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On Sustainable Pay-as-You-Go Contribution Rules

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Author Info
GABRIELLE DEMANGE

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Abstract

An unfunded social security system faces the major risk, sometimes referred to as "political risk," that future generations do not agree to contribute as much as expected. In order to account properly for this risk, the paper considers a political process in which the support to the system is asked from each new born generation. The analysis is conducted in an overlapping generations economy that is subject to macroeconomic shocks. As a consequence, the political support varies with the evolution of the economy. The impact of various factors-intragenerational redistribution, risk aversion, financial markets, governmental debt-on the political sustainability of a pay-as-you-go system is discussed. Copyright © 2009 Wiley Periodicals, Inc..

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9779.2009.01419.x
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Publisher Info
Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

Volume (Year): 11 (2009)
Issue (Month): 4 (08)
Pages: 493-527
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Handle: RePEc:bla:jpbect:v:11:y:2009:i:4:p:493-527

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  1. Marcello D’Amato & Vincenzo Galasso, 2008. "Political Intergenerational Risk Sharing," Working Papers 342, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
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This page was last updated on 2009-11-22.

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