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Old-age Pension Systems: A Theoretical Evaluation

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  • Homburg, Stefan

Abstract

The paper evaluates the theoretical literature on public pension schemes. First, the terms pay-as-you-go and capital reserve are made precise. These two systems are then compared, followed by a consideration of their efficiency properties. Thereafter conversion policies are discussed. -- Der Artikel bewertet die theoretische Literatur zur Gesetzlichen Rentenversicherung. Er vergleicht das Umlageverfahren und das Kapitaldeckungsverfahren, betrachtet deren Effizienzeigenschaften und diskutiert die Möglichkeit der Umwandlung eines Umlageverfahrens in ein Kapitaldeckungsverfahren.

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File URL: http://econstor.eu/bitstream/10419/95248/1/Homburg1997Old-age.pdf
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Bibliographic Info

Article provided by ZBW - German National Library of Economics in its journal EconStor Open Access Articles.

Volume (Year): (1997)
Issue (Month): ()
Pages: 233-246

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Handle: RePEc:zbw:espost:95248

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Keywords: Pay-as-you-go; Public pensions;

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References

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  1. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
  2. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
  3. Stefan Homburg & Wolfram Richter, 1993. "Harmonizing public debt and public pension schemes in the European community," Journal of Economics, Springer, Springer, vol. 7(1), pages 51-63, December.
  4. Breyer, Friedrich & Straub, Martin, 1993. "Welfare effects of unfunded pension systems when labor supply is endogenous," Journal of Public Economics, Elsevier, Elsevier, vol. 50(1), pages 77-91, January.
  5. Browning, Edgar K, 1975. "Why the Social Insurance Budget Is Too Large in a Democracy," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 13(3), pages 373-88, September.
  6. Peter G. C. Townley, 1981. "Public Choice and the Social Insurance Paradox: A Note," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 14(4), pages 712-17, November.
  7. Homburg, Stefan & Richter, Wolfram, 1990. "Eine effizienzorientierte Reform der GRV," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 183-191..
  8. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 24(2), pages 450-59, May.
  9. Brunner, Johann K., 1993. "Redistribution and the efficiency of the pay-as-you-go pension system," Discussion Papers, Series I 265, University of Konstanz, Department of Economics.
  10. Homburg, Stefan, 1992. "Efficient Economic Growth," EconStor Books, ZBW - German National Library of Economics, number 92903, February.
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Citations

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Cited by:
  1. Marcel Thum & Jakob von Weisäcker, 2000. "Implizite Einkommensteuer als Messlatte für die aktuellen Rentenreformvorschläge," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 1(4), pages 453-468, November.
  2. Kersten Kellermann, 2004. "Finanzierungsformen und Opportunitätskosten öffentlicher Investitionen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 224(4), pages 471-487, July.
  3. Alois Guger, 1998. "Austria's Old-Age Pension System in an International Comparison," Austrian Economic Quarterly, WIFO, vol. 3(1), pages 31-42, January.
  4. Friedrich Breyer, 2001. "Why Funding Is not a Solution to the "Social Security Crisis"," Discussion Papers of DIW Berlin 254, DIW Berlin, German Institute for Economic Research.
  5. Sinn, Hans-Werner, 2005. "Europe's Demographic Deficit," Munich Reprints in Economics, University of Munich, Department of Economics 934, University of Munich, Department of Economics.
  6. Friedrich Breyer, 2000. "Kapitaldeckungs- versus Umlageverfahren," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 1(4), pages 383-405, November.
  7. Volker Börstinghaus & Georg Hirte, 2001. "Generational Accounting versus Computable General Equilibrium," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 58(3), pages 227-, July.
  8. Hirte, Georg, 2001. "Pension Policies for an Aging Society," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, edition 1, volume 14, number urn:isbn:9783161475399, July.
  9. Rodrigo Cerda, 2005. "On social security financial crisis," Journal of Population Economics, Springer, Springer, vol. 18(3), pages 509-517, 09.
  10. Hans-Werner Sinn, 2005. "Europe’s Demographic Deficit A Plea For A Child Pension System," De Economist, Springer, Springer, vol. 153(1), pages 1-45, December.
  11. Fehr, Hans, 1999. "Welfare Effects of Dynamic Tax Reforms," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, edition 1, volume 5, number urn:isbn:9783161470165, July.
  12. Hans-Werner Sinn, 2000. "Why a Funded Pension System is Needed and Why It is Not Needed," International Tax and Public Finance, Springer, Springer, vol. 7(4), pages 389-410, August.
  13. Alois Guger, 1997. "Austria's Old-Age Pension System in an International Comparison," WIFO Monatsberichte (monthly reports), WIFO, vol. 70(9), pages 535-546, September.

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