A Model Under Siege: A Case Study of the German Retirement Insurance System
评估德国公共养老金体系的优缺点，分析其面临成熟化、负激励和人口变化的困境，指出当前政策不足，建议通过设计调整和部分预筹资金来挽救该体系的积极面。
This study evaluates the positive and negative features of the German public pension system and discusses three reasons for its increasing perceived and real difficulties: maturation, negative incentive effects, and the problems of demographic change. The German system in its current form may be able to limp through the coming decades but will cease to be the exemplary Bismarckian machine that has created generous retirement incomes at reasonable tax rates. Current policy proposals are insufficient and a few but incisive design changes and some degree of prefunding could rescue the many positive aspects of the German retirement insurance system.