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Privatizing Social Security

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Author Info
Thomas Cooley (Simon School of Business, University of Rochester)
Jorge Soares (Department of Economics, George Washington University)

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Abstract

This paper studies the political sustainability of the existing pay-as-you-go social security system in the face of recent demographic patterns. We analyze different approaches to privatizing the system and consider what it would require for them to be politically implementable. The analysis is based on an overlapping generations economy where an initial generation would choose to implement a pay-as-you-go social insurance system. We study the sustainability of this system in each subsequent period. We describe some transitions policies that make the current generations of agents at least as well off as the maintenance of the social security system. All feasible transition policies use debt to finance the benefits during the transition period shifting at least some of the cost to unborn generations. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1006/redy.1999.0069
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Publisher Info
Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 2 (1999)
Issue (Month): 3 (July)
Pages: 731-755
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Handle: RePEc:red:issued:v:2:y:1999:i:3:p:731-755

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Related research
Keywords: Social Security; privatization; political implementability; overlapping generations; general equilibrium;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. TallariniJr., Thomas D., 2000. "Risk-sensitive real business cycles," Journal of Monetary Economics, Elsevier, vol. 45(3), pages 507-532, June. [Downloadable!] (restricted)
    Other versions:
  2. David Altig & Jagadeesh Gokhale, 1997. "Social Security privatization: a simple proposal," Working Paper 9703, Federal Reserve Bank of Cleveland. [Downloadable!]
  3. Thomas F. Cooley & Jorge Soares, 1999. "A Positive Theory of Social Security Based on Reputation," Journal of Political Economy, University of Chicago Press, vol. 107(1), pages 135-160, February. [Downloadable!] (restricted)
  4. Lars Peter Hansen & Thomas J. Sargent, 1990. "Recursive Linear Models of Dynamic Economies," NBER Working Papers 3479, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Hans Fehr & Sabine Jokisch & Laurence J. Kotlikoff, 2005. "Will China Eat Our Lunch or Take Us to Dinner? – Simulating the Transition Paths of the U.S., EU, Japan, and China," Boston University - Department of Economics - Macroeconomics Working Papers Series WP2005-009, Boston University - Department of Economics. [Downloadable!]
    Other versions:
  2. Laurence J. Kotlikoff & Kent Smetters & Jan Walliser, 2001. "Finding a Way Out of America's Demographic Dilemma," NBER Working Papers 8258, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. GALASSO, Vincenzo & PROFETA, Paola, 2003. "Lessons for an aging society: the political sustainability of social security systems," CORE Discussion Papers 2003077, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
    Other versions:
  4. Alessandra Casarico & Carlo Devillanova, 2003. "Capital-skill Complementarity and the Redistributive Effects of Social Security Reform," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  5. Simon Gilchrist & Fabio M. Natalucci & Egon Zakrajsek, 2007. "Investment and the Cost of Capital: New Evidence from the Corporate Bond Market," Boston University - Department of Economics - Working Papers Series WP2007-027, Boston University - Department of Economics. [Downloadable!]
    Other versions:
  6. Casarico, Alessandra & Devillanova, Carlo, 2003. "Capital-Skill Complementarity and the Redistributive Effects of Social Security Reform," CEPR Discussion Papers 3773, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  7. Marko Köthenbürger & Panu Poutvaara, 2004. "Social Security Reform and Intergenerational Trade: Is there Scope for a Pareto-Improvement?," Public Economics 0404008, EconWPA. [Downloadable!]
    Other versions:
  8. M. Dudek Carolyn & Pieter Omtzigt, 2001. "Globalization's challenge to pension reform in Western Europe," Economics and Quantitative Methods qf0107, Department of Economics, University of Insubria. [Downloadable!]
  9. Juan F. Jimeno, . "Incentivos y desigualdad en el sistema español de pensiones contributivas de jubilación," Working Papers 2002-13, FEDEA. [Downloadable!]
  10. Hans Fehr & Sabine Jokisch & Laurence J. Kotlikoff, 2005. "Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China," NBER Working Papers 11668, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Juan F. Jimeno, . "El sistema de pensiones contributivas en España: Cuestiones básicas y perspectivas en el medio plazo," Working Papers 2000-15, FEDEA. [Downloadable!]
  12. Sabine Jokisch & Laurence J. Kotlikoff, 2005. "Simulating the Dynamic Macroeconomic and Microeconomic Effects of the FairTax," NBER Working Papers 11858, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Carmen D. Alvarez-Albelo, 2004. "Endogenous versus exogenous efficiency units of labour for the quantitative study of social security: two examples," Applied Economics Letters, Taylor and Francis Journals, vol. 11(11), pages 693-697, September. [Downloadable!] (restricted)
  14. Thomas A. Garrett & Russell M. Rhine, 2005. "Social security versus private retirement accounts: a historical analysis," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 103-121. [Downloadable!]
  15. Assaf Razin & Efraim Sadka, 2003. "Privatizing Social Security Under Balanced-Budget Constraints: A Political-Economy Approach," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  16. D'Amato, Marcello & Galasso, Vincenzo, 2002. "Aggregate Risk, Political Constraints and Social Security Design," CEPR Discussion Papers 3330, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  17. Börsch-Supan, Axel & Ludwig, Alexander & Winter, Joachim, 2001. "Aging, pension reform, and capital flows: A multi-country simulation model," Sonderforschungsbereich 504 Publications 01-08, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
    Other versions:
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