The University of Southampton
University of Southampton Institutional Repository

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).

Record type: Article


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.

PDF payghumancapital.pdf - Author's Original
Restricted to Repository staff only
Download (200kB)

More information

e-pub ahead of print date: 12 July 2011
Keywords: pensions, human capital, growth


Local EPrints ID: 173917
ISSN: 1463-6786
PURE UUID: d8f59448-1f6c-449d-87fe-80e0ef488537

Catalogue record

Date deposited: 10 Feb 2011 09:27
Last modified: 18 Jul 2017 12:12

Export record



Author: Giam Pietro Cipriani

University divisions

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton:

ePrints Soton supports OAI 2.0 with a base URL of

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.