Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/91782
Authors: 
Cigno, Alessandro
Year of Publication: 
2009
Series/Report no.: 
IZA Policy Paper 4
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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