Unfunded Pension Systems: Ageing and Migration, Volume 264 (Contributions to Economic Analysis)
S. UebelmesserISBN: 0444517324;
Book DescriptionPension systems in most industrialised countries are unfunded, i.e. they are pay-as-you-go financed and thus depend on a well-balanced ratio (old) recipients to (young) contributors. This so-called dependency ratio will worsen significantly in the next few decades due to two developments: ageing of the population and increased labour mobility. This book analyses the viability of unfunded pension systems in the presence of the projected demographic evolution. The analysis focuseson questions concerning a) efficiency considerations and the possibility of welfare improvements; b) political economy aspects and the feasibility of reforms; c) the process of European integration and its influence on national pension systems. The theoretical analysis is complemented in numerous ways by quantitative parts and institutional details. The consequences of the demographic crisis for the distribution of the pension burden within and across...
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