Abstract
This article describes the two extremes pension regimes apply at present in the world: the pay-as-you-go and the individual capitalization and then their effects are analysed over saving,investment, economic growth, employment, and welfare, even as its incidence in the public finances to generate fiscal deficit and increase of public debt. We will conclude by knowing which of the two regimes is the most appropriated for an economy with juncture and structural recessives features as the Colombian.
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