How Much is Transfer and How Much is Insurance in a Pay‐as‐you‐go System? The German Case
估计德国公共养老金体系中保险与转移支付的份额，发现代内转移虽小于官方估计但仍造成无谓损失，代际转移更大且削弱年轻人参与激励。
Pay‐as‐you‐go pension systems provide insurance against longevity‐related old‐age poverty and related risks. They are commonly also used as instruments for redistribution. This paper provides several estimates of the insurance and transfer share of the German public pension system. Estimating these shares is important because they are indicative of taxation‐related deadweight losses and influence public acceptance of the pension system. We also disentangle intragenerational from intergenerational transfers. Although our estimate of intragenerational transfers is smaller than recent semi‐official estimations, such transfers create substantial deadweight losses. Intergenerational transfers are much larger, thereby contributing to strong negative participation incentives for the younger generation.