Kapitaldeckungs‐ versus Umlageverfahren

Friedrich Breyer

Perspektiven der Wirtschaftspolitik, 2000, vol. 1, issue 4, 383-405

Abstract: In the academic debate on systems of old‐age insurance no question is as controversial and as vigorously discussed as the choice between funded and unfunded financing modes. At first glance this is surprising because this choice seems to involve only an efficiency problem. However, closer inspection reveals that a change of the financing system implies redistribution, if not within, at least among, different generations. In this contribution, the present state of knowledge on the functioning and the effects of the two financing systems is summarized. The analysis focuses on a comparison of rates of return and risks involved in each system and on the problems connected with a transition from unfunded to funded pensions. As a result it is argued that without reference to specific criteria of distributive equity among generations the nowadays popular call for radical reform of unfunded social security systems is not well founded.

Date: 2000
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