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How to Avoid a Pension Crisis: A Question of Intelligent System DesignAlessandro CignoDipartimento 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 2010 CESifo Economic Studies, Vol. 56, Issue 1, pp. 21-37, 2010 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 article 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 Classification: D13, D64, H55, J13, J14, J26 Accepted Paper SeriesDate posted: February 22, 2010Suggested CitationContact Information
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