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Title:Pay-as-you-go versus capital funded pension systems : the issues PDF Logo
Authors:Siebert, Horst
Issue Date:1997
Series/Report no.:Kiel Working Papers 816
Abstract:The paper compares the pay-as-you-go system and a capital funded system of old age insurance. The capital funded system has a higher rate of return. Pension income can be obtained at lower costs for the individual. This implies efficiency gains in terms of higher savings and reduced distortion in the labor markets. Respecting the claims of the pay-as-you-go system implies a transition problem which is studied in detail.
JEL:H55
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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