In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and the potential benefits of mixed systems in...

This study provides a comprehensive analysis of the generational wealth transfer within Sweden's public pay-as-you-go pension system introduced in 1960. Using extensive administrative registers, the paper quantifies the contributions made and benefits received by each birth cohort. The findings...

A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension and the relative shares of the two systems may be explained and are determined by the population growth rate, technological growth, the time-preference discount rate, the...

Der vorliegende Beitrag liefert eine normative Betrachtung der Auswirkungen intergenerationeller Transfers in Form von umlagefinanzierten Altersrenten in Ökonomien mit endogen bestimmtem Wirtschaftswachstum. Zunächst wird intergenerationellen Transfers eine allokative Rolle zugewiesen. Diese...