Pay-as-you-go financed public pensions in a model of endogenous growth and fertility
AbstractEmploying an overlapping generations endogenous growth model in which parents derive utility from having children and, additionally, expect children to support them in old age, this paper explores the interrelation between growth, fertility, and the size of pay-as-you-go financed public pensions. It is shown that small sized public pensions stimulate per capita income growth, but further increases in public pensions eventually reduce it. Fertility, on the other hand, falls by an increase in public pensions if they are either small or large. Medium sized public pensions, however, may stimulate fertility.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Population Economics.
Volume (Year): 12 (1999)
Issue (Month): 4 ()
Note: Received: 9 September 1997 / Accepted: 10 April 1998
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Web page: http://link.springer.de/link/service/journals/00148/index.htm
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Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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