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The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal for a Partial Transition to a Funded System

  • Hans-Werner Sinn

It is shown that the net fiscal externality created by an additional member of a pay-as-you-go pension system that is endowed with individual accounts equals the gross contributions" of this member. In Germany, this is an amount of about DM 175,000. The paper uses this" information to design a hybrid funded system that avoids this externality and improves the" public pension system under equity and efficiency considerations.

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File URL: http://www.nber.org/papers/w6229.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6229.

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Date of creation: Oct 1997
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Publication status: published as Sinn, Hans-Werner. "The Value of Children and Immigrants in a Pay-as-You-Go Pension System: A Proposal for a Partial Transition to a Funded System." Ifo Studien 47, 1 (2001): 77-94.
Handle: RePEc:nbr:nberwo:6229
Note: PE
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  1. Holger Bonin & Bernd Raffelhüschen & Jan Walliser, 2000. "Can Immigration Alleviate the Demographic Burden?," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 57(1), pages 1-, September.
  2. Cigno, Alessandro & Rosati, Furio C., 1996. "Jointly determined saving and fertility behaviour: Theory, and estimates for Germany, Italy, UK and USA," European Economic Review, Elsevier, vol. 40(8), pages 1561-1589, November.
  3. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
  4. Howitt, Peter & Sinn, Hans-Werner, 1989. "Gradual Reforms of Capital Income Taxation," American Economic Review, American Economic Association, vol. 79(1), pages 106-24, March.
  5. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Hannover Economic Papers (HEP) dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  6. Gary S. Becker & Robert J. Barro, 1986. "A Reformulation of the Economic Theory of Fertility," NBER Working Papers 1793, National Bureau of Economic Research, Inc.
  7. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-59, May.
  8. Martin Feldstein, 1995. "Would Privatizing Social Security Raise Economic Welfare?," NBER Working Papers 5281, National Bureau of Economic Research, Inc.
  9. Werding, Martin, 1998. "Zur Rekonstruktion des Generationenvertrages," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 3, number urn:isbn:9783161468896.
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