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Optimal population growth and social security reform with heterogeneous agents

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  • ABIO, G.
  • PATXOT, C.

Abstract

In this paper we propose a pension policy that would isolate the social security system from any financial crisis resulting from changes in population structure. This policy consists of linking social security benefits to the fertility behaviour of the individual. We present a theoretical analysis to show that this policy restores the optimality of the capital-labour ratio and the population growth rate in an overlapping-generations model with endogenous fertility. We extend this analysis to the case of heterogeneous agents with respect to their preferences towards children.

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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 2001027.

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Date of creation: 00 May 2001
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Handle: RePEc:cor:louvco:2001027

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Related research

Keywords: pay-as-you-go social security system; overlapping-generations model; endogenous fertility; heterogeneous agents; optimal population growth;

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References

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  1. Samuelson, Paul A, 1975. "The Optimum Growth Rate for Population," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 531-38, October.
  2. 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 1734, C.E.P.R. Discussion Papers.
  3. MICHEL, Philippe & PESTIEAU, Pierre, . "Population growth and optimality. When does serendipity hold?," CORE Discussion Papers RP -1072, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Eckstein, Zvi & Wolpin, Kenneth I., 1985. "Endogenous fertility and optimal population size," Journal of Public Economics, Elsevier, vol. 27(1), pages 93-106, June.
  5. Bental, Benjamin, 1989. "The Old Age Security Hypothesis and Optimal Population Growth," Journal of Population Economics, Springer, vol. 1(4), pages 285-301.
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Cited by:
  1. Gemma Abio Roig, 2003. "Interiority of the Optimal Population Growth Rate with Endogenous Fertility," Working Papers in Economics 96, Universitat de Barcelona. Espai de Recerca en Economia.

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