Old times, better times? German miners' <italic>Knappschaften</italic>, pay-as-you-go pensions, and implicit rates of return, 1854--1913
This paper contributes to the literature on the weakness of modern pay-as-you-go social security systems in financing pensions by taking a business and economic historical perspective on the issue. It focuses on Prussian <italic>Knappschaften</italic> (plural of<italic>Knappschaft</italic>), which provided miners with compulsory invalidity and implicit old-age insurance, and studies the period from 1854 to 1913. <italic>Knappschaften</italic> used the pay-as-you-go mechanism, and, in the long term, came under financial pressure from the rising number of pensioners. The question to be answered is whether <italic>Knappschaften</italic> were able to offer cohorts of miners entering the system at different times the same implicit rates of return. Did <italic>Knappschaften</italic> provide an intergenerationally sustainable policy, or did adjustments of contributions and other parameters decrease the dividend for insured miners over time?
Year of publication: |
2011
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Authors: | Jopp, Tobias A. |
Published in: |
Business History. - Taylor & Francis Journals, ISSN 0007-6791. - Vol. 53.2011, 7, p. 1018-1043
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Publisher: |
Taylor & Francis Journals |
Saved in:
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