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Kapitaldeckungs- versus Umlageverfahren

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  • Breyer Friedrich

    (Universität Konstanz und Deutsches Institut für Wirtschaftsforschung)

Abstract

In the academic debate on systems of old-age insurance no question is as controversial and as vigorously discussed as the choice between funded and unfunded financing modes. At first glance this is surprising because this choice seems to involve only an efficiency problem. However, closer inspection reveals that a change of the financing system implies redistribution, if not within, at least among, different generations. In this contribution, the present state of knowledge on the functioning and the effects of the two financing systems is summarized. The analysis focuses on a comparison of rates of return and risks involved in each system and on the problems connected with a transition from unfunded to funded pensions. As a result it is argued that without reference to specific criteria of distributive equity among generations the nowadays popular call for radical reform of unfunded social security systems is not well founded.

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  • Breyer Friedrich, 2000. "Kapitaldeckungs- versus Umlageverfahren," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 1(4), pages 383-405, November.
    • Handle: RePEc:bpj:pewipo:v:1:y:2000:i:4:p:383-405:n:2
    DOI: 10.1111/1468-2516.00024
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    Cited by:

    1. Börsch-Supan, Axel, 2002. "What We Know and What We Do NOT Know," MEA discussion paper series 02017, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    2. repec:onb:oenbwp:y::i:95:b:1 is not listed on IDEAS
    3. A Börsch-Supan & A Brugiavini, 2001. "Savings: the policy debate in Europe," Oxford Review of Economic Policy, Oxford University Press, vol. 17(1), pages 116-143, Spring.
    4. Borchardt, Katja & Farhauer, Oliver, 2003. "Kapitaldeckung als Antwort auf die demographische Herausforderung?," Discussion Papers 2003/6, Technische Universität Berlin, School of Economics and Management.
    5. Axel Börsch‐Supan, 2000. "Was lehrt uns die Empirie in Sachen Rentenreform?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(4), pages 431-451, November.
    6. Felder Stefan & Fetzer Stefan, 2007. "Kapitaldeckung in der Gesetzlichen Krankenversicherung: Wer bezahlt den Übergang? / Funding Social Health Insurance: Who Pays for the Transition?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 227(5-6), pages 603-620, October.
    7. Johann K. Brunner, 2002. "Welfare effects of pension finance reform," Economics working papers 2002-12, Department of Economics, Johannes Kepler University Linz, Austria.
    8. Grabka, Markus M. & Andersen, Hanfried H. & Henke, Klaus-Dirk & Borchardt, Katja, 2003. "Kapitaldeckung für die GKV? Zur Berechnung der finanziellen Auswirkungen eines Umstiegs vom Umlage- auf das Kapitaldeckungssystem," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 123, pages 265-283.
    9. Markus Knell, 2005. "On the Design of Sustainable and Fair PAYG Pension Systems When Cohort Sizes Change," Working Papers 95, Oesterreichische Nationalbank (Austrian Central Bank).
    10. Henke, Klaus-Dirk & Borchardt, Katja & Schreyögg, Jonas & Farhauer, Oliver, 2003. "Eine ökonomische Analyse unterschiedlicher Finanzierungsmodelle der Krankenversorgung in Deutschland," Discussion Papers 2003/4, Technische Universität Berlin, School of Economics and Management.
    11. Cristophe Borgmann & Pascal Krimmer & Bernd Raffelhüshen, 2001. "Rentenreformen 1998–2001: Eine (vorläufige) Bestandsaufnahme," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 2(3), pages 319-334, August.
    12. Voigtländer Michael & Henman Barbara, 2005. "Vorschläge für eine konstitutionell begründete Rentenreform," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 54(2), pages 160-176, August.

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