Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/20666
Authors: 
Góra, Marek
Palmer, Edward
Year of Publication: 
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

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