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Reforming PensionsPrinciples and Policy Choices$
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Nicholas Barr and Peter Diamond

Print publication date: 2008

Print ISBN-13: 9780195311303

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780195311303.001.0001

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Finance and Funding

Finance and Funding

Chapter:
(p.85) 6 Finance and Funding
Source:
Reforming Pensions
Author(s):

Nicholas Barr (Contributor Webpage)

Peter Diamond (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195311303.003.0006

Finance and funding are controversial topics. This chapter discusses the pros and cons of relying on dedicated revenue; how to measure the financial position of pensions, including the difference between implicit and explicit debt; the relationships among funding, national saving, and economic growth; and the proper methodology for comparing the returns from PAYG and funded systems. The chapter also discusses some analytical errors.

Keywords:   capital markets, dedicated revenue, demographic change, explicit debt, growth, implicit debt, pension finance, pension funding, saving, steady state analysis

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