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How a Pay-As-You-Go Pension System Can Lead To a Pareto Improvement in an OLG Model with Endogenous Fertility

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  • Peter J. Stauvermann

    ()
    (Changwon National University, Department of Economics, Republic of Korea)

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    Abstract

    Mostly, all developed countries have the problem that the total fertility rate is below its sustainable level. Therefore, all these countries face economic problems caused by a demographic change. In this paper, we show that given certain conditions a pay-as-you-go pension system where the pension depends only on the number of own children leads to a Pareto improvement and to an increase of the total fertility rate. To show this we use an Overlapping Generation model with endogenous fertility in a small open economy.

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    Bibliographic Info

    Article provided by Weissberg Publishing in its journal Economic Research Guardian.

    Volume (Year): 3 (2013)
    Issue (Month): 1 (June)
    Pages: 61-69

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    Handle: RePEc:wei:journl:v:3:y:2013:i:1:p:61-69

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    Related research

    Keywords: Endogenous fertility; Pay-as-you-go pension system; OLG model;

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    1. Robert Fenge & Volker Meier, 2003. "Pensions and Fertility Incentives," CESifo Working Paper Series 879, CESifo Group Munich.
    2. Martin Kolmar, 1997. "Intergenerational redistribution in a small open economy with endogenous fertility," Journal of Population Economics, Springer, vol. 10(3), pages 335-356.
    3. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Hannover Economic Papers (HEP) dp-523, Leibniz Universit├Ąt Hannover, Wirtschaftswissenschaftliche Fakult├Ąt.
    4. Oded Galor & David N. Weil, 1993. "The Gender Gap, Fertility, and Growth," NBER Working Papers 4550, National Bureau of Economic Research, Inc.
    5. van Groezen, Bas & Leers, Theo & Meijdam, Lex, 2003. "Social security and endogenous fertility: pensions and child allowances as siamese twins," Journal of Public Economics, Elsevier, vol. 87(2), pages 233-251, February.
    6. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer, vol. 12(4), pages 625-640.
    7. Luca Gori & Luciano Fanti, 2008. "Fertility-related pensions and fertility disincentives," Economics Bulletin, AccessEcon, vol. 10(8), pages 1-7.
    8. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
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