Constraints on Big-Bang Solutions: The Case of Intergenerational Transfers
AbstractThis paper introduces intergenerational equity into the analysis of transitions to a market economy. Analyzing Social Security privatization, we find that payroll tax labor market distortions, rather than capital tax capital market distortions, are the major source of any efficiency gain from a privatization. Further, the transition path following privatization determines the distribution of efficiency gains across generations. Finally, measuring the ease of privatization as the length of the shortest politically feasible transition, some conventional beliefs concerning factors that constitute favorable or unfavorable conditions for Social Security privatization are generally unsupported.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 156 (2000)
Issue (Month): 1 (March)
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Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
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