Capitalización y reparto: un análisis comparativo

Ignacio Zubiri
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Ignacio Zubiri: Universidad del País Vasco

EKONOMIAZ. Revista vasca de Economía, 2014, vol. 85, issue 01, 207-232

Abstract: This paper compares the properties of funded and pay as go pension systems. When the population is aging pay as you go systems can´t sustain a pension system. However, if taxes are used to finance part of the pensions, the pay as you go system is better in all the relevant aspects. A system based in pay as you go pensions can´t (because of the transition cost) and should not (because of its properties) be funded. Funded systems cover fewer risks, are more uncertain and the returns (adjusted by risk and after fees and premiums) will be not very high. It lacks sense to use public funds to finance private pensions (instead of public pensions). If, for whatever reason, the government wants to subsidize private pensions it should focus on occupational plans an individual accounts.

Keywords: complementary pensions; profitability; pay-as-you-go system; funded pension system (search for similar items in EconPapers)
JEL-codes: G23 H55 J32 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:ekz:ekonoz:2014109

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