Public pay-as-you-go pensions still form the dominant pillar of old-age provision in Germany. This is in marked contrast to the situation in Anglo-Saxon countries. It has advantages if labour markets are strong, e.g., following a quick recovery from the Great Recession. It has disadvantages, as...

If considered within the context of an overlapping-generations framework, pay-as-you-go pension systems turn out to be funded by the human capital embodied in subsequent generations. The failure to actually model public old-age security on this idea may, to a large degree, explain the current...

Public pay-as-you-go pensions still form the dominant pillar of old-age provision in Germany. This is in marked contrast to the situation in Anglo-Saxon countries. It has advantages if labour markets are strong, e.g., following a quick recovery from the Great Recession. It has disadvantages, as...

A key figure which can be applied to measuring inter-generational imbalances involved in existing public pension schemes is given by the implicit tax that is levied on each generation's life-time income through participation in these systems. The implicit tax arises from the fact that, quite...

A key figure which can be applied to measuring inter-generational imbalances involved in existing public pension schemes is given by the “implicit tax” that is levied on each generation’s life-time income through participation in these systems. The implicit tax arises from the fact that,...