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...

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...

Mit dem planmäßigen Absinken des gesetzlichen Rentenniveaus wächst die Sorge vor einer Verbreitung von Altersarmut. Doch weder die Entwicklung der gesetzlichen Renten noch eine isolierte Betrachtung der betrieblichen oder privaten Altersvorsorge erlauben Rückschlüsse auf drohende...