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Intergenerational redistribution in a small open economy with endogenous fertility

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Author Info
Martin Kolmar () (Faculty of Economics and Statistics and SFB 178, University of Konstanz, P.O. Box 5560-136, D-78434 Konstanz, Germany)

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Abstract

For pay-as-you-go financed pension systems, claims may be calculated according to individual contributions (income) or the number of children of a family. We analyse the optimal structure of these parameters in a model with endogenous fertility. It is shown that for both structural determinants there exists no interior solution of the problem of intragenerational utility maximisation. Thus, pure systems are always welfare maximizing. Furthermore, children-related pension claims induce a fiscal externality that tends to be positive. The determination of the optimal contribution rate shows that the widely accepted Aaron-condition is in general a misleading indicator for the comparison of fully funded and pay-as-you-go financed pension systems.

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Publisher Info
Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 10 (1997)
Issue (Month): 3 ()
Pages: 335-356
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Handle: RePEc:spr:jopoec:v:10:y:1997:i:3:p:335-356

Note: Received March 12, 1996 / Accepted January 27, 1997
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Related research
Keywords: Endogenous fertility · pay-as-you-go financed pension systems;

Find related papers by JEL classification:
J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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. Miriam Steurer, 2009. "Fertility Decisions and the Sustainability of Defined Benefit Pay-as-You-Go Pension Systems," Discussion Papers 2009-06, School of Economics, The University of New South Wales. [Downloadable!]
  2. Luciano Fanti & Luca Gori, 2008. "Fertility-related pensions and fertility disincentives," Economics Bulletin, Economics Bulletin, vol. 10(8), pages 1-7. [Downloadable!]
  3. Martin Barbie & Marcus Hagedorn & Ashok Kaul, . "Fostering Within-Family Human Capital Investment: An Intragenerational Insurance Perspective of Social Security," IEW - Working Papers iewwp236, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  4. Martin Kolmar & Volker Meier, 2005. "Intra-Generational Externalities and Inter-Generational Transfers," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  5. Luciano Fanti & Luca Gori, 2008. "Human capital, income, fertility and child policy," Economics Bulletin, Economics Bulletin, vol. 9(7), pages 1-7. [Downloadable!]
  6. Miriam Steurer, 2009. "Extending the Aaron Condition for Alternative Pay-as-You-Go Pension Systems," Discussion Papers 2009-03, School of Economics, The University of New South Wales. [Downloadable!]
  7. Tim Krieger, 2001. "Intergenerational Redistribution and Labor Mobility: A Survey," Departmental Discussion Papers 106, University of Goettingen, Department of Economics. [Downloadable!]
    Other versions:
  8. CREMER, Helmuth & PESTIEAU, Pierre & GAHVARI, Firouz, 2004. "Pensions with endogenous and stochastic fertility," CORE Discussion Papers 2004067, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
    Other versions:
  9. Michael Voigtländer, 2005. "Qualitative und quantitative Aspekte einer Elternrente," Otto-Wolff-Institut Discussion Paper Series 02/2005, Otto-Wolff-Institut für Wirtschaftsordnung, Köln, Deutschland. [Downloadable!]
  10. Robert Fenge & Volker Meier, 2004. "Are Family Allowances and Fertility-related pensions Siamese Twins?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  11. Luciano Fanti & Luca Gori, 2008. "Child quality choice and fertility disincentives," Economics Bulletin, Economics Bulletin, vol. 10(7), pages 1-6. [Downloadable!]
  12. Robert Fenge & Jakob von Weizsäcker, 2006. "Mixing Bismarck and Child Pension Systems: An Optimum Taxation Approach," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  13. Pedro Cardoso & Bernard M.S. van Praag, 2003. "How Sustainable Are Old-age Pensions in a Shrinking Population with Endogenous Labour Supply?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  14. G. Abio & Geraldine Mahieu & Cio Patxot, 2003. "On the Optimality of PAYG Pension Systems in an Endogenous Fertility Setting," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  15. Robert Fenge & Volker Meier, 2003. "Pensions and Fertility Incentives," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  16. Galasso, Vincenzo & Gatti, Roberta & Profeta, Paola, 2008. "Investing for the Old Age: Pensions, Children and Savings," CEPR Discussion Papers 6825, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  17. Helmuth Cremer & Firouz Gahvari & Pierre Pestieau, 2003. "Stochastic fertility, moral hazard, and the design of pay-as-you-go pension plans," DELTA Working Papers 2003-21, DELTA (Ecole normale supérieure). [Downloadable!]
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This page was last updated on 2009-11-25.

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