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http://hdl.handle.net/10419/20666
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| Title: | | Shifting Perspectives in Pensions  |
| Authors: | | Góra, Marek Palmer, Edward |
| Issue Date: | | 2004 |
| Series/Report no.: | | IZA Discussion paper series 1369 |
| Abstract: | | This paper addresses the questions of what is an economically efficient pension system, what are the externalities and what are the risks of the four alternative pension systems: financial defined contribution (FDC), notional or non-financial defined contribution (NDC), financial defined benefit (FDB) and non-financial defined benefit (NDB). A main contribution of the paper is the development of the concept of NDC, itself a new construction in pension economics. An important conclusion is that NDC is neutral in terms of externalities. It manages the risks and eliminates the negative externalities associated with traditional public NDB schemes, and in a manner similar to FDC schemes. |
| Subjects: | | pensions NDC FDC notional account systems financial account systems funding externalities risks defined contribution government debt |
| JEL: | | D91 H55 J26 H23 D8 G23 D6 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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