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After us, the deluge: German miners’ experience with pay-as-you-go pensions and the intergenerational contract before the great inflation

Jopp, Tobias A.


Many public pension insurance schemes today use the pay-as-you-go financing mechanism. This mechanism is vulnerable to an ageing population, which puts pressure on the intergenerational contract implicit in these schemes and raises the question as to how they might be eroded. This is not a new problem, and to put it into historical perspective, this article studies the intergenerational contract ...


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