JOURNAL ARTICLE
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Der Einfluß der Alterssicherung auf die gesamtwirtschaftliche Kapitalbildung
Credit and Capital Markets – Kredit und Kapital, Vol. 21 (1988), Iss. 3 : pp. 383–406
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Prof. Dr. Wolfgang Kitterer, Universität Kiel, Institut für Finanzwissenschaft, Olshausenstraße 40, 2300 Kiel
References
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Abstract
The Influence of Pension Plans on Overall Capital Formation
This contribution discusses within the framework of an inter-generation contract model the influence of different pension plans on overall capital formation. It begins by showing that individual pension plans can only be maintained if a kind of intergeneration contract is observed. It presupposes a correspondingly high capital formation by the younger generation.
Social insurance on a pay-as-you-go basis implies compulsory capital transfer from the younger to the older generation. It leads to a reduced capital stock per gainfully active person. The effects of this system on the overall consumption potential are determined by the ratio between the interest rate and the population growth rate.
The institutional funding principle does not of itself result in any additional capital formation. The latter rather requires a waiver of consumption that goes beyond the transfer obligations deriving from pension claims acquired.