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Population aging and PAYG pensions in the OLG model

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  • Giam Cipriani

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Abstract

This paper shows the effects on a pay-as-you-go pension system of the demographic change in the standard overlapping generations model. Firstly, we consider a setting with exogenous fertility and then a model with endogenous fertility. In both cases, population aging due to increased longevity implies a reduction in pensions payouts. Copyright Springer-Verlag Berlin Heidelberg 2014

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Bibliographic Info

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

Volume (Year): 27 (2014)
Issue (Month): 1 (January)
Pages: 251-256

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Handle: RePEc:spr:jopoec:v:27:y:2014:i:1:p:251-256

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Keywords: PAYG pensions; Fertility; Longevity; J13; H55;

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  1. Fanti, Luciano & Gori, Luca, 2010. "Fertility and PAYG pensions in the overlapping generations model," MPRA Paper 25811, University Library of Munich, Germany.
  2. Alessandro Cigno, 2006. "A constitutional theory of the family," Journal of Population Economics, Springer, Springer, vol. 19(2), pages 259-283, June.
  3. Helmuth Cremer & Firouz Gahvari & Pierre Pestieau, 2009. "Fertility, Human Capital Accumulation, and the Pension System," CESifo Working Paper Series 2736, CESifo Group Munich.
  4. Helmut Cremer & Firouz Gahvari & Pierre Pestieau, 2006. "Pensions with endogenous and stochastic fertility," Working Papers 22594, Institut National de la Recherche Agronomique, France.
  5. Nishimura, Kazuo & Zhang, Junsen, 1992. "Pay-as-you-go public pensions with endogenous fertility," Journal of Public Economics, Elsevier, vol. 48(2), pages 239-258, July.
  6. Luca Gori & Luciano Fanti, 2008. "Longevity and PAYG pension systems sustainability," Economics Bulletin, AccessEcon, vol. 10(2), pages 1-8.
  7. repec:ebl:ecbull:v:10:y:2008:i:2:p:1-8 is not listed on IDEAS
  8. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer, Springer, vol. 12(4), pages 625-640.
  9. Rosati, Furio Camillo, 1996. "Social security in a non-altruistic model with uncertainty and endogenous fertility," Journal of Public Economics, Elsevier, vol. 60(2), pages 283-294, May.
  10. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
  11. Blackburn, Keith & Cipriani, Giam Pietro, 2002. "A model of longevity, fertility and growth," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 26(2), pages 187-204, February.
  12. Giam Pietro Cipriani & Miltiadis Makris, 2009. "PAYG Pensions and Human Capital Accumulation: Some Unpleasant Arithmetic," CHILD Working Papers, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY wp19_09, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY.
  13. Alders, Peter & Broer, D. Peter, 2005. "Ageing, fertility, and growth," Journal of Public Economics, Elsevier, vol. 89(5-6), pages 1075-1095, June.
  14. Ehrlich, Isaac & Lui, Francis T, 1998. "Social Security, the Family, and Economic Growth," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 36(3), pages 390-409, July.
  15. Luciano Fanti & Luca Gori, 2009. "Longevity, fertility and PAYG pension systems sustainability," Discussion Papers 2009/77, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
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