It becomes evident, that despite differences between the two schemes, the German Riester pension can in particular benefit from the Swedish premium pension with regard to transparent, coherent and consistent product information. Terms of use: Documents inJEL Classification: D18, G23, H55

This paper treats the stability of two superposed gravitating streams rotating about the axis transverse to the horizontal magnetic field. The critical wave number for instability is found to be affected by rotation for propagation perpendicular to the axis about which the system rotates. The critical wave number for instability is not affected by rotation when waves propagate along the axis of rotation. The critical wave number is affected by both the magnetic field and the streaming velocity in both cases. Both the magnetic field and the rotation are stabilizing, while the streaming velocity is destabilizing.