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PAYG pension systems with capital mobility

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Author Info

  • Pierre Pestieau

    ()

  • Gwanaël Piaser

    ()

  • Motohiro Sato

    ()

Abstract

This paper studies the design of an optimal pension scheme in an OLG and open economy model. The pension scheme provides a flat rate benefit and is based on the PAYG principle. It thus combines inter- and intra-generational redistribution. In this setting a number of symmetric economies are connected by an open and perfect capital market. When this number is very large, we have the small open economy case; when it is reduced to one, we have the case of autarky or perfect coordination. As the number of countries increases, there is more intragenerational redistribution, but less capital accumulation. Copyright Springer Science + Business Media, LLC 2006

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File URL: http://hdl.handle.net/10.1007/s10797-006-6079-3
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Bibliographic Info

Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 13 (2006)
Issue (Month): 5 (September)
Pages: 587-599

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Handle: RePEc:kap:itaxpf:v:13:y:2006:i:5:p:587-599

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Web page: http://www.springerlink.com/link.asp?id=102915

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Keywords: Pay-as-you-go pension; Tax competition; Capital mobility;

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References

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  1. Torsten Persson, 1983. "Deficits and Intergenerational Welfare in Open Economies," NBER Working Papers 1083, National Bureau of Economic Research, Inc.
  2. Yvonne Adema & Lex Meijdam & Harrie A. A Verbon, 2005. "The International Spillover Effects of Pension Reform," CESifo Working Paper Series 1540, CESifo Group Munich.
  3. Alain Jousten & Pierre Pestieau, 2002. "Labor Mobility, Redistribution, and Pension Reform in Europe," NBER Chapters, in: Social Security Pension Reform in Europe, pages 85-108 National Bureau of Economic Research, Inc.
  4. Pemberton, James, 2000. "National and international privatisation of pensions," European Economic Review, Elsevier, vol. 44(10), pages 1873-1896, December.
  5. Beltrametti, Luca & Bonatti, Luigi, 2004. "Does international coordination of pension policies boost capital accumulation?," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 113-129, January.
  6. Casarico Alessandra, 2001. "Pension systems in integrated capital markets," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-19, November.
  7. Stefan Homburg & Wolfram Richter, 1993. "Harmonizing public debt and public pension schemes in the European community," Journal of Economics, Springer, vol. 58(1), pages 51-63, December.
  8. Pemberton, James, 1999. "Social Security: National Policies with International Implications," Economic Journal, Royal Economic Society, vol. 109(457), pages 492-508, July.
  9. Breyer, Friedrich & Kolmar, Martin, 2002. "Are national pension systems efficient if labor is (im)perfectly mobile?," Journal of Public Economics, Elsevier, vol. 83(3), pages 347-374, March.
  10. Hoyt, William H., 1991. "Property taxation, Nash equilibrium, and market power," Journal of Urban Economics, Elsevier, vol. 30(1), pages 123-131, July.
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Citations

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Cited by:
  1. Kuhle, Wolfgang, 2012. "Dynamic efficiency and the two-part golden rule with heterogeneous agents," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 992-1006.
  2. Mariangela Bonasia & Rita De Siano, 2012. "Population Dynamics and Regional Social Security Sustainability in Italy," Discussion Papers 14_2012, CRISEI, University of Naples "Parthenope", Italy.
  3. Yvonne Adema & Lex Meijdam & Harrie Verbon, 2009. "The international spillover effects of pension reform," International Tax and Public Finance, Springer, vol. 16(5), pages 670-696, October.
  4. Raymond Batina, 2012. "Capital tax competition and social security," International Tax and Public Finance, Springer, vol. 19(6), pages 819-843, December.

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