@article{ART000871801},
author={Sung Jooho and 최기홍},
title={A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -},
journal={Journal of Insurance and Finance},
issn={2384-3209},
year={2003},
volume={14},
number={2},
pages={147-167}
TY - JOUR
AU - Sung Jooho
AU - 최기홍
TI - A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -
JO - Journal of Insurance and Finance
PY - 2003
VL - 14
IS - 2
PB - Korea Insurance Research Institute
SP - 147
EP - 167
SN - 2384-3209
AB - It can be shown that the welfare position of each member of the state pension system is varying depending on the socioeconomic environments such as demographic structure and macroeconomic variables as well as its financing method of defined benefit public pension plans(DBP). This kind of awareness stems from the ‘social insurance paradox’ that is raised by Samuelson(1958), Aaron(1966) and followed by subsequent numerous researches, which we call the macroeconomic approaches. This article, which follows those actuarial perspectives by Yarri(1965), Ferrara and Drouin(1996) and Hirose(1999), identifies those socio-economic factors that influence the difference of welfare level of covered members of the state pension system based on the comparison of three criteria such as the optimal premium rates, net life-time incomes, and the internal rate of returns. In case of our country, we could conclude that it is very urgent to set up and implement an actuarially sound financing system, in particular considering unprecedently rapid aging rate of population.
KW - defined benefit public pension plan;PAYG;fully funding method;social insurance paradox;optimal pension premium rate;net life-tine income;internal rate of return
DO -
UR -
ER -
Sung Jooho and 최기홍. (2003). A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -. Journal of Insurance and Finance, 14(2), 147-167.
Sung Jooho and 최기홍. 2003, "A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -", Journal of Insurance and Finance, vol.14, no.2 pp.147-167.
Sung Jooho, 최기홍 "A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -" Journal of Insurance and Finance 14.2 pp.147-167 (2003) : 147.
Sung Jooho, 최기홍. A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -. 2003; 14(2), 147-167.
Sung Jooho and 최기홍. "A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -" Journal of Insurance and Finance 14, no.2 (2003) : 147-167.
Sung Jooho; 최기홍. A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -. Journal of Insurance and Finance, 14(2), 147-167.
Sung Jooho; 최기홍. A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -. Journal of Insurance and Finance. 2003; 14(2) 147-167.
Sung Jooho, 최기홍. A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -. 2003; 14(2), 147-167.
Sung Jooho and 최기홍. "A Comparison Study on Macroeconomic andActuarial Approaches to State Pension Financing- in view of the welfare position of each member -" Journal of Insurance and Finance 14, no.2 (2003) : 147-167.
