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Social security policy with public debt in an aging economy

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Author Info
Tetsuo Ono

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Abstract

This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the payment. In the model presented below, an economy with an aging population may achieve two dynamically inefficient equilibria. Under certain conditions, the effects of pension reform and population aging on capital accumulation are entirely different between the two equilibria. Copyright Springer-Verlag Berlin Heidelberg 2003

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File URL: http://hdl.handle.net/10.1007/s001480300148
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Publisher Info
Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 16 (2003)
Issue (Month): 2 (05)
Pages: 363-387
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Handle: RePEc:spr:jopoec:v:16:y:2003:i:2:p:363-387

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Related research
Keywords: JEL classification: D91; E62; H55; H63; Key words: Population aging; social security; pension reform; public debt; economic growth; overlapping generations;

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  1. Fanti Luciano e Spataro Luca, 2009. "Fertility and public debt," Discussion Papers 2009/89, Dipartimento di Scienze Economiche (DSE), University of Pisa, Pisa, Italy. [Downloadable!]
  2. Walter H. Fisher & Christian Keuschnigg, 2007. "Pension Reform and Labor Market Incentives," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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This page was last updated on 2009-11-25.

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