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The migration challenge for PAYG

机译：PAYG的迁移挑战

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摘要

Immigration has been popularised in the economics literature as a tool that could be used to balance troubled PAYG pension systems. Pivotal research by Razin and Sadka shows that unskilled immigration can overcome the pension problem and, further, boost the general welfare in the host economy. However, a large strand of current economics research is engaged in identifying mechanisms through which unskilled immigration, while solving the pension problem, is causing unde-sired shifts in general welfare. This work shows that recurring unskilled immigration will not only reduce the general welfare but may also be challenging the pension system by reducing the pension benefits themselves. Further interpreting the actual data, it is suggested that immigration policies are designed either based on public finances only or in a political environment of gerontocracy.
机译：在经济学文献中，移民已被广泛用作一种工具，可用于平衡陷入困境的现收现付制养老金系统。拉津（Razin）和萨德卡（Sadka）的关键研究表明，非技术移民可以克服养老金问题，并进一步提高东道国经济的总体福利。但是，当前的经济学研究中有很大一部分致力于确定各种机制，通过这些机制，非技术移民在解决养老金问题的同时，会导致国民福利的意外转变。这项工作表明，反复出现的非技术移民不仅会减少一般福利，而且可能会通过减少养老金本身来挑战养老金体系。建议进一步解释实际数据，建议仅基于公共财政或在老年政治的政治环境下设计移民政策。

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