SOSTENIBILIDAD Y RENTABILIDAD DEL SISTEMA DE PENSIONES. UN ANÁLISIS SIMPLIFICADO APLICANDO LA TEORÍA DE COLAS
SYSTEM AND PROFITABILITY SUSTAINABILITY PENSION. SIMPLIFIED ANALYSIS APPLYING THE THEORY OF COLAS

Summary/Abstract: Determining the return rate of the PAYG system is a topic of great interest,since this value is used as evidence of their financial sustainability in the sense ofSamuelson. Literature is not unanimous either in the methodology or results. This paperpresents a new method based on the queuing theory that provides an overall value of thesystem. The results are consistent with the financial strength shown by the system, whichhas provided its surpluses to Reserve Fund.

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