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).

Download

[img] PDF payghumancapital.pdf - Author's Original
Restricted to Repository staff only

Download (200kB)

Description/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.

Item Type: Article
Digital Object Identifier (DOI): doi:10.1111/j.1467-9957.2011.02251.x
ISSNs: 1463-6786 (print)
Keywords: pensions, human capital, growth
Subjects:
ePrint ID: 173917
Date :
Date Event
12 July 2011e-pub ahead of print
Date Deposited: 10 Feb 2011 09:27
Last Modified: 18 Apr 2017 03:20
Further Information:Google Scholar
URI: http://eprints.soton.ac.uk/id/eprint/173917

Actions (login required)

View Item View Item