Li, Shiyu; Lin, Shuanglin - In: China Economic Review 22 (2011) 3, pp. 278-289
Increasing calls for a social security reform of switching from the pay-as-you-go (PAYG) system to a funded system has been seen in recent decades. This paper examines the effect of this reform on capital accumulation and the welfare of each generation. Three methods are used to finance the...