Rentabilitätsvergleiche im Umlage- und Kapitaldeckungsverfahren: Konzepte, empirische Ergebnisse, sozialpolitische Konsequenzen
In the discussion of a pension reform, an important issue is the difference of the return between a PAYG and a funded system. It is not as straightforward as often suggested, because problems like risk, insurance, and the transition to a reformed system have to be considered. This paper discusses the theoretical background of this issue and presents empirical estimates of the current and simulation results for the future development of the relevant rates of return. Conclusions are drawn for a reform of the pension system.
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|Date of creation:||22 May 2000|
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|Note:||Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.|
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