Electronic Resource
Springer
International tax and public finance
7 (2000), S. 389-410
ISSN:
1573-6970
Keywords:
public pension
;
pay-as-you-go system
;
fully funded system
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Abstract Based on explicit presentvalue calculations, the paper criticizes the view that the PAYGOsystem wastes economic resources. In present value terms, thereis nothing to be gained from a transition to a funded systemeven though the latter offers a permanently higher rate of return.The sum of the implicit and explicit tax burdens that resultfrom the need to respect the existing pension claims is the sameunder all systems and transition strategies. Nevertheless a partialtransition to a funded system may be a way to overcome the currentdemographic crisis because it replaces missing human capitalwith real capital and helps smooth tax and child rearing costsacross the generations.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1023/A:1008760717038
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