Pensions in a shrinking economy: a comment on Kuné

Sergio Cesaratto ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: In a contribution to Pensions: An International Journal, Prof. Jan Kuné discusses whether a fully funded (FF) pension scheme can cope with a demographic shock better than a payas- you-go (PAYG) system. He makes ample use of my own contributions on this issue but ignores my criticism of the neoclassical interpretation of FF pension schemes and especially of the claim that an FF scheme is superior to PAYG in this and other respects. The purpose of this note is to stimulate some response, from Prof. Kuné or others, to my critique of the neoclassical interpretation. The policy implications of this discussion for pension reforms are evident.

JEL-codes: E11 G23 H55 (search for similar items in EconPapers)
Date: 2011-10
New Economics Papers: this item is included in nep-age, nep-mac and nep-pke
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