The rate of return of pay-as-you-go pension systems: a more exact consumption-loan model of interest

Ole Settergren and Boguslaw D. Mikula

Journal of Pension Economics and Finance, 2005, vol. 4, issue 2, 115-138

Abstract: The article presents a method for calculating the cross-section internal rate of return on contributions to pension systems financed according to the pay-as-you-go principle. The method entails a procedure for valuing the contribution flow of pay-as-you-go financing, and identifies the complete set of factors that determine the cross-section internal rate of return. The procedure makes it possible to apply the algorithm of double-entry bookkeeping in analyzing and presenting the financial position and development of pay-as-you-go pension systems.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jpenef:v:4:y:2005:i:02:p:115-138_00

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