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Pension funds and capital accumulation

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  • BELAN, P.
  • MICHEL, Ph.
  • WIGNIOLLE, B.

Abstract

This note presents a model in which pension funds, by holding a signifiant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and Long-run welfare.

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File URL: http://alfresco.uclouvain.be/alfresco/download/attach/workspace/SpacesStore/b30009eb-eb89-4ea1-ae61-796440f6dc7a/coredp_2001_26.pdf
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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2001026.

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Date of creation: 00 May 2001
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Handle: RePEc:cor:louvco:2001026

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Keywords: pensions funds; capital accumulation;

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References

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  1. Martin Feldstein & Andrew Samwick, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters, in: Privatizing Social Security, pages 215-264 National Bureau of Economic Research, Inc.
  2. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1.
  3. Gale, William G, 1994. "Public Policies and Private Pension Contributions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(3), pages 710-32, August.
  4. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June.
  5. BELAN, Pascal & PESTIEAU, Pierre, . "Privatizing social security: A critical assessment," CORE Discussion Papers RP -1407, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Jeannine Bailliu & Helmut Reisen, 1998. "Do funded pensions contribute to higher aggregate savings? A cross-country analysis," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 134(4), pages 692-711, December.
  7. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers 91-5, Federal Reserve Bank of Boston.
  8. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
  9. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters, in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. repec:hal:journl:halshs-00268842 is not listed on IDEAS
  2. Biancamaria D'Onofrio & Bertrand Wigniolle, 2010. "Imperfect competition, technical progress and capital accumulation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00185321, HAL.
  3. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2005. "Does imperfect competition foster capital accumulation in a developing economy ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00268842, HAL.
  4. repec:hal:journl:halshs-00118568 is not listed on IDEAS
  5. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2007. "Capital accumulation, welfare and the emergence of pension fund activism," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00268847, HAL.
  6. repec:hal:journl:halshs-00268847 is not listed on IDEAS
  7. repec:hal:journl:halshs-00193985 is not listed on IDEAS

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