-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …

alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and … distortions with equality and insurance against individual idiosyncratic risks. Thirdly, funded systems generate positive effects … on the savings rate, capital accumulation, productivity and the labour supply. These effects must be taken into account …