-proportional contribution or by Value-Added-Tax, but the allocation may be different depending on the financial method. I find that an optimal … tax rate is 0 percent at steady state under either method by using a dynamic general equilibrium model with individuals … living at longest 80-period in an incomplete market setting. Moreover, I show that it is better to have the scheme with Value-Added-Tax …

is possible to finance the scheme by wage-proportional contribution or by Value-Added-Tax, but the allocation may be … different depending on the financial method. I find that an optimal tax rate is 0 percent at steady state under either method by …. Moreover, I show that it is better to have the scheme with Value-Added-Tax when we have a certain amount of public pension …