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Optimal sharing of labor productivity risks and mix of pay-as-you-go and savings

Kusmerski Bilard, Debora - 2008

The paper addresses two related issues: the optimal intergenerational sharing of laborproductivity risks, through a Pay-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that partial contingency of the social security on...

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