【正文】 ate equities) or deferring taxes (pension portfolio consists of government bonds), which is obviously not the same. Adding redistribution or financial markets to the pension system generates externalities. These externalities can be positive and negative. Redistribution within the pension system can generate positive externalities if the system is inexpensive, namely the part of GDP allocated to the retired generation is not large. If the redistribution is large, then it generates negative externalities, such as contributing to persistently high unemployment and weak growth. Using financial markets causes positive externalities for growth if the pension system spends contribution money on investment. If the contributions are spent on government debt they may lead to negative externalities similar to those of large redistributive system, namely more tax distortions. This can happen if the rate of return on government debt is persistently above the rate of GDP growth. There exists yet another option, namely to bring the pension system as close toeconomic neutrality as possible. This option requires, 4 among other things, bining individual participation in the system with dividing GDP between generations based on real economy developments, such as has been done in Poland and Sweden. Demographic structure: consequences of the change .Irrespective of the pension system design technique used, the pension system exchanges a right of the retired generation for a part of the product of the working generation. The exchange can be anised in various ways and also the rights can be expressed in various ways. In particular, the rights can be either traded in the financial markets, or defined in relation to some economic variables, or just based on political promise. In all of these cases there is a kind of market for pension rights. The working generation finances contributions in order to purchase the rights。 ? Annuitisation of account values at the moment of retirement。許多國(guó)家曾試圖改革其養(yǎng)老金制度不同的方法來(lái)嘗試解決這些不斷增加的費(fèi)用問(wèn)題。在這種情況下，改革的定義是至關(guān)重要的。相反，關(guān)鍵想法是放棄提供社會(huì)保障的低效率的方法，以挽救其目標(biāo)和原則。 選擇一般問(wèn) 題 養(yǎng)老保險(xiǎn)制度的設(shè)計(jì)已經(jīng)考慮到了一些問(wèn)題。如果養(yǎng)老保險(xiǎn)制度設(shè)計(jì)匿名參與和承擔(dān)的再分配規(guī)模相當(dāng)龐大，然后我們通常稱(chēng)此系統(tǒng)隨收隨付友去。如果再分配是大，那么它會(huì)產(chǎn)生負(fù)外部性，如促進(jìn)失業(yè)率持續(xù)高企和增長(zhǎng)疲弱。特別是，權(quán)利可以是在金融交易市場(chǎng)，或者定義有關(guān)的一些經(jīng)濟(jì)變量，或者只是政治基礎(chǔ)承諾。相反，新系統(tǒng)的設(shè)計(jì)是簡(jiǎn)單和透明。社會(huì)再分配 10 的存在，但它被移動(dòng)從退休金制度。這是社會(huì)的重要，特別是在歐洲。波蘭新的養(yǎng)老金制度的例子，以及瑞典之一，有趣的另一個(gè)原因。免費(fèi)的勞工運(yùn)動(dòng)，就不可能實(shí)現(xiàn)如果從一國(guó)轉(zhuǎn)移到另一個(gè)影響到退休后的收入預(yù)期。社會(huì)和民粹主義言論向公眾表明，改變內(nèi)養(yǎng)老保險(xiǎn)制度是危險(xiǎn)的社會(huì)目標(biāo)。對(duì)于整個(gè)社會(huì)保障體系的貢獻(xiàn)率并沒(méi)有改變。新系統(tǒng)的設(shè)計(jì)不復(fù)制任何其他現(xiàn)有的養(yǎng)老保險(xiǎn)制度在其他地方。工作代財(cái)政捐款，以購(gòu)買(mǎi)的權(quán)利、退休代賣(mài)的權(quán)利，以獲得該產(chǎn)品的一部分工作一代。如果捐款是政府債務(wù)支出就可能會(huì)造成類(lèi)似的大型再分配制度，即更多的稅負(fù)外部性扭曲。然而，這些通常用于兩個(gè)概念不用盡一切可能的組合匿名與個(gè)性化的參與和金融與非金融類(lèi)養(yǎng)老保險(xiǎn)制度設(shè)計(jì)使用的技術(shù)。養(yǎng)老保險(xiǎn)制度：外部性與中立養(yǎng)老保險(xiǎn)制度的一個(gè)描述很大程度上取決于雙方的匯總和個(gè)人觀點(diǎn)。第一個(gè)重點(diǎn)是一般性問(wèn)題的討論需要解決的養(yǎng)老 保險(xiǎn)制度設(shè)計(jì)時(shí)。在同一時(shí)間試圖治愈這些系統(tǒng)阻礙了缺乏共識(shí)什么可以取代傳統(tǒng)的制度。本文介紹了這一理論和實(shí)際應(yīng)用另一種方法，因此，新的波蘭養(yǎng)老保險(xiǎn)制度主要特點(diǎn)設(shè)計(jì)。這種新的養(yǎng)老保險(xiǎn)制度允許波蘭，以減少退休金支出（占 GDP 的百分比），而不是增加它 正如預(yù)計(jì)的經(jīng)合組織其他大多數(shù)國(guó)家。 ? Separation of the oldage part of social security from the nonoldage parts of social security 。 5 ? Creation of a new pension system, entirely based on individual accounts。這需要穩(wěn)定的國(guó)內(nèi)生產(chǎn)總值的份額分配給整個(gè)退休一代。這些因素列入養(yǎng)老保險(xiǎn)制度導(dǎo)致爆炸的 設(shè)計(jì)成本，造成了負(fù)增長(zhǎng)的外部因素和導(dǎo)致失業(yè)率持續(xù)高企。設(shè)計(jì)和運(yùn)行養(yǎng)老金制度是留給非經(jīng)濟(jì)學(xué)家，誰(shuí)沒(méi)有廣泛關(guān)注與如何資助長(zhǎng)期或如何彌補(bǔ)這些養(yǎng)老金養(yǎng)老金系統(tǒng)的負(fù)外部性。因此，解決方案在一個(gè)會(huì)員國(guó)或候選國(guó)可以預(yù)期是相同的。不論持有上述方法應(yīng)用的技術(shù)或思想觀點(diǎn)。添加再分配或 金融市場(chǎng)產(chǎn)生的養(yǎng)老保險(xiǎn)制度外部性。此 選項(xiàng)要求，除其他外，結(jié)合個(gè)人參與系統(tǒng)中的幾代人之間的本地生產(chǎn)總值除以對(duì)實(shí)體經(jīng)濟(jì)的發(fā)展，如已經(jīng)完成在波蘭和瑞典。命名為“安全系統(tǒng)通過(guò)多樣性“ 1999 年 1 月開(kāi)始。 下面的子彈協(xié)助抓的波蘭新概念的本質(zhì)系統(tǒng)設(shè)計(jì)。該整個(gè)操作影響的百分比，但不是真正的金錢(qián)流動(dòng)。波蘭屬于一個(gè)國(guó)家的非 組，為眾多的人準(zhǔn)備我們的時(shí)間，即人口老齡化最嚴(yán)