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Privatisation des systèmes de retraite : une évaluation critique

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  • Belan, Pascal

    (Laboratoire de macroéconomie, CREST)

  • Pestieau, Pierre

    (CREPP, Université de Liège)

Abstract

The purpose of this paper is to provide a critical evaluation of theoretical models showing that shifting from pay-as-you-go to fully-funded social security schemes can be made Pareto-improving. Further, it argues that what often makes a reform towards funded schemes attractive is a number of additional features that could also have been introduced in the unfunded social security system. The paper is organized in three main sections. The first one presents a taxonomy of social security systems; this allows us to show that in privatization programs the issue is not just moving from unfunded to funded mechanisms but also, and above all, to individualize the system in such a way that there is no more redistribution. The second shows that funded and pay-as-you-go schemes are equivalent as long as the payroll taxes paid during the period of inception of the pay-as-you-go scheme are duly invested. Finally, the third section presents two models of Pareto improving social security reforms and discusses the assumptions on which they rely. L’objectif de cet article est de contribuer à la clarté du débat entrepris dans de nombreux pays sur la réforme du système de retraite. Cette réforme est souvent présentée comme se limitant à un changement de technique de financement : on passerait de la répartition à la capitalisation. Or, il apparaît que capitalisation et répartition sont sous certaines hypothèses équivalentes et que les réformes proposées ne se limitent pas à passer de l’une à l’autre. Si seule changeait la technique de financement, il n’est généralement pas possible que la réforme soit Pareto-améliorante. Par exemple, toute réduction de l’endettement global — dette publique plus droits à la pension — favoriserait les générations futures mais pénaliserait toute, ou en tout cas une partie de la génération de transition. Il existe bien des modèles de réforme qui illustrent ce point de vue et prétendent accroître le bien-être de tous. Nous en présentons deux. Dans le premier, l’introduction de la capitalisation s’accompagne d’une réduction des distorsions liées aux cotisations sociales; dans le second, elle s’accompagne d’une subvention à l’épargne qui dans un contexte de croissance endogène a une productivité constante. Il apparaît que les gains de bien-être qu’entraînent ces réformes ne sont pas très importants; de plus ils ne sont pas liés à la privatisation comme telle; ils pourraient en effet être réalisés dans le cadre des systèmes actuels.

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Bibliographic Info

Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 75 (1999)
Issue (Month): 1 (mars-juin-septembre)
Pages: 9-27

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Handle: RePEc:ris:actuec:v:75:y:1999:i:1:p:9-27

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  1. Laurence J. Kotlikoff, 1996. "Simulating the Privatization of Social Security in General Equilibrium," NBER Working Papers 5776, National Bureau of Economic Research, Inc.
  2. Olivia S. Mitchell & Stephen P. Zeldes, 1996. "Social Security Privatization: A Structure for Analysis," NBER Working Papers 5512, National Bureau of Economic Research, Inc.
  3. Marchand, M. & Michel, P. & Pestieau, P., . "Intergenerational transfers in an endogenous growth model with fertility changes," CORE Discussion Papers RP -1229, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Brunner, Johann K., 1993. "Transition from a pay-as-you-go to a fully-funded pension system: The case of differing individuals and intragenerational fairness," Discussion Papers, Series 1 266, University of Konstanz, Department of Economics.
  5. Peters, Wolfgang, 1991. "Public Pensions in Transition: An Optimal Policy Path," Journal of Population Economics, Springer, vol. 4(2), pages 155-75, May.
  6. BELAN, Pascal & MICHEL, Philippe & PESTIEAU, Pierre, . "Pareto-improving social security reform," CORE Discussion Papers RP -1372, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Joseph F. Quinn & Olivia S. Mitchell, . "Social Security on the Table," Pension Research Council Working Papers 96-3, Wharton School Pension Research Council, University of Pennsylvania.
  8. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  9. Martin Feldstein & Andrew Samwick, 1996. "The Transition Path in Privatizing Social Security," NBER Working Papers 5761, National Bureau of Economic Research, Inc.
  10. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  11. Pierre Pestieau, 1994. "Social Protection and Private Insurance: Reassessing the Role of Public Sector Versus Private Sector in Insurance," The Geneva Risk and Insurance Review, Palgrave Macmillan, vol. 19(2), pages 81-92, December.
  12. Marchand, M. & Pestieau, P., 1991. "Public pensions: Choices for the future," European Economic Review, Elsevier, vol. 35(2-3), pages 441-453, April.
  13. Brunner, Johann K., 1993. "Redistribution and the efficiency of the pay-as-you-go pension system," Discussion Papers, Series 1 265, University of Konstanz, Department of Economics.
  14. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Leibniz Universität Hannover dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  15. Breyer, Friedrich & Straub, Martin, 1993. "Welfare effects of unfunded pension systems when labor supply is endogenous," Journal of Public Economics, Elsevier, vol. 50(1), pages 77-91, January.
  16. Bierwag, G O & Grove, M A & Khang, Chulsoon, 1969. "National Debt in a Neoclassical Growth Model: Comment," American Economic Review, American Economic Association, vol. 59(1), pages 205-10, March.
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