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Longevity and PAYG pension systems sustainability

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Author Info

  • Luca Gori

    ()
    (University of Pisa)

  • Luciano Fanti

    ()
    (University of Pisa)

Abstract

In this paper we study the effects of an increasing longevity on the balanced pay-as-you-go pension budget in the basic overlapping generations model of growth (Diamond, 1965). It is shown that, when the capital's share in production is sufficiently high, the higher longevity the higher pension benefits. The policy implication is that there would be room for an increase, rather than the often threatened reduction, in future pension payments, by keeping unaltered the contribution rate paid by the young to finance pensions to retired people as well as a balanced PAYG pension budget.

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File URL: http://www.accessecon.com/pubs/EB/2008/Volume10/EB-08J20002A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 10 (2008)
Issue (Month): 2 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-08j20002

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Cited by:
  1. Du Cai Cai & Muysken Joan & Sleijpen Olaf, 2010. "Economy wide risk diversification in a three-pillar pension system," Research Memorandum 055, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  2. Fanti, Luciano & Gori, Luca, 2010. "PAYG pensions and economic cycles," MPRA Paper 19984, University Library of Munich, Germany.
  3. Luciano Fanti, 2012. "PAYG pensions and fertility drop: some (pleasant) arithmetic," Discussion Papers 2012/146, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  4. Luciano Fanti, 2012. "Consequences of a boost of mandatory retirement age on long run income and PAYG pensions," Discussion Papers 2012/149, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  5. Giam Cipriani, 2014. "Population aging and PAYG pensions in the OLG model," Journal of Population Economics, Springer, vol. 27(1), pages 251-256, January.
  6. Luciano Fanti, 2012. "Growth, PAYG pension systems crisis and mandatory age of retirement," Discussion Papers 2012/153, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  7. Luciano Fanti, 2012. "PAYG pensions and fertility drop: some (pleasant) arithmetic," Discussion Papers 2012/147, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

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