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The Evolution of Public Pension Schemes
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(Buch) |
Dieser Artikel gilt, aufgrund seiner Grösse, beim Versand als 2 Artikel!
| Inhalt: |
| The purpose of this book is to describe and to give a theoretical explanation of the developments of Pay-As-You-Go (PAYG)-financed public pension schemes in democracies from a positive point of view. The book especially tries to grasp the determinants for changes in PAYG-systems. It is shown that if confidence in the continuation of an operative public pension scheme is growing, the conversion from a Capital-Reserve to the PAYG system - which has occurred in the history of most schemes - can be explained out of the self-interest of the generations alive. On the other hand, if a PAYG-system has been operating for a long enough period, then the operation of the system can be explained from altruism just as well. The analysis gives insights into the determinants of the future evolution of PAYG-systems. If the current financial crisis perseveres, the PAYG-scheme will not necessarily be maintained indefinitely. This statement holds even if future young generations are altruistic towards the old and even if the old are in the majority in a representative democracy. |
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