In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between … important part of any mixed system. Secondly, the design of the pension system should efficiently balance incentives and … that, regardless of social preferences, imposing a target of pension expenditure on GDP maximises social welfare. …

Growing pension savings lead to deeper capital markets. This can have a positive effect on economic growth by allowing …-time, industry-time and industry-country fixed effects. We find a significant impact of higher level of pension savings on growth in …

This book studies the normative and positive ramifications of public pension policies in a growing economy. It analyzes … the impact of an unfunded public pension scheme on aggregate productivity growth and efficiency, it considers the … political forces behind public pension legislation, and it develops and discusses elements of public pension design and reform …

This study characterizes an unfunded pension system financed by labor income and capital income taxes in an overlapping … endogenous retirement, economic growth, and social welfare by employing a two-period OLG model. We find that increasing labor … should not be taxed in the long run, this study observes that social welfare may reach a higher level under a pension system …

trends endanger the sustainability of the current public pension systems. Therefore social security reform proposals are on …