OS EFEITOS DOS SISTEMAS PREVIDENCIÁRIOS SOBRE A ACUMULAÇÃO DE CAPITAL E O BEM-ESTAR ECONÔMICO: UMA REVISÃO DA LITERATURA

Abstract

The majority of the countries around the world in which Social Security Systems are on a Pay-asyou-go basis has presented difficulties of financing, mainly because of modifications in the population age structure. In Brazil, the public debt has been pressured in the last years by weighty retirement. To change from Pay-as-you-go to a fully funded system is an alternative, which has been discussed and implemented in some of Latin American Countries in this decade. An important motivation to countries reforming their pension systems is the possibility of increasing internal savings. This paper discusses how social security systems can affect capital accumulation, labor market distortions and their effects on individual welfare of several generations.