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Why a Funded Pension System is Useful and Why It is Not Useful
Sinn, Hans-Werner - 2000
Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to funded system even though the latter offers a permanently higher rate of return. The sum of the...
Persistent link: https://www.econbiz.de/10012471177
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The Value of Children and Immigrants in a Pay-As-You-Go Pension System : A Proposal for a Partial Transition to a Funded System
Sinn, Hans-Werner - 1997
endowed with individual accounts equals the gross contributions" of this member. In Germany, this is an amount of about DM 175 … pension system under equity and efficiency considerations …
Persistent link: https://www.econbiz.de/10012472582
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Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
Feldstein, Martin - 1998
This paper examines the risk aspects of a fully phased-in investment-based defined contribution Social Security plan. Individuals save a fraction of wages in a Personal Retirement Account (PRA) invested in a 60:40 equity-debt mix and receive a similarly invested variable annuity from age 67. The...
Persistent link: https://www.econbiz.de/10012471973
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The Distributional Effects of an Investment-Based Social Security System
Feldstein, Martin - 2000
In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of...
Persistent link: https://www.econbiz.de/10012471284
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Individual Risk in an Investment-Based Social Security System
Feldstein, Martin - 2001
This paper examines the risk aspects of an investment-based defined contribution Social Security plan. We focus on the risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account (PRA), invest these funds in a 60:40 equity-debt mix, and in a...
Persistent link: https://www.econbiz.de/10012470655
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Administrative Costs and Equilibrium Charges with Individual Accounts
Diamond, Peter - 1999
There are many individual account proposals. For government-organized accounts, the government arranges for both record-keeping and investment management. For privately-organized accounts, individuals directly select private firms to do these tasks. The government spreads the costs of...
Persistent link: https://www.econbiz.de/10012471751
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Transition to a Fully Funded Pension System : Five Economic Issues
Feldstein, Martin - 1997
This paper provides a relatively nontechnical discussion of the effects of shifting from a pay-as-you-go system of Social Security pensions to a fully funded plan based on individual accounts. The analysis discusses the rationale for such a shift and deals with five common problems: (1) the...
Persistent link: https://www.econbiz.de/10012472664
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Simulating the Privatization of Social Security in General Equilibrium
Kotlikoff, Laurence J. - 1996
This paper studies the macroeconomic and efficiency effects of privatizing social security. It does so by simulating …, the pure efficiency gains from privatization are also substantial. Efficiency gains refers to the welfare improvement … precise size of the efficiency gain depends on the existing tax structure, the linkage between benefits and taxes under the …
Persistent link: https://www.econbiz.de/10012473058
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Welfare and Generational Equity in Sustainable Unfunded Pension Systems
Auerbach, Alan J. - 2009
We evaluate several actual and hypothetical sustainable PAYGO pension structures, including: (1) versions of the US Social Security system with annual adjustments of taxes or benefits to maintain fiscal balance; (2) Sweden's Notional Defined Contribution system and several variants developed to...
Persistent link: https://www.econbiz.de/10012463965
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The Political-Economy Positive Role of the Social Security System in Sustaining Immigration (But Not Vice Versa)
Sand, Edith - 2007
In the political-economy debate people express the idea that immigrants are good because they can help pay for the old, thus help sustaining the social security system. In addition, the median voter whose income derives from wages will wish to keep out the immigrants who will depress his/her...
Persistent link: https://www.econbiz.de/10012465048