0 A pay-as-you-go system is one in which you pay for a service before you use it and you cannot use more than you have paid for: --
1 a system in which you pay for a service before you use it, and you cannot use more than you have paid for: --
In period 1, the economy is in the steady state corresponding to an economy with a pay-as-you-go social security system as described earlier.
In several countries, this concern is motivated in part by the combination of pay-as-you-go financing with an ageing population.
The procedure makes it possible to apply the algorithm of double-entry bookkeeping in analyzing and presenting the financial position and development of pay-as-you-go pension systems.
From the economic point of view, therefore, all public schemes, however financed, are pay-as-you-go.
The conversion from pay-as-you-go financing to more funding is the same as before.
It is a pay-as-you-go feature in terms of implementation.
It is a pay-as-you-go feature in terms of syntax.
Their focus is particularly important today, as pay-as-you-go pensions around the globe face increasing financing pressures due to lower birth rates and increased life expectancies.
