Seit einigen Monaten wird in der Fachliteratur und den Medien eine teils heftige Diskussion um die sogenannten Target2-Salden geführt. Vordergründig geht es dabei um ein Verrechnungssystem der Notenbanken der Eurozone. Laut Hans-Werner Sinn, der die Debatte angestoßen hat, haben die in diesem...

The paper evaluates the theoretical literature on public pension schemes. First, the terms pay-as-you-go and capital reserve are made precise. These two systems are then compared, followed by a consideration of their efficiency properties. Thereafter conversion policies are discussed.

Public pension schemes can be designed either as capital reserve systems or as unfunded (or pay-as-you-go) schemes. In the literature it has been alleged that unfunded schemes are intergenerationally efficient in Pareto's sense. Here we show that this holds only if contributions to the system...

The Federal Ministry proposes a new basic exemption for income tax purpuses. In the article it is shown that the interplay of this exemption with the so-called exemption with progression implies marginal tax rates beyond one hundred percent.