Based on explicit present value calculations, the paper criticizes the view that the PAYGO
system wastes economic resources. In present value terms, there is nothing to be gained …

Based on explicit presentvalue calculations, the paper criticizes the view that the
PAYGOsystem wastes economic resources. In present value terms, thereis nothing to be …

This paper concerns issues relating to the effectiveness and efficiency of old-age pension
system, these being matters very rarely addressed in either the Polish or foreign literature …

Are there still opportunities for welfare-improving reforms in unfunded pension systems? To
answer this question, we analyze the intertemporal structure of implicit taxes in pay-as-you …

This chapter provides a review of some implications of demographic shift arising from
population aging for fiscal policy, taxation policy, and social security settings. The key …

Any reforms of pension systems inevitably involve their optimization, which is a challenging
task since pension systems are dynamic, multidimensional and are affected by a variety of …

This paper investigates the inter-temporal structure of implicit taxes that arise in unfunded
pension schemes. We demonstrate that these tax rates are declining over the life cycle …

We identify several objectionable features of the German retirement benefit formula. Groups
of insureds with higher than average life expectancy are subsidized by the rest of the …

This paper presents a comprehensive view of lifetime taxation including both explicit
taxation through the general tax system and implicit taxation via the retirement benefit …

Social insurance contributions include an implicit tax portion if the contributions are higher
than the benefits. For the first time, this implicit tax burden is calculated for the entire German …