Valdés-Prieto, Salvador - In: Economic Policy 20 (2005) 42, pp. 215-265
type="main" xml:lang="en" <title type="main">SUMMARY</title> </section> <title type="main">Pay-as-you-go securities</title> <p> To preserve solvency, a pay-as-you-go (PAYG) pension system needs to adjust contribution rates and pension promises over time. Currently, it is not possible to hedge in the financial market against politically determined uncertainty as...</p>