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How to Avoid a Pension Crisis: A Question of Intelligent System Design

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  • Alessandro Cigno

Abstract

Conventional pension systems suffer from a design defect, which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The article outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing individuals to qualify for a pension by working and paying contributions in the usual way, and an unconventional one allowing them to qualify for a pension by having children, and investing time and money in their upbringing. (JEL codes: D13, D64, H55, J13, J14 and J26) Copyright The Author 2009. Published by Oxford University Press on behalf of Ifo Institute for Economic Research, Munich. All rights reserved. For permissions, please email: journals.permissions@oxfordjournals.org, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cesifo/ifp024
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Bibliographic Info

Article provided by CESifo in its journal CESifo Economic Studies.

Volume (Year): 56 (2010)
Issue (Month): 1 (March)
Pages: 21-37

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Handle: RePEc:oup:cesifo:v:56:y:2010:i:1:p:21-37

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Cited by:
  1. Fanti, Luciano & Gori, Luca, 2013. "Endogenous fertility, endogenous lifetime and economic growth: the role of child policies," MPRA Paper 44898, University Library of Munich, Germany.
  2. Renaat Van de Kerckhove & Freddy Heylen & Tim Buyse, 2011. "Pension reform, employment by age, and long-run growth in OECD countries," 2011 Meeting Papers 736, Society for Economic Dynamics.
  3. Tim BUYSE & Freddy HEYLEN & Renaat VAN DE KERCKHOVE, 2011. "Pension reform, employment by age and long-run growth," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2011025, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

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