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Currently, public pension systems PAY-AS-YOU-GO (PAYG) from more countries in the world based solely on solidarity between generations are facing increasingly difficult problems to solve. Causes due to evolution. And demographic trends of aging while reducing the birth rate, increasing the average lifetime, inflation, growing costs in the period following the early post active retirement. Last but not least, reducing the dependency ratio, meaning the decrease number of taxpayers while increasing number of retirees.
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Mitu et al. (2010) studied this question.
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