Pension System Design Under Demographic Stress: Intergenerational Equity vs. Financial Sustainability
人口压力下的养老金制度设计：代际公平与财务可持续性的权衡
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Aging populations transform pension systems from intergenerational solidarity mechanisms into contested fiscal liabilities with explicit distributional consequences.
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Pay-as-you-go schemes face mounting pressure as dependency ratios rise and labor force participation plateaus or declines.
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