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How to Avoid a Pension Crisis: A Question of Intelligent System Design
Alessandro Cigno Dipartimento di Studi sullo Stato; CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Institute for the Study of Labor (IZA); Centre for Household, Income, Labour and Demographic Economics (CHILD) March 2009 CESifo Working Paper Series No. 2590 Abstract: Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing individuals to qualify for a pension by working and paying contributions in the usual way, and an unconventional one allowing them to qualify for a pension by having children, and investing time and money in their upbringing.
Keywords: pension reform, implicit pension taxes and subsidies, child benefits, fertility, labour productivity JEL Classifications: D13, D64, H55, J13, J14, J26 Working Paper SeriesDate posted: March 25, 2009 ; Last revised: March 25, 2009Suggested CitationContact Information
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