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In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between … the potential benefits of mixed systems in which a PAYG system with notional accounts is complemented by a funded pensions … not clearly depend on the relative importance of PAYG over funded pensions systems, suggesting that other factors are even …
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Demographic trends in most developed economies are characterized by rising longevity and decreasing birthrates. These trends endanger the sustainability of the current public pension systems. Therefore social security reform proposals are on the agenda in many countries. This paper demonstrates...
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