Template-Type:ReDIF-Paper 1.0  
Title:The Pareto-Improving Transition from a Pay-As-You-Go System to a Fully Funded System in a Model of Endogenous Growth
Author-Name: Gyarfas, G.
Author-Name: Marquardt, M. 
Classification-JEL: H55
Keywords:Public Pensions, Endogenous Growth 
Abstract: In this paper we investigate the possibilities of Pareto-improving reforms
 of a pay-as-you-go (PAYG) pension system in a framework of endogenous growth. 
 Belan et al. (1996) propose a transition of a PAYG system to a system of savings--subsidization. 
 We follow this approach and prove that a Pareto-improving conversion from the PAYG system 
 to a fully funded one is possible. Finally, we compare the subsidy system with the fully funded 
 system and analyze the question of whether a PAYG system supplemented by a subsidy scheme can 
 generate the same growth as a fully funded system.
Length: pages
Creation-Date: 1998-11
Revision-Date: 
Handle: RePEc:bon:bonsfa:588