Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/962 
Authors: 
Year of Publication: 
1997
Citation: 
[Publisher:] Institut für Weltwirtschaft (IfW) [Place:] Kiel [Year:] 1997
Series/Report no.: 
Kiel Working Paper No. 816
Publisher: 
Kiel Institute of World Economics (IfW), Kiel
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
Document Version: 
Digitized Version

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