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alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and … on the savings rate, capital accumulation, productivity and the labour supply. These effects must be taken into account …
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The paper considers the efficiency of the pay-as-you-go pension system with endogenous labor supply, when contributions are collected as an income tax. Results from the literature state that in this case a Pareto-improving transition path to a fully-funded system exists, if the interest rate is...
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