Belan, Pascal; Michel, Philippe; Pestieau, Pierre - In: The Geneva Risk and Insurance Review 23 (1998) 2, pp. 119-125
It is generally accepted that moving from an unfunded to a funded social security system implies a welfare loss for the transition generation—that is, the generation that has to pay twice: first, saving for its own retirement and, second, contributing to the pensions of the then retired...