Cigno, Alessandro - In: CESifo economic studies : CESifo, a joint initiative of … 56 (2010) 1, pp. 21-37
Conventional pension systems suffer from a design defect, which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The article outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one...
