Un approccio di equilibrio finanziario di lungo periodo ai problemi di un sistema pensionistico a ripartizione
DOI:
https://doi.org/10.13133/2037-3651/10913Abstract
The article compares the distributional features of pay-as-you-go and fully funded pension systems. It analyses in particular the tendencies of pay-as-you-go systems to offer vary high benefits and internal rate of returns at the beginning of their establishment, while being subject to increasingly painful cuts in benefits over time. The author concludes that a mixed system exhibiting features of both pay-as-you-go and fully funded pension systems may be the optimal one.
JEL Codes: H55
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