Public pensions in transition:  an optimal policy path.
"The main purpose of this paper is to analyze problems of financing an old-age insurance when birth rates are low and population declines or fertility fluctuates with time....[The author] investigates a theoretical model which analyzes the welfare optimal combination of private savings via the capital market and the state forced savings via a PAYG [pay-as-you-go] financed public pension system.  Long-run effects as well as short-run implications are considered.  The economic properties of an optimal steady state are determined and additionally an optimal transition path--the best feasible conversion policy--which leads to the new steady state is specified."
Peters
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D003710:Demography; D003858:Dependency, Psychological; D019049:Developed Countries; D004467:Economics; D005376:Financial Management; D008962:Models, Theoretical; D009826:Old Age Assistance; D011153:Population; D011157:Population Dynamics; D012106:Research
Demographic Factors; Dependency Burden; Developed Countries; Economic Conditions; Economic Factors; Financial Activities; Macroeconomic Factors; Microeconomic Factors; Models, Theoretical; Old Age Security--cost; Population; Population Dynamics; Research Methodology