Growth and equality effects of pension plans
AbstractWe investigate the balanced growth effects of pension plans on the rate of growth and on equalityin a closed economy where individual decisions about education are the engine of growth. We distinguish between pay-as-you-go and fully-funded pension systems and differentiate between three different benefit rules: a Beveridgean one (benefits are identical for all agents), a Bismarckian (earnings related) one depending on one's entire earnings history or a Bismarckian one depending on one's partial earnings history. Interestingly, in the latter case the steady state rate of growth is increasing in the rate of contributions.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2000036.
Date of creation: 00 Jul 2000
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Public Pensions; Education; Growth; Inequality.;
Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- I22 - Health, Education, and Welfare - - Education - - - Educational Finance
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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