THE CRISIS OF GERMANY'S PENSION INSURANCE SYSTEM AND HOW IT CAN BE RESOLVED

摘要: The paper discusses the options for a reform of German pension system using model developed at CES Council economic advisors to Federal Ministry Economics and Research. It is argued that pay-as-you-go-system efficient in present value sense but will nevertheless need support funded avoid financial crisis. recommends obligatory private savings variable rate where time path chosen so as stabilize sum this pay-as-you-go contribution rate, given pensions defined system. ; Germany; Pay-As-You-Go System; Pension Insurance; Savings