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The purpose of this book is to describe and to give a theoretical explanation of the developments of Pay-As-You-Go (PAYG)-financed public pension schemes in democracies from a positive point of view. The book especially tries to grasp the determinants for changes in PAYG-systems. It is shown that if confidence in the continuation of an operative public pension scheme is growing, the conversion from a Capital-Reserve to the PAYG system - which has occurred in the history of most schemes - can be explained out of the self-interest of the generations alive. On the other hand, if a PAYG-system...

This analysis of the political economy of government debt is divided into two parts. The first part deals with theoretical issues. Topics covered include: behavioural aspects; long term debt strategy; the political economy of redistribution; a model of intergenerational redistribution; the relationship between social security and the deficit in the US; the consequences of endogenous technology; and budgetary and monetary issues related to European integration. The second part of the volume concerns empirical applications, including the empirical relevance of the notion of debt neutrality; the...