Freedom and Other Variables in the Choice of Public Pension Systems |
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| Authors: | Wang Lu Davis Otto A. |
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| Affiliation: | 1. Department of Social and Decision Sciences, Carnegie Mellon University, 5000 Forbes Ave., Pittsburgh, PA, 15213, U.S.A.
2. Department of Social and Decision Sciences, Carnegie Mellon University, 5000 Forbes Ave., Pittsburgh, PA, 15213, U.S.A.
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| Abstract: | There are three types of public pension systems popularthroughout the world: Pay-As-You-Go (defined benefit), Funded(defined contribution), and Mixed. The latter two systems werelargely adopted in the 1990s after Chile successfully builtits Funded system. In this paper we analyze the choice ofthese types of pension system, identifying factors that affectcountries' choice. Several measures of freedom – economic andpolitical – are associated with these choices. The estimatedeffects of the two freedoms on pension choice and percentelderly are quite interesting and intuitive. |
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