Articlegreen2005

The rate of return of pay-as-you-go pension systems: a more exact consumption-loan model of interest

130 citations0/0 files storedJournal of Pensions Economics and Finance

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Financial Literacy, Pension, Retirement Analysis Accounting Theory and Financial Reporting Economic Policies and Impacts

Abstract

The article presents a method for calculating the cross-section internal rate of return on contributions to pension systems financed according to the pay-as-you-go principle. The method entails a procedure for valuing the contribution flow of pay-as-you-go financing, and identifies the complete set of factors that determine the cross-section internal rate of return. The procedure makes it possible to apply the algorithm of double-entry bookkeeping in analyzing and presenting the financial position and development of pay-as-you-go pension systems.

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References

1958An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money 2005Applied Mathematical Demography 1966The Social Insurance Paradox 1999"Rethinking Pension Reform: Ten Myths About Social Security Systems"2000The Financial Stability of Notional Account Pensions 1994The Formal Demography of Population Aging, Transfers, and the Economic Life Cycle

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