Lejárraga, Ana; Vidal, Carlos; Carpio, José E. Devesa- - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1999
The main idea upon which this paper is based is that outlined by Samuelson (1958) -that a pensions system, financed by way of transfers between generations, will only be viable in the long term if the internal rate of return of the system does not exceed the growth rate of salaries plus the...
