G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1756
DP1756 The Sources of Irish Growth
Xavier Vives; Angel de la Fuente
发表日期1997-12-19
出版年1997
语种英语
摘要In an analysis of the risk-sharing properties of different types of pension systems, we show that only fixed-fee pay-as-you-go (PAYG) pension systems can provide risk sharing for living individuals. Under some circumstances, however, other PAYG pension systems can enhance the expected welfare of all generations by reducing intergenerational income variability. The paper derives conditions for this to occur. It also analyses the stability of actuarially fair PAYG pension systems. It is shown that if an actuarially fair pension with a non-balanced budget system is dynamically stable, its accumulated surpluses will converge to the same fund as in a fully funded system. The paper also shows that the welfare loss due to labour market distortions will, in fact, increase if the implicit marginal return in a compulsary system is raised above the average return.
关键词Intergenerational Pay-as-you-go Pension systems
URLhttps://cepr.org/publications/dp1756
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530900
推荐引用方式
GB/T 7714
Xavier Vives,Angel de la Fuente. DP1756 The Sources of Irish Growth. 1997.
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