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The Welfare State as Piggy BankInformation, Risk, Uncertainty, and the Role of the State$
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Nicholas Barr

Print publication date: 2001

Print ISBN-13: 9780199246595

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199246599.001.0001

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Pension Design: The Options

Pension Design: The Options

Chapter:
(p.125) Chapter 8 Pension Design: The Options
Source:
The Welfare State as Piggy Bank
Author(s):

Nicholas Barr (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199246599.003.0008

This chapter sets out the wide range of options for pension design – funded or Pay‐As‐You‐Go, public or private, defined‐contribution or defined‐benefit – drawing on economic theory, the experience of different countries, and analysis of public and private institutional capacity constraints. Though the options vary in the form and extent of state involvement, even the most private arrangements require continuing government involvement, notably to ensure macroeconomic stability, to enforce contributions, and to ensure regulation of financial markets; and if reducing uncertainty is an objective – addressing inflation, pooling risks within a generation and across generations – the role of the state is to that extent larger.

Keywords:   defined benefit, defined contribution, financial markets, funded pensions, institutional capacity, Pay‐As‐You‐Go pensions, pension design, private pensions, public pensions, regulation

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