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Should Public Pensions Be Funded?

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  • Richard Hemming
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    Abstract

    This paper outlines some of the arguments for and against the funding of public pensions, with a view to establishing whether there is an economic basis for judging funding to be superior to pay-as-you-go (PAYG). It is argued that funding does not have a clear advantage, and the case for a shift from PAYG to funding is thus an uneasy one. There is nonetheless growing advocacy of funded public pensions as part of an ideal pension system, which raises more general issues about the role of the public sector in pension provision.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 98/35.

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    Length: 35
    Date of creation: 01 Mar 1998
    Date of revision:
    Handle: RePEc:imf:imfwpa:98/35

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    Cited by:
    1. Assaf Razin, 2001. "Policy implications of demographic change: panel discussion: notes on demographic changes and the welfare state," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 46, pages 289-296.
    2. Assaf Razin & Efraim Sadka, 1999. "Unskilled Migration: A Burden or a Boon for the Welfare State," NBER Working Papers 7013, National Bureau of Economic Research, Inc.
    3. Svend E. Hougaard Jensen & Jukka Lassila, 2002. "Reforming Social Security in a Transition Economy: The Case of Lithuania," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(1), pages 17-36.
    4. Disney, Richard & Whitehouse, Edward, 1992. "The personal pensions stampede," MPRA Paper 10476, University Library of Munich, Germany.
    5. Kubicek, Jan, 2005. "Contribution rates to funded pension systems in the new member countries," Research in International Business and Finance, Elsevier, vol. 19(2), pages 266-280, June.
    6. Assaf Razin & Efraim Sadka, 1998. "Migration and Pension," NBER Working Papers 6778, National Bureau of Economic Research, Inc.
    7. Richard Disney & Robert Palacios & Edward Whitehouse, 1999. "Individual choice of pension arrangement as a pension reform strategy," IFS Working Papers W99/18, Institute for Fiscal Studies.
    8. John McHale, 1999. "The Risk of Social Security Benefit Rule Changes: Some International Evidence," NBER Working Papers 7031, National Bureau of Economic Research, Inc.
    9. Kinnunen, Helvi, 2008. "Government funds and demographic transition – alleviating ageing costs in a small open economy," Research Discussion Papers 21/2008, Bank of Finland.

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