The main idea upon which this paper is based is that outlined by Samuelson (1958) -that a pensions system, financed by way of transfers between generations, will only be viable in the long term if the internal rate of return of the system does not exceed the growth rate of salaries plus the...

Public services provision depends on tax proceeds. The tax rate to finance public school is chosen through majority voting. Under the monotonicity condition implying that the preferred tax rate is decreasing in income, the literature predicts that the median voter is decisive and poor agents...

The aim of this work is twofold: on the one hand, to demonstrate the utility of the actuarial balance as an element of transparency, an indicator of the solvency, sustainability and financial solidity of the pay-as-you-go system and a tool capable of providing positive incentives to improve the...

The transformation of the public pensions system in Chile has served as a model for later reforms carried out in other Latin American countries, and has attracted the attention of a number of researchers. The aim of this paper is to make a (provisional) technical analysis of the workings of...