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Longevity and PAYG pension systems sustainability Author info | Abstract | Publisher info | Download info | Related research | Statistics Luciano Fanti () (University of Pisa)
Luca Gori () (University of Pisa)
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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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Article provided by Economics Bulletin in its journal Economics Bulletin .
Volume (Year): 10 (2008)
Issue (Month): 2 ()
Pages: 1-8
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Handle: RePEc:ebl:ecbull:v:10:y:2008:i:2:p:1-8Contact details of provider: Postal: Economics Bulletin, Department of Economics, 414 Calhoun Hall, Vanderbilt University, Nashville TN 37235, USA Phone: 615-322-2920 Fax: 615-343-8495 Email: Web page: http://www.economicsbulletin.com
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Keywords: Pensions ; OLG model ; Find related papers by JEL classification: J2 - Labor and Demographic Economics - - Demand and Supply of Labor O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
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