Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/962
Authors: 
Siebert, Horst
Year of Publication: 
1997
Series/Report no.: 
Kiel Working Paper 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

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