Thum, Marcel; Weisäcker, Jakob von - In: Perspektiven der Wirtschaftspolitik 1 (2000) 4, pp. 453-468
The rate of return in a PAYG pension system is typically lower than in a funded system. This lower rate of return generates a loss for the contributors which basically acts like an implicit income tax. In this paper, we argue that the implicit income tax is an excellent measure with which to...
