Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/26635 
Year of Publication: 
2009
Series/Report no.: 
CESifo Working Paper No. 2590
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing individuals to qualify for a pension by working and paying contributions in the usual way, and an unconventional one allowing them to qualify for a pension by having children, and investing time and money in their upbringing.
Subjects: 
Pension reform
implicit pension taxes and subsidies
child benefits
fertility
labour productivity
JEL: 
D13
D64
H55
J13
J14
J26
Document Type: 
Working Paper
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