PAYG pensions and human capital accumulation: some unpleasant arithmetic

Cipriani, Giam Pietro and Makris, Miltiadis (2011) PAYG pensions and human capital accumulation: some unpleasant arithmetic. The Manchester School (doi:10.1111/j.1467-9957.2011.02251.x).


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A large literature has studied the effects of PAYG systems on fertility, human capital and growth. We argue that the social security system may also interact with longevity when the latter is endogenously determined. We show that in such an environment, in a dynamically effcient economy PAYG pensions must be suffciently low in order to ensure positive economic growth. Moreover, a transition to a funded social security system will promote growth, and can thereby take place by fully compensating the losers.

Item Type: Article
Digital Object Identifier (DOI): doi:10.1111/j.1467-9957.2011.02251.x
ISSNs: 1463-6786 (print)
1467-9957 (electronic)
Keywords: pensions, human capital, growth
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HV Social pathology. Social and public welfare
Divisions : University Structure - Pre August 2011 > School of Social Sciences > Economics
ePrint ID: 173917
Accepted Date and Publication Date:
12 July 2011Made publicly available
Date Deposited: 10 Feb 2011 09:27
Last Modified: 31 Mar 2016 13:32

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