文档介绍：外文文献翻译
原文:
The macroeconomic impact of reforming a PAYG system
A major concern of policy-makers in many countries, particularly among those in the European Union, is that demographic shift will disrupt national social security systems. However, increasing demographic pressure must not put into question the importance of social security pension systems in providing secure, durable and effective social protection and guaranteeing a decent standard of living in old part of the response to this, the development plementary occupational retirement pension schemes is already taking place.
Many European countries have recognized the need to address the profound public policy implications of ageing populations. In 1999, the Economic mittee established the Ageing Working Group , specifically to examine the economic and budgetary implications of ageing. The report presented by the AWG included demographic projections, projections for the impact of ageing populations on public pension expenditures and on public expenditures on health and long-term care. It also provided an analysis of how these projections could be used to examine the overall sustainability of public finances.
As a result, many changes have been introduced to the functioning of social security systems in order to minimize some of the projected values. Despite this, there is no unanimity on the forecast results concerning financial sustainability. Feldstein discusses a possible solution to the double problem of the rising cost of pensions and of ensuring a European Union free labour market. The bines an investment-based system of individual accounts with a notional defined contribution system financed by PAYG taxes. As presented, such a mixed system eliminates the risk of very low levels of retirement e, but increases investment risk. Feldstein describes the risks implied by a mixed system of social security pension benefits financed through binations of PAYG taxes and personal retirement account sav