TY  - JOUR
AU  - Feldstein,Martin
TI  - The Future of Social Security Pensions in Europe
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8487
PY  - 2001
Y2  - September 2001
UR  - http://www.nber.org/papers/w8487
L1  - http://www.nber.org/papers/w8487.pdf
N1  - Author contact info:
Martin S. Feldstein
President Emeritus
NBER
1050 Massachusetts Avenue
Cambridge, MA  02138-5398
Tel: 617/868-3905
Fax: 617/868-7194
E-Mail: msfeldst@nber.org
AB  - This paper discusses a possible solution to the double problem that faces European governments in dealing with the future of Social Security pensions.  Like other governments around the world, they must deal with the rising  cost of pensions that will result from the increasing life expectancy of the population. But the European governments have the extra problem that any solution must be compatible with a European Union labor market in which individuals from any member country are free to work anywhere within the European Union.  The solution to this double problem that is developed in this paper combines an investment-based system of individual accounts with a 'notional defined contribution' system financed by pay-as-you-go taxes.
ER  -