In this paper we investigate the possibilities of Pareto-improving reforms of a pay-as-you-go (PAYG) pension system in a framework of endogenous growth. Belan et al. (1996) propose a transition of a PAYG system to a system of savings--subsidization. We follow this approach and prove that a Pareto-improving conversion from the PAYG system to a fully funded one is possible. Finally, we compare the subsidy system with the fully funded system and analyze the question of whether a PAYG system supplemented by a subsidy scheme can generate the same growth as a fully funded system.
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Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number
588.
Length: pages Date of creation: Nov 1998 Date of revision: Handle: RePEc:bon:bonsfa:588
Contact details of provider: Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany Fax: +49 228 73 9221 Web page: http://www.bgse.uni-bonn.de/index.php?id=517
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Find related papers by JEL classification: H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions