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Pension funds and capital accumulation

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Author Info

  • Bertrand Wigniolle

    ()
    (EUREQua Université de Paris I)

  • Philippe Michel

    ()
    (GREQAM, Université de la Méditerranée and IUF)

  • Pascal Belan

    ()
    (LIBRE, université de Franche-Comté)

Abstract

This note presents a model in which pension funds, by holding a significant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and long-run welfare.

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File URL: http://www.accessecon.com/pubs/EB/2002/Volume4/EB-01D90001A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 4 (2002)
Issue (Month): 1 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-01d90001

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Keywords: capital accumulation;

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References

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  1. Jeannine Bailliu & Helmut Reisen, 1998. "Do funded pensions contribute to higher aggregate savings? A cross-country analysis," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 134(4), pages 692-711, December.
  2. William G. Gale, 1994. "Public policies and private pension contributions," Proceedings, Federal Reserve Bank of Cleveland, pages 710-734.
  3. Martin Feldstein & Andrew Samwick, 1996. "The Transition Path in Privatizing Social Security," NBER Working Papers 5761, National Bureau of Economic Research, Inc.
  4. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
  5. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers 91-5, Federal Reserve Bank of Boston.
  6. BELAN, Pascal & PESTIEAU, Pierre, . "Privatizing social security: A critical assessment," CORE Discussion Papers RP -1407, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, May.
  8. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters, in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
  9. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
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Citations

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Cited by:
  1. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2005. "Does imperfect competition foster capital accumulation in a developing economy," Cahiers de la Maison des Sciences Economiques v05026, Université Panthéon-Sorbonne (Paris 1).
  2. repec:hal:cesptp:halshs-00268847 is not listed on IDEAS
  3. repec:hal:cesptp:halshs-00118568 is not listed on IDEAS
  4. repec:hal:journl:halshs-00118568 is not listed on IDEAS
  5. repec:hal:journl:halshs-00193985 is not listed on IDEAS
  6. repec:hal:cesptp:halshs-00185321 is not listed on IDEAS
  7. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2007. "Capital Accumulation, Welfare, and the Emergence of Pension-Fund Activism," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 63(1), pages 54-82, March.
  8. repec:hal:journl:halshs-00268842 is not listed on IDEAS
  9. repec:hal:journl:halshs-00268847 is not listed on IDEAS

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