14  Moving from a pay-as-you-go to a capital-based pension system would contribute to improve portfolio diversification. 15  In the United States, over the period 1963-90, capital markets smoothed out 39% of the shocks to gross state product (the equivalent to GDP), the credit channel smoothed out 23% and the federal government, through the fiscal channel, 13%.
012234  56789   "  98  8  r    943 382882 3 028 087 382882 982  414 U 4 4 $ 028 28290 4282082 4 4 8 2382882 6 180 94   4 4 I  1046  2841148082 $ ] 84 4 397 1434 82 382882 04 4 6 122023! 44 44  44 41380 94 37 94 49232 ^ 484 $ 98124 8 48644 04 382882 1 970 382882 14 943 4 4 2 9282W4 382882   44 4  4 (724 4  C8;<8  44 203  4047 6561  4 4 5 4   1235 4 44 624  4  4 4 4   4 6  4  4  4 657 54 6  4 54 5 6    4 5 3 7 4 415 74 4 46  456789:;56  !