The current social security systems in many OECD countries were adopted before World War II, when private financial markets were underdeveloped or in disrepute. They expanded sharply in the 1950s and 1960s, when real wages and population were growing rapidly. Under those circumstances, it seemed natural to rely on a publicly managed payroll-tax-financed pay-as-you-go (PAYG) system. But in the past 40 years, real wage growth has slowed and population...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1996/01/31
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Рабочий документ в рамках исследования вопросов политики
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WPS1570
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1
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1
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2010/07/01
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Protecting the old and promoting growth : a defense of averting the old age crisis
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rate of return on capital
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