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Image sizes: 256x256, 128x128, 48x48, 32x32, 24x24, 16x16 File formats: ICO, BMP, GIF, PNG Tags: web icons music, icon missng, customize your icons, twilight book icons, final fantasy 7 iconsTo imagine a situation, at which pension fund means completelyAre put in purchase of the promissory notes which are let out by treasury that meant Return back in treasury for financing of pensions of the same means, which Have been taken from it as a result of reform. Illustrating an extreme case. It is enough to notice that similar replacement Occurs as private savings distract from others Channels., It is absolutely unessential, That growth of the private Savings it was accompanied by equal reduction on size state, that all sum of a pension fund has been enclosed in The state debt papers. This situation is an example The unique serious difference would consist that instead of To return to treasury in a type of tax, these means would return in a kind Debts. Alternative variant of financing of the budgetary arising during reform Deficiency consists in reduction of the expenses connected with job of the pension Funds. If the volume of the state is possible to reduce these expenses essentially, Savings can remain invariable. In this case increase in savings, Means formed at the expense of accumulation in a pension fund, would represent Itself a pure increment of cumulative savings in the country. In case of pension reform of 1981 financing of transition from one system to Another occurred by a combination of growth of the state debts and Decrease in current expenses. Thus, as a whole there was a growth of the cumulative Savings. _3. Long-term consequences _ At comparison of old and new pension systems it becomes clear that the sizes Capital accumulation in new system will be more than at distributive To system. This conclusion has following bases. According to rules of job it, Investors should accumulate savings during all labour activity, That, having retired, to use them. This accumulation of means in shape Savings leads it to capital accumulation. At distribution system Such accumulation of means it is not required, as a provision of pensions It is financed actually at the expense of the latent contract between investors of the different
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