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On the optimality of PAYG pension systems in an endogenous fertility setting

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Author Info
AB O, G.
MAHIEU, G.
PATXOT, C.

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Abstract

In order to help in designing an accurate pension reform, we determine the resource allocation in an endogenous fertility model that generates an endogenous demographic transition by means of distinguishing between female and male labor. We analyze the problem of the optimal solution and characterize the decentralization of the first best. We show that a pension policy linking pension benefits to the number of children acts as a corrective tax system able to restore both the optimal capital stock and the optimal rate of population growth as a single instrument. We also show that neither a Beveridgean pension scheme nor a Bismarckian one can decentralize the first best.

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Publisher Info
Article provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.

Volume (Year): 3 (2004)
Issue (Month): 01 (March)
Pages: 35-62
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Handle: RePEc:cup:jpenef:v:3:y:2004:i:01:p:35-62_00

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Oded Galor & David N. Weil, 1993. "The Gender Gap, Fertility, and Growth," NBER Working Papers 4550, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Michel, Philippe & Pestieau, P, 1993. "Population Growth and Optimality: When Does Serendipity Hold?," Journal of Population Economics, Springer, vol. 6(4), pages 353-62, November.
  3. Kolmar, Martin, 2001. " Optimal Intergenerational Redistribution in a Two-Country Model with Endogenous Fertility," Public Choice, Springer, vol. 106(1-2), pages 23-51, January. [Downloadable!] (restricted)
  4. Deardorff, Alan V, 1976. "The Optimum Growth Rate for Population: Comment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 510-15, June. [Downloadable!] (restricted)
  5. Schweizer, Urs, 1996. "Endogenous fertility and the Henry George Theorem," Journal of Public Economics, Elsevier, vol. 61(2), pages 209-228, August. [Downloadable!] (restricted)
  6. Eckstein, Zvi & Wolpin, Kenneth I., 1985. "Endogenous fertility and optimal population size," Journal of Public Economics, Elsevier, vol. 27(1), pages 93-106, June. [Downloadable!] (restricted)
  7. Gary S. Becker & Kevin M. Murphy & Robert Tamura, . "Human Capital, Fertility, and Economic Growth," University of Chicago - Population Research Center 90-5a, Chicago - Population Research Center. [Downloadable!]
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  8. Oded Galor & David N. Weil, 1998. "Population, Technology, and Growth: From the Malthusian Regime to the Demographic Transition," Working Papers 98-1, Brown University, Department of Economics, revised 19 Aug 1998. [Downloadable!]
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  9. Martin Kolmar, 1997. "Intergenerational redistribution in a small open economy with endogenous fertility," Journal of Population Economics, Springer, vol. 10(3), pages 335-356. [Downloadable!] (restricted)
  10. Bental, Benjamin, 1989. "The Old Age Security Hypothesis and Optimal Population Growth," Journal of Population Economics, Springer, vol. 1(4), pages 285-301.
  11. Atkinson, A B & Sandmo, A, 1980. "Welfare Implications of the Taxation of Savings," Economic Journal, Royal Economic Society, vol. 90(359), pages 529-49, September. [Downloadable!] (restricted)
  12. Samuelson, Paul A, 1976. "The Optimum Growth Rate for Population: Agreement and Evaluations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 516-25, June. [Downloadable!] (restricted)
  13. Claire Loupias & Bertrand Wigniolle, 2004. "Régime de retraite et chute de natalité : évolution des moeurs ou arbitrage micro-économique," Annales d'Economie et de Statistique, ADRES, issue 73, pages 04, Janvier-M. [Downloadable!]
  14. Samuelson, Paul A, 1975. "The Optimum Growth Rate for Population," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 531-38, October. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Klaus Jaeger & Wolfgang Kuhle, 2009. "The optimum growth rate for population reconsidered," Journal of Population Economics, Springer, vol. 22(1), pages 23-41, January. [Downloadable!] (restricted)
  2. Luciano Fanti & Luca Gori, 2008. "Fertility-related pensions and fertility disincentives," Economics Bulletin, Economics Bulletin, vol. 10(8), pages 1-7. [Downloadable!]
  3. Luciano Fanti & Luca Gori, 2008. "Human capital, income, fertility and child policy," Economics Bulletin, Economics Bulletin, vol. 9(7), pages 1-7. [Downloadable!]
  4. CREMER, Helmuth & GAHVARI, Firouz & PESTIEAU, Pierre, 2006. "Pensions with heterogenous individuals and endogenous fertility," CORE Discussion Papers 2006015, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
    Other versions:
  5. Bas Groezen & Lex Meijdam, 2008. "Growing old and staying young: population policy in an ageing closed economy," Journal of Population Economics, Springer, vol. 21(3), pages 573-588, July. [Downloadable!] (restricted)
    Other versions:
  6. Luciano Fanti & Luca Gori, 2008. "Child quality choice and fertility disincentives," Economics Bulletin, Economics Bulletin, vol. 10(7), pages 1-6. [Downloadable!]
  7. Robert Fenge & Volker Meier, 2003. "Pensions and Fertility Incentives," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  8. Galasso, Vincenzo & Gatti, Roberta & Profeta, Paola, 2008. "Investing for the Old Age: Pensions, Children and Savings," CEPR Discussion Papers 6825, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  9. Helmuth Cremer & Firouz Gahvari & Pierre Pestieau, 2003. "Stochastic fertility, moral hazard, and the design of pay-as-you-go pension plans," DELTA Working Papers 2003-21, DELTA (Ecole normale supérieure). [Downloadable!]
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