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Giving the ageing of the population how can countries afford pay-as-you-go social insurance pensions?

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Gugushvili, Alexi

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Abstract

The paper examines formation and sustainability of Pay-As-You-Go pension systems within the consequences of the ageing of population. Parametric reforms rather than institutional transformation of Pay-As-You-Go systems into funded pension schemes are advocated. Following the modern theories of family economics and contrary to the mainstream works on the issue, reciprocal causation between pension systems and ageing is stressed. The paper concludes that the World Bank’s first pillar adjustment for maintaining the Pay-As-You-Go schemes achieves its objectives only if it is focused on all elements of the Pay-As-You-Go system.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2869.

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Date of creation: Mar 2007
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Handle: RePEc:pra:mprapa:2869

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Related research
Keywords: Pensions Pay-As-You-Go Ageing

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Find related papers by JEL classification:
J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends and Forecasts
P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform
J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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