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KMID : 1124019980140010001
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Korean Social Security Studies
1998 Volume.14 No. 1 p.1 ~ p.20
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A Theoretical Evaluation of the Social Security Funding Systems and Its Policy Implications
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Abstract
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The purpose of this paper is to investigate how to organize Korean social security system. The two funding systems, the funded system and the pay-as-you-go (PAYG) system, are theoretically analysed concerning such several aspects as similarities and differences of the funding systems, economic growth and income redistribution, cyclical fluctuations, and financial risks and political risks.
This paper leads me to a conclusion that the funded system is better than the PAYG system from the efficiency point of view: the Korean state pension system mainly based on the funded system should provide the people with a social security covering basic needs. The rest of coverages should be provided by commercial insurance companies.
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