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Pension, Fertility, and Education

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  • Volker Meier

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  • Matthias Wrede

Abstract

A pay-as-you-go pension scheme is associated with positive externalities of having children and providing them with human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and education, we discuss internalization policies associated with child benefits in the pension formula. The second-best scheme displays both a benefit contingent on the contributions of children and a purely fertility-related component.

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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1521.

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Date of creation: 2005
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Handle: RePEc:ces:ceswps:_1521

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Keywords: pay-as-you-go; fertility; human capital; externalities;

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References

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  1. Cremer, Helmuth & Gahvari, Firouz & Pestieau, Pierre, 2006. "Pensions with endogenous and stochastic fertility," Journal of Public Economics, Elsevier, Elsevier, vol. 90(12), pages 2303-2321, December.
  2. Robert Fenge & Volker Meier, 2003. "Pensions and Fertility Incentives," CESifo Working Paper Series 879, CESifo Group Munich.
  3. G. ABIO & Géraldine MAHIEU & C. Patxot, 2002. "On the Optimality of PAYG Pension Systems in an Endogenous Fertility Setting," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2002006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  4. Sinn, Hans-Werner, 2004. "The pay-as-you-go pension system as fertility insurance and an enforcement device," Journal of Public Economics, Elsevier, Elsevier, vol. 88(7-8), pages 1335-1357, July.
  5. Alessandro Cigno & Annalisa Luporini, 2006. "Optimal Policy Towards Families with Different Amounts of Social Capital, in the Presence of Asymmetric Information and Stochastic Fertility," CESifo Working Paper Series 1664, CESifo Group Munich.
  6. Michele Boldrin & Mariacristina De Nardi & Larry E. Jones, 2005. "Fertility and Social Security," Staff Report, Federal Reserve Bank of Minneapolis 359, Federal Reserve Bank of Minneapolis.
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  8. Sinn, Hans-Werner, 1997. "The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal For a Partial Transition to a Funded System," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1734, C.E.P.R. Discussion Papers.
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  16. Volker Meier & Robert Fenge, 2004. "Are Family Allowances And Fertility-Related Pensions Siamese Twins?," Royal Economic Society Annual Conference 2004, Royal Economic Society 125, Royal Economic Society.
  17. Woessmann, Ludger, 2004. "How Equal Are Educational Opportunities? Family Background and Student Achievement in Europe and the United States," IZA Discussion Papers 1284, Institute for the Study of Labor (IZA).
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  19. Robert Fenge & Volker Meier, 2009. "Are family allowances and fertility-related pensions perfect substitutes?," International Tax and Public Finance, Springer, Springer, vol. 16(2), pages 137-163, April.
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  22. Mark Gradstein & Moshe Justman & Volker Meier, 2004. "The Political Economy of Education: Implications for Growth and Inequality," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262072564, December.
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  24. 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, Elsevier, vol. 87(2), pages 233-251, February.
  25. 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.
  26. Bas Groezen & Lex Meijdam, 2008. "Growing old and staying young: population policy in an ageing closed economy," Journal of Population Economics, Springer, Springer, vol. 21(3), pages 573-588, July.
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Citations

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Cited by:
  1. Miroslav Verbič & Rok Spruk, 2014. "Aging Population and Public Pensions: Theory and Macroeconometric Evidence," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(3), pages 289-316, June.
  2. CREMER, Helmuth & GAHVARI, Firouz & PESTIEAU, Pierre, . "Fertility, human capital accumulation, and the pension system," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -2366, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Konrad, Kai A & Skaperdas, Stergios, 1999. "The Market for Protection and the Origin of the State," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2173, C.E.P.R. Discussion Papers.
  4. Verbič, Miroslav & Spruk, Rok, 2011. "Aging population and public pensions: theory and evidence," MPRA Paper 38914, University Library of Munich, Germany.
  5. Andras Simonovits, 2012. "Pension Reforms in an Aging Society: A Fully Displayed Cohort Model," DANUBE: Law and Economics Review, European Association Comenius - EACO, European Association Comenius - EACO, issue 4, pages 1-30, December.
  6. Luca Spataro & Thomas I. Renstroem, 2010. "Optimal taxation, critical-level utilitarianism and economic growth," Working Papers, Durham University Business School 2010_06, Durham University Business School.
  7. Galasso, Vincenzo & Gatti, Roberta & Profeta, Paola, 2008. "Investing for the Old Age: Pensions, Children and Savings," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6825, C.E.P.R. Discussion Papers.
  8. Volker Meier & Martin Werding, 2010. "Ageing and the Welfare State: Securing Sustainability," CESifo Working Paper Series 2916, CESifo Group Munich.
  9. Holzmann, Robert, 2005. "Demographic Alternatives for Aging Industrial Countries: Increased Total Fertility Rate, Labor Force Participation, or Immigration," IZA Discussion Papers 1885, Institute for the Study of Labor (IZA).
  10. Guataqui, Juan Carlos & García-Suaza, Andrés Felipe & Rodríguez-Acosta, Mauricio, 2009. "Ahorro para el retiro en Colombia: patrones y determinantes," DOCUMENTOS DE TRABAJO, UNIVERSIDAD DEL ROSARIO 005792, UNIVERSIDAD DEL ROSARIO.
  11. Milos Marius Cristian, 2012. "Demographic Dynamics And Sustainability Of Public Pension Expenditures Within European Union-15 Member States," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 171-174, December.

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