초록

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Abstract ▼ AI-Helper

This paper outlines an optimal pension system that can overcome the difficulties associated with aging population and stagnant economic growth. Contrasting merits of pay-as-you-go system in terms of risk management and distributional equity with those of funded system in terms of economic growth, th...

This paper outlines an optimal pension system that can overcome the difficulties associated with aging population and stagnant economic growth. Contrasting merits of pay-as-you-go system in terms of risk management and distributional equity with those of funded system in terms of economic growth, this paper analyzes both theoretically and empirically an optimal combination of funded and unfunded systems that can best balance out the two. In particular, by simulation based upon KLI panel data set, this paper argues that it will be better for us to reduce the portion of unfunded system from the current level, which can induce people to increase funded pensionfor themselves. It is also argued that the so-called transition costs associated with the change in pension system can be minimized if the government can succeed in inducing individuals to increase their savings significantly. In this respect this paper suggests linking the reduction in tax for unfunded pension with the conversion to corporate pension (from the existing retirement allowance system) as an effective way that can enhance funding in the private sector during the transition.

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