@techreport{NBERw7304,
 title = "The Crisis of Germany's Pension Insurance System and How It Can Be Resolved",
 author = "Hans-Werner Sinn",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "7304",
 year = "1999",
 month = "August",
 URL = "http://www.nber.org/papers/w7304",
 abstract = {The paper discusses the options for a reform of the German pension system using a model developed at CES for the German Council of economic advisors to the Federal Ministry of Economics and Research. It is argued that the German pay-as-you-go-system is efficient in a present value sense but will nevertheless need the support of a funded system to avoid a financial crisis. The paper investigates the possibility of introducing obligatory private savings at a variable rate where the time path of the savings rate is chosen so as to stabilize the sum of this rate and the pay-as-you-go contribution rate, given the time path of pensions as defined in the present system.},
}