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Social security and foreign indebtedness in a small open economy

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  • Søren Nielsen
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    Abstract

    This paper investigates the consequences of changes in a small open economy's unfunded social security system for its net foreign asset position. We apply Blanchard's finite horizon framework and show how an increase in the social security system's benefit rate is likely to lead to foreign indebtedness, even when induced retirement is allowed for. Copyright Kluwer Academic Publishers 1994

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    File URL: http://hdl.handle.net/10.1007/BF01000744
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    Bibliographic Info

    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 5 (1994)
    Issue (Month): 1 (March)
    Pages: 47-63

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    Handle: RePEc:kap:openec:v:5:y:1994:i:1:p:47-63

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    Web page: http://www.springerlink.com/link.asp?id=100323

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    Keywords: social security; pensions; foreign indebtedness;

    References

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    1. Kotlikoff, Laurence J, 1979. "Social Security and Equilibrium Capital Intensity," The Quarterly Journal of Economics, MIT Press, vol. 93(2), pages 233-53, May.
    2. Alan J. Auerbach & Laurence J. Kotlikoff, 1981. "An Examination of Empirical Tests of Social Security and Savings," NBER Working Papers 0730, National Bureau of Economic Research, Inc.
    3. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
    4. Hubbard, R Glenn & Judd, Kenneth L, 1987. "Social Security and Individual Welfare: Precautionary Saving, Borrowing Constraints, and the Payroll Tax," American Economic Review, American Economic Association, vol. 77(4), pages 630-46, September.
    5. R. Glenn Hubbard & Kenneth L. Judd, 1986. "Liquidity Constraints, Fiscal Policy, and Consumption," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(1), pages 1-60.
    6. Abel, Andrew B, 1985. "Precautionary Saving and Accidental Bequests," American Economic Review, American Economic Association, vol. 75(4), pages 777-91, September.
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    Cited by:
    1. William Scarth, 2003. "Population Aging, Productivity, and Growth in Living Standards," Quantitative Studies in Economics and Population Research Reports 380, McMaster University.
    2. William Scarth, 1999. "Alternatives for Raising Living Standards," Social and Economic Dimensions of an Aging Population Research Papers 5, McMaster University.
    3. William Scarth, 2003. "Population Aging, Productivity, and Growth in Living Standards," Social and Economic Dimensions of an Aging Population Research Papers 90, McMaster University.
    4. Bettendorf, Leon J.H. & Heijdra, Ben J., 2006. "Population ageing and pension reform in a small open economy with non-traded goods," Journal of Economic Dynamics and Control, Elsevier, vol. 30(12), pages 2389-2424, December.
    5. Malick Souare, 2003. "Macroeconomic Implications of Population Aging and Public Pensions," Social and Economic Dimensions of an Aging Population Research Papers 100, McMaster University.
    6. Nickel, Christiane & Rother, Philipp & Theophilopoulou, Angeliki, 2008. "Population ageing and public pension reforms in a small open economy," Working Paper Series 0863, European Central Bank.
    7. Hian Teck Hoon & Edmund S. Phelps, 2007. "Future Fiscal and Budgetary Shocks," Macroeconomics Working Papers 22438, East Asian Bureau of Economic Research.
    8. William Scarth, 1999. "Alternatives for Raising Living Standards," Department of Economics Working Papers 1999-08, McMaster University.
    9. William Scarth, 1999. "Alternatives for Raising Living Standards," Quantitative Studies in Economics and Population Research Reports 344, McMaster University.
    10. Jensen, Svend Erik Hougaard & Bo Nielsen, Soren & Pedersen, Lars Haagen & Sorensen, Peter Birch, 1996. "Tax policy, housing and the labour market: An intertemporal simulation approach," Economic Modelling, Elsevier, vol. 13(3), pages 355-382, July.

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