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Pay-as-you-go versus capital funded pension systems: the issues
Siebert, Horst - 1997
has a higher rate of return. Pension income can be obtained at lower costs for the individual. This implies efficiency …
Persistent link: https://www.econbiz.de/10010265339
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Incentives to retire later : a solution to the social security crisis?
Breyer, Friedrich; Kifmann, Mathias - 2001
As one possible solution to the well-known financing crisis of unfunded social security systems, an increase in the retirement age is a popular option. To induce workers to retire later, it has been proposed to strengthen the link between retirement age and benefit level. The present paper is...
Persistent link: https://www.econbiz.de/10010260779
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"Should I Pay for You or for Myself"? The Optimal Level and Composition of Retirement Benefit Systems
van Praag, Bernard M. S.; Cardoso, Pedro - 2001
Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a...
Persistent link: https://www.econbiz.de/10010276956
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Addressing the legacy costs in an NDC reform: Conceptualization, measurement, financing
Holzmann, Robert; Jousten, Alain - 2010
The paper provides a framework for the conceptualization, definition and estimation of legacy costs that need to be addressed in a reform that transforms an unfunded defined contribution (NDB) scheme into a notional (or non-financial) defined contribution (NDC) scheme. As the new contribution...
Persistent link: https://www.econbiz.de/10010278557
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A Perfect Marriage: Child-related Pensions and Public Education
Voigtländer, Michael - 2004
In the present paper the effects of different pay-as-you-go pension systems on fertility decisions of a representative household are examined. Thereby, the analysis focuses especially on the interplay of parental quantity and quality decisions, introduced by Becker (1960). As it will be shown, a...
Persistent link: https://www.econbiz.de/10010263496
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Pension, fertility, and education
Meier, Volker; Wrede, Matthias - 2005
A pay-as-you-go pension scheme is associated with positive externalities of having children and providing them with human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and education, we discuss internalization policies...
Persistent link: https://www.econbiz.de/10010261317
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Demographic Change and Partial Funding: Is the Swedish pension reform a role model for Germany?
Jagob, Jochen; Sesselmeier, Werner - 2000
member states are shrinking and getting older. This holds for Sweden and above all for Germany. Due to OECD figures the share … of the ones 65 and over of the total population in West Germany has risen from 10.8% in 1960 to 16.2% in 1997 and it is … 1994 and Germany with its Pansion reform act in 1999 which passed the parliament in 1997. This distinction is important …
Persistent link: https://www.econbiz.de/10010323701
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How to Avoid a Pension Crisis: A Question of Intelligent System Design
Cigno, Alessandro - 2009
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...
Persistent link: https://www.econbiz.de/10010331423
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Sharing demographic risk: who is afraid of the baby bust?
Ludwig, Alexander; Reiter, Michael - 2008
We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...
Persistent link: https://www.econbiz.de/10010264455
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How to avoid a pension crisis: a question of intelligent system design
Cigno, Alessandro - 2009
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...
Persistent link: https://www.econbiz.de/10010264592