TY  - RPRT
        AU  - Góra, Marek
AU  - Palmer, Edward
        TI  - Shifting Perspectives in Pensions
        PY  - 2004/Oct/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 1369
        UR  - https://www.iza.org/publications/dp1369
        AB  - This paper addresses the questions of what is an economically efficient pension system,
what are the externalities and what are the risks of the four alternative pension systems:
financial defined contribution (FDC), notional or non-financial defined contribution (NDC),
financial defined benefit (FDB) and non-financial defined benefit (NDB). A main contribution
of the paper is the development of the concept of NDC, itself a new construction in pension
economics. An important conclusion is that NDC is neutral in terms of externalities. It
manages the risks and eliminates the negative externalities associated with traditional public
NDB schemes, and in a manner similar to FDC schemes.
        KW  - pensions
KW  - NDC
KW  - FDC
KW  - notional account systems
KW  - financial account systems
KW  - funding
KW  - externalities
KW  - risks
KW  - defined contribution
KW  - government debt
        ER  -