Since the 1980s, over 30 countries have implemented various kinds of personal social security accounts. Most counties have adopted them as a part of their social security systems, to also continue to fund their public pay-as-you-go system. This paper analyzes the effects of adopting private...

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...