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The aim of this paper is not to prove, from a theoretical point of view, any absolute superiority of one system with respect to the other one, but rather to develop the application of the two-stage model in Spain and to empirically illustrate the pros and cons of the proposal in a conc...
Our proposal has practical implications, which could be interesting not only for countries with an already-functioning NDC system but also for social security actuaries, public finance economists, pension policy experts and policy-makers. The structure of the paper is as follows. After the ...
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