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Kapitaldeckungs- versus Umlageverfahren

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Author Info
Friedrich Breyer

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Abstract

In the academic debate on systems of old-age insurance no question is as controversial and as vigorously discussed as the choice between funded and unfunded financing modes. At first glance this is surprising because this choice seems to involve only an efficiency problem. However, closer inspection reveals that a change of the financing system implies redistribution, if not within, at least among, different generations. In this contribution, the present state of knowledge on the functioning and the effects of the two financing systems is summarized. The analysis focuses on a comparison of rates of return and risks involved in each system and on the problems connected with a transition from unfunded to funded pensions. As a result it is argued that without reference to specific criteria of distributive equity among generations the nowadays popular call for radical reform of unfunded social security systems is not well founded. Copyright Verein fü Socialpolitik und Blackwell Publishers Ltd 2000

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-2516.00024
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Publisher Info
Article provided by Blackwell Publishing in its journal Perspektiven der Wirtschaftspolitik.

Volume (Year): 1 (2000)
Issue (Month): 4 (November)
Pages: 383-405
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Handle: RePEc:bla:perwir:v:1:y:2000:i:4:p:383-405

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1465-6493

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  1. Johann K. Brunner, 2002. "Welfare effects of pension finance reform," Economics working papers 2002-12, Department of Economics, Johannes Kepler University Linz, Austria. [Downloadable!]
  2. Axel Börsch-Supan, 2002. "What We Know and What We Do NOT Know," MEA discussion paper series 02017, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
  3. Markus Knell, 2005. "On the Design of Sustainable and Fair PAYG Pension Systems When Cohort Sizes Change," Working Papers 95, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
  4. Agar Brugiavini, 2002. "Savings: The Policy Debate in Europe," MEA discussion paper series 02018, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
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  5. Axel Börsch-Supan, 2002. "What We Know and What We Do NOT Know," MEA discussion paper series 02017, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
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