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Imbalance, inequality, equity, and adjustment in pay-as-you-go pension systems in developing countries: empirical modeling and projections with data from Brazil

Author

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  • Moreira, Ajax
  • Foguel, Miguel
  • Ferreira, Sergio

Abstract

We analyze the effects of different pay-as-you-go public pension systems on financial imbalance, rate of return, and inequality of heterogeneous generations in terms of gender and education. We include aspects that are relevant for developing countries such as labor informality and payment of an old-age and social benefit. We introduce a new mixed system that combines components of the defined benefit (DB) and the defined contribution (DC) systems. Results show the new mixed system represents a compromise between the DB and DC systems and that a scheme (inspired in the German system) exhibits the highest rates of return and horizontal equity.

Suggested Citation

  • Moreira, Ajax & Foguel, Miguel & Ferreira, Sergio, 2025. "Imbalance, inequality, equity, and adjustment in pay-as-you-go pension systems in developing countries: empirical modeling and projections with data from Brazil," Journal of Pension Economics and Finance, Cambridge University Press, vol. 24(4), pages 590-621, October.
    • Handle: RePEc:cup:jpenef:v:24:y:2025:i:4:p:590-621_5
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