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《The Theory and Practice of Finance and Economics》 2002-04
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The Re-distribution Effect,Economic Growth Effect and Risk——A Comparison between the Pay-as-you-go System and the Fully Fund System

Liu Changping, Sun Jing (Social Security Research Centre, Wuhan University, Wuhan 430072)  
There are two system arrangements on the implementation of pension fund: the Pay-as-you-go System and the Fully Fund System. Through the analysis of redistribution effect, economic growth effect and risk, we discovered that there exist completely opposite pros and cons between the two systems. The shortcomings of one system are not enough to reject the other, while the advantages of one system are not enough to override the other. As they are complementary in nature, the measures in both systems deserve attention during reform.
【CateGory Index】: F091.3
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