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A note on intergenerational risk sharing and the design of pay-as-you-go pension programs

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  • ûystein ThÛgersen

    ()
    (SNF and Norwegian School of Economics and Business Administration, Institute of Economics, Helleveien 30, N-5035 Bergen-Sandviken, Norway)

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    Abstract

    Different versions of pay-as-you-go public pension programs may have entirely different effects on the intergenerational distribution of income risk. If the pension benefit is a fixed proportion of previous labor income, a pay-as-you-go program increases the net income risk of all generations. On the other hand, a pay-as-you-go program characterized by a fixed labor income tax rate and uncertain pension benefits provides intergenerational risk sharing.

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Population Economics.

    Volume (Year): 11 (1998)
    Issue (Month): 3 ()
    Pages: 373-378

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    Handle: RePEc:spr:jopoec:v:11:y:1998:i:3:p:373-378

    Note: Received: 10 December 1996 / Accepted: 24 November 1997
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    Related research

    Keywords: Intergenerational risk sharing · social security · public pension programs;

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    Cited by:
    1. Roel Beetsma & Ward Romp, 2013. "Participation Constraints in Pension Systems," Tinbergen Institute Discussion Papers 13-149/VI, Tinbergen Institute.
    2. repec:onb:oenbwp:y::i:146:b:1 is not listed on IDEAS
    3. Andreas Wagener, 2001. "On Intergenerational Risk Sharing within Social Security Schemes," CESifo Working Paper Series 499, CESifo Group Munich.
    4. R. Beetsma & A. L. Bovenberg, 2006. "Pension systems, intergenerational risk sharing and inflation," European Economy - Economic Papers 257, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    5. Lucas Bretschger & Karen Pittel, 2005. "Innovative investments, natural resources, and intergenerational fairness : are pension funds good for sustainable development?," CER-ETH Economics working paper series 05/36, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    6. Zamac , Jovan, 2005. "Winners and Losers from a Demographic Shock under Different Intergenerational Transfer Schemes," Working Paper Series 2005:13, Uppsala University, Department of Economics.
    7. Friedrich Breyer & Mathias Kifmann, 2004. "The German Retirement Benefit Formula: Drawbacks and Alternatives," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 60(1), pages 63-, April.
    8. Jovan Zamac, 2005. "Pension Design when Fertility Fluctuates: The Role of Capital Mobility and Education Financing," CESifo Working Paper Series 1569, CESifo Group Munich.
    9. Friedrich Breyer, 2000. "Kapitaldeckungs- versus Umlageverfahren," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(4), pages 383-405, November.
    10. Knell, Markus, 2010. "How automatic adjustment factors affect the internal rate of return of PAYG pension systems," Journal of Pension Economics and Finance, Cambridge University Press, vol. 9(01), pages 1-23, January.

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