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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

Abstract

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.

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

Identifiers

Local EPrints ID: 173917
URI: http://eprints.soton.ac.uk/id/eprint/173917
ISSN: 1463-6786
PURE UUID: d8f59448-1f6c-449d-87fe-80e0ef488537

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

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Author: Giam Pietro Cipriani

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