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Emissionshandelssystem etabliert. Deutschland hat sich im Rahmen des europäischen "burden sharing" zu einer Reduktion der …
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The paper compares the pay-as-you-go system and a capital funded system of old age insurance. The capital funded system has a higher rate of return. Pension income can be obtained at lower costs for the individual. This implies efficiency gains in terms of higher savings and reduced distortion...
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