By Nicholas Barr,Peter Diamond
* Pension platforms have a number of objectives--consumption smoothing, assurance, poverty reduction, and redistribution. reliable coverage must endure all of them in mind.
* sturdy research may be framed in a second-best context-- basic financial types are a nasty consultant to coverage layout in a global with imperfect details and decision-making, incomplete markets and taxation.
* Any collection of pension method has risk-sharing and distributional effects, which the e-book acknowledges explicitly.
Barr and Diamond's research comprises exertions markets, capital markets, hazard sharing, and gender and relations, with comparability of PAYG and funded platforms, spotting that the right point of investment differs via country.
Alongside the commercial rules of excellent layout, coverage should also take account of a country's potential to enforce the procedure. hence the theoretical research is complemented through dialogue of implementation, and of stories, either strong and undesirable, in lots of international locations, with specific recognition to Chile and China.
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