Calculating the net benefi t of admitting immigrants under the de fined-return-ratio pay-as-you-go pension system

This paper calculates the net benefit of admitting immigrants under the defined-return-ratio pay-as-you-go pension system, considering the assimilation costs the next generation whose parents are from abroad must pay as additional costs. As a result, no matter how many immigrants come, the host country can get the positive net benefits through the defined-return-ratio pension system. This result is quietly different from those in Jinno (2011, 2013)