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Pareto-Improving Intergenerational Transfers

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  • Wigger, Berthold U

Abstract

In the presence of endogenous growth intergenerational transfer from the young to the old reduce per capita income growth and harm future generations. On the other hand, competitive equilibria are inefficient if externalities sustain long-run growth. This paper shows that if individuals retire in the last period of their life, the inefficiency of the market economy can be removed by an investment subsidy without making the current or future generations worse off only if coupled with intergenerational transfers from the young to the old. Copyright 2001 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 53 (2001)
Issue (Month): 2 (April)
Pages: 260-80

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Handle: RePEc:oup:oxecpp:v:53:y:2001:i:2:p:260-80

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  1. Larry E. Jones & Rodolfo E. Manuelli, 1990. "Finite Lifetimes and Growth," NBER Working Papers 3469, National Bureau of Economic Research, Inc.
  2. Saint-Paul, Gilles, 1992. "Fiscal Policy in an Endogenous Growth Model," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(4), pages 1243-59, November.
  3. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  4. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(2), pages 501-26, May.
  5. Jappelli, Tullio & Pagano, Marco, 1995. "The Welfare Effects of Liquidity Constraints," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1108, C.E.P.R. Discussion Papers.
  6. King, Ian & Ferguson, Don, 1993. "Dynamic inefficiency, endogenous growth, and Ponzi games," Journal of Monetary Economics, Elsevier, Elsevier, vol. 32(1), pages 79-104, August.
  7. Pascal Belan & Philippe Michel & Pierre Pestieau, 1998. "Pareto-Improving Social Security Reform," The Geneva Risk and Insurance Review, Palgrave Macmillan, Palgrave Macmillan, vol. 23(2), pages 119-125, December.
  8. Grossman, G.M. & Yanagawa, N., 1992. "Asset Bubbles and Endogenous Growth," Papers, Princeton, Woodrow Wilson School - Public and International Affairs 160, Princeton, Woodrow Wilson School - Public and International Affairs.
  9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  10. Boldrin, Michele, 1992. "Dynamic externalities, multiple equilibria, and growth," Journal of Economic Theory, Elsevier, Elsevier, vol. 58(2), pages 198-218, December.
  11. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, American Economic Association, vol. 77(2), pages 56-62, May.
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Cited by:
  1. Andreas Irmen & Berthold U. Wigger, 2001. "Trade Union Objectives and Economic Growth," CESifo Working Paper Series, CESifo Group Munich 551, CESifo Group Munich.
  2. Berthold U. Wigger & Robert K. von Weizs?cker, 2001. "Risk, Resources, and Education: Public Versus Private Financing of Higher Education," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 48(3), pages 6.
  3. Berthold U. Wigger, 2001. "Higher Education Financing and Income Redistribution," CESifo Working Paper Series, CESifo Group Munich 527, CESifo Group Munich.
  4. Yew, Siew Ling & Zhang, Jie, 2013. "Socially optimal social security and education subsidization in a dynastic model with human capital externalities, fertility and endogenous growth," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 37(1), pages 154-175.
  5. Kolmar, Martin & Meier, Volker, 2012. "Intragenerational externalities and intergenerational transfers," Journal of Pension Economics and Finance, Cambridge University Press, Cambridge University Press, vol. 11(04), pages 531-548, October.
  6. Berthold Wigger, 2005. "Public Debt, Human Capital Formation, and Dynamic Inefficiency," International Tax and Public Finance, Springer, Springer, vol. 12(1), pages 47-59, January.
  7. Kaas, Leo, 2003. "Productive government spending, growth, and sequential voting," European Journal of Political Economy, Elsevier, Elsevier, vol. 19(2), pages 227-246, June.
  8. Weizsäcker, Robert K. von & Wigger, Berthold U., 2001. "Rentenfinanzierung und intergenerationelle Gerechtigkeit : Eine wachstumstheoretische Perspektive," Discussion Papers, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre 606, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.

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