earticle

영어

This study examines the economic nature of two financing systems of pensions, i.e., the pay-as-you-go system and the funded system. Both systems are simply financial mechanisms for organizing claims on the future output. The pay-as-you-go system, however, is based on an implicit pact between generations while the funded system on accumulations of financial assets. This paper critically reviews the current opinion that the funded system is the only sustainable financing system of pensions in the face of ageing population. In relation to pension systems the consumption of future output, not the finance, lies at the centre of debate. In this respect population ageing does influence both systems negatively. Therefore, the funded system is not superior to the pay-as-you-go system in the face of ageing population. This study also analyzes economic influences of each system from the perspective of economic growth and in-come redistribution. Almost all neoclassical economists insist that the funded system contributes to the increase of national saving which, in turn, causes investment and economic growth. However, this study reveals that the accumulation of pension funds could not lead to the increase of national saving inevitably. In addition, the increase of national saving might bring about a lower level of output due to the decrease of effective demand. Therefore, there is no inevitable reason that the funded system is superior to the pay-as-you-go system in terms of economic growth. Besides, the pay-as-you-go system contributes to economic equity through income redistribution. As a result of these considerations, this paper concludes that the pay-as-you-go system would be more suitable than the funded system in the situation of economic depression. This study also suggests that the public debate on the reform of National Pension Service in Korea has to consider restructuring the current financing system.

한국어

본 연구는 공적연금제도 재정방식에 대한 경제 이론적 본질을 규명하고, 이에 기초하여 부과방식과 적립방식이 경제성장과 소득재분배의 관점에서 어떠한 경제적 기능을 수행하는지 분석하고 있다. 부과방식과 적립방식은 미래소득에 대한 청구권을 조직하는 재정 메커니즘으로서 부과방식이 세대 간 협약에 기초하고 있는 반면 적립방식은 금융자산의 축적에 기초하고 있다. 본 논문은 인구고령화에 직면하여 적립방식이 유일하게 지속가능한 연금 재정방식이라는 주장을 경제성장과 소득재분배의 관점에서 비판적으로 검토함으로써 부과방식이 적립방식보다 더 우월한 공적연금 재원조달방식이 될 수 있다는 것을 밝히고 있다. 이를 토대로 본 논문은 국민연금제도 개혁을 재정방식의 개혁과 관련하여 논의할 경우 보다 바람직한 개혁방안이 도출될 수 있다고 결론짓고 있다.