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Funded pension schemes: Economic effects and policy implications

Grech, Aaron George (1999): Funded pension schemes: Economic effects and policy implications. Published in: Central Bank of Malta Quarterly Review : pp. 58-68.

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Abstract

This paper reviews alternative pension systems and examines the arguments in favour of funded pension schemes. The benefits of the latter derive mainly from long-term economic efficiency gains rather than from the immediate relief of pressures on the fiscal balance. Indeed, the transition towards a funded scheme could imply an increase in government expenditure in the short run. Fiscal consolidation and the attainment of equilibrium in the external balance are essential prerequisites for a move towards a funded pension system to be conducted successfully.

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