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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.

Suggested Citation

  • Homburg, Stefan, 1997. "Old-age Pension Systems: A Theoretical Evaluation," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 233-246.
  • Handle: RePEc:zbw:espost:95248
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    References listed on IDEAS

    as
    1. Homburg, Stefan, 1992. "Efficient Economic Growth," EconStor Books, ZBW - German National Library of Economics, number 92903.
    2. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
    3. 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, vol. 66, pages 467-467.
    4. Breyer, Friedrich & Straub, Martin, 1993. "Welfare effects of unfunded pension systems when labor supply is endogenous," Journal of Public Economics, Elsevier, vol. 50(1), pages 77-91, January.
    5. Breyer, Friedrich & Kolmar, Martin, 1994. "Does the common labor market imply the need for a European public pension system?," Discussion Papers, Series II 244, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    6. Peter G. C. Townley, 1981. "Public Choice and the Social Insurance Paradox: A Note," Canadian Journal of Economics, Canadian Economics Association, vol. 14(4), pages 712-717, November.
    7. 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.
    8. Homburg, Stefan & Richter, Wolfram, 1990. "Eine effizienzorientierte Reform der GRV," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 183-191..
    9. Browning, Edgar K, 1975. "Why the Social Insurance Budget Is Too Large in a Democracy," Economic Inquiry, Western Economic Association International, vol. 13(3), pages 373-388, September.
    10. Stefan Homburg & Wolfram Richter, 1993. "Harmonizing public debt and public pension schemes in the European community," Journal of Economics, Springer, vol. 7(1), pages 51-63, December.
    11. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-459, May.
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    Citations

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    Cited by:

    1. Kellermann Kersten, 2004. "Finanzierungsformen und Opportunitätskosten öffentlicher Investitionen / Public Debt and Opportunity Costs of Public Investment," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 224(4), pages 471-487, August.
    2. Breyer, Friedrich, 2001. "Why Funding is not a Solution to the "Social Security Crisis"," IZA Discussion Papers 328, Institute for the Study of Labor (IZA).
    3. Fehr, Hans, 1999. "Welfare Effects of Dynamic Tax Reforms," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 5, number urn:isbn:9783161470165.
    4. Hans-Werner Sinn, 2000. "Why a Funded Pension System is Needed and Why It is Not Needed," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 7(4), pages 389-410, August.
    5. Alois Guger, 1998. "Austria's Old-Age Pension System in an International Comparison," Austrian Economic Quarterly, WIFO, vol. 3(1), pages 31-42, January.
    6. Hirte, Georg, 2001. "Pension Policies for an Aging Society," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 14, number urn:isbn:9783161475399.
    7. 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.
    8. Gábor Gyárfás & Marko Marquardt, 2001. "Pareto improving transition from a pay-as-you-go to a fully funded pension system in a model of endogenous growth," Journal of Population Economics, Springer;European Society for Population Economics, vol. 14(3), pages 445-453.
    9. Marcel Thum & Jakob von Weisäcker, 2000. "Implizite Einkommensteuer als Messlatte für die aktuellen Rentenreformvorschläge," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(4), pages 453-468, November.
    10. Volker Börstinghaus & Georg Hirte, 2001. "Generational Accounting versus Computable General Equilibrium," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 58(3), pages 227-227, July.
    11. Hans-Werner Sinn, 2005. "Europe’s Demographic Deficit A Plea For A Child Pension System," De Economist, Springer, vol. 153(1), pages 1-45, December.
    12. Friedrich Breyer, 2000. "Kapitaldeckungs- versus Umlageverfahren," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(4), pages 383-405, November.
    13. Sinn, Hans-Werner, 2005. "Europe's Demographic Deficit," Munich Reprints in Economics 934, University of Munich, Department of Economics.
    14. Rodrigo Cerda, 2005. "On social security financial crisis," Journal of Population Economics, Springer;European Society for Population Economics, vol. 18(3), pages 509-517, September.

    More about this item

    Keywords

    Pay-as-you-go; Public pensions;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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