The role of employers in setting up and overseeing pension schemes offered to their employees and the quality of investment schemes offered to individual investors have attracted considerable attention in the finance literature. This paper adds to the debate by showing that institutional...

This article reviews the economic theories of funded and unfunded pension systems and examines the advantages and disadvantages of each type of system; these theories help to explain the current interest in funded systems as well as the difficulties associated with the transition towards them

Die vorliegende Arbeit analysiert die Anreizwirkungen des Umlage- und des Kapitaldeckungsverfahrens auf Ersparnisbildung, Arbeitsangebot und intergenerative Transfers in einem mikroökonomisch fundierten, disaggregierten Generationenmodell unter besonderer Berücksichtigung dynamischer...