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Social security, education retirement and growth

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Author Info

  • Cruz A. Echevarría

    ()
    (Universidad del País Vasco)

  • Amaia Iza

    ()
    (Universidad del País Vasco)

Abstract

This paper analyzes, firstly, the expected effects of social security reforms that have been implemented in Spain after 2004 (and, secondly, the expected effects of reductions in the minimum pension) on retirement decision and human capital accumulation (and hence on growth and on income inequality). Individuals in our model economy differ in their innate ability and growth is a by-product of the most skilled individuals’ productivity. According to our model, i) increases in the minimum and normal retirement ages are expected to have a strong effect, not only on individuals’ retirement decisions, but also on their education investment; ii) augmented incentives to late retirement are not expected to have any effect; iii) reductions in the minimum pension are not expected to have a significant effect unless it is completely eliminated.

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Bibliographic Info

Article provided by IEF in its journal Hacienda Pública Española/Revista de Economía Pública.

Volume (Year): 198 (2011)
Issue (Month): 3 (September)
Pages: 9-36

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Handle: RePEc:hpe:journl:y:2011:v:198:i:3:p:9-36

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Related research

Keywords: Social Security; Pay-as-you-go; Voluntary Retirement; Human Capital; Minimum Pen;

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References

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  1. Mark Huggett, 2003. "Human Capital and Earnings Distribution Dynamics," Working Papers gueconwpa~03-03-10, Georgetown University, Department of Economics.
  2. Ehrlich, Isaac & Lui, Francis T, 1998. "Social Security, the Family, and Economic Growth," Economic Inquiry, Western Economic Association International, vol. 36(3), pages 390-409, July.
  3. Giovanni Mastrobuoni, 2006. "Labor Supply Effects of the Recent Social Security Benefit Cuts: Empirical Estimates Using Cohort Discontinuities," Working Papers 66, Princeton University, Department of Economics, Center for Economic Policy Studies..
  4. Juan Carlos Conesa & Carlos Garriga, 2001. "Sistema Fiscal y Reforma de la Seguridad Social," Working Papers in Economics 67, Universitat de Barcelona. Espai de Recerca en Economia.
  5. Giorgio Bellettini & Carlotta Berti Ceroni, 1999. "Is Social Security Really Bad for Growth?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(4), pages 796-819, October.
  6. Elizabeth M. Caucutt & Selahattin Imrohoroglu & Krishna B. Kumar, 2003. "Growth and Welfare Analysis of Tax Progressivity in a Heterogeneous-Agent Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(3), pages 546-577, July.
  7. Fabel, Oliver, 1994. "Social security, optimal retirement, and savings," European Journal of Political Economy, Elsevier, vol. 10(4), pages 783-802, December.
  8. Kaganovich, Michael & Zilcha, Itzhak, 1999. "Education, social security, and growth," Journal of Public Economics, Elsevier, vol. 71(2), pages 289-309, February.
  9. Juan Carlos Conesa & Carlos Garriga, 2000. "Reforma del sistema de seguridad social y adquisición de formación," Investigaciones Economicas, Fundación SEPI, vol. 24(2), pages 271-295, May.
  10. Gilles Le Garrec, 2005. "Social security, inequality and growth," Documents de Travail de l'OFCE 2005-22, Observatoire Francais des Conjonctures Economiques (OFCE).
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Cited by:
  1. Rosa Aísa & Fernando Pueyo & Marcos Sanso, 2012. "Life expectancy and labor supply of the elderly," Journal of Population Economics, Springer, vol. 25(2), pages 545-568, January.

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