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Capitalización y reparto: un análisis comparativo

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  • Ignacio Zubiri

    (Universidad del País Vasco)

Abstract

This paper compares the properties of funded and pay as go pension systems. When the population is aging pay as you go systems can´t sustain a pension system. However, if taxes are used to finance part of the pensions, the pay as you go system is better in all the relevant aspects. A system based in pay as you go pensions can´t (because of the transition cost) and should not (because of its properties) be funded. Funded systems cover fewer risks, are more uncertain and the returns (adjusted by risk and after fees and premiums) will be not very high. It lacks sense to use public funds to finance private pensions (instead of public pensions). If, for whatever reason, the government wants to subsidize private pensions it should focus on occupational plans an individual accounts.

Suggested Citation

  • Ignacio Zubiri, 2014. "Capitalización y reparto: un análisis comparativo," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 85(01), pages 207-232.
    • Handle: RePEc:ekz:ekonoz:2014109
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    More about this item

    Keywords

    complementary pensions; profitability; pay-as-you-go system; funded pension system;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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