The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal for a Partial Transition to a Funded System
(1386 K)
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NBER Working Paper No. 6229
Issued in October 1997
NBER Program(s): PE
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.
Published: 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.
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