Pensions with early retirement and without commitment
AbstractIn this article it is shown that more generous early retirement provisions as well as lower employment lead to lower steady state pension rates if governments weigh the welfare of the older persons relatively strongly. A relatively stronger weight on the welfare of the young reverses the results. The driving force behind those findings are governments that cannot commit to pension policies and consequently take into account future governments' policies when maximizing electoral support from the currently young and old constituencies.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 16 (2009)
Issue (Month): 3 ()
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Other versions of this item:
- Neugart, Michael, 2006. "Pensions with early retirement and without commitment," Discussion Papers, Research Unit: Labor Market Policy and Employment SP I 2006-120, Social Science Research Center Berlin (WZB).
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- Casey B. Mulligan & Xavier Sala-i-Martin, 1999.
"Social security in theory and practice (I): Facts and political theories,"
Economics Working Papers
384, Department of Economics and Business, Universitat Pompeu Fabra.
- Casey B. Mulligan & Xavier Sala-i-Martin, 1999. "Social Security in Theory and Practice (I): Facts and Political Theories," NBER Working Papers 7118, National Bureau of Economic Research, Inc.
- Galasso, Vincenzo & Profeta, Paola, 2002. "The political economy of social security: a survey," European Journal of Political Economy, Elsevier, vol. 18(1), pages 1-29, March.
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