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PAYG pension systems with capital mobility

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Author Info

  • MARCHAND, Maurice
  • PESTIEAU, Pierre
  • PIASER, Gwenaël

Abstract

Consider an overlapping generation growth model involving identical countries whose fiscal policy reduces to a pay-as-you-go system with flat rate benefits and uniform payroll tax rate. In autarky, the tax rate is chosen so as to achieve a compromise between intragenerational and intergenerational redistribution. Assume now that there is capital mobility in a setting where national government act more cooperatively. This paper studies how the tax is affected by this combination of capital mobility and non cooperation. It shows that the tax rate increases and henceforth capital accumulation decreases as the number of countries involved increases.

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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 2004031.

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Date of creation: 00 May 2004
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Handle: RePEc:cor:louvco:2004031

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Related research

Keywords: pay-as-you-go pension; tax competition; capital mobility;

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References

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  1. Hoyt, William H., 1991. "Property taxation, Nash equilibrium, and market power," Journal of Urban Economics, Elsevier, vol. 30(1), pages 123-131, July.
  2. Beltrametti, Luca & Bonatti, Luigi, 2004. "Does international coordination of pension policies boost capital accumulation?," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 113-129, January.
  3. Alain Jousten & Pierre Pestieau, 2002. "Labor Mobility, Redistribution, and Pension Reform in Europe," NBER Chapters, in: Social Security Pension Reform in Europe, pages 85-108 National Bureau of Economic Research, Inc.
  4. Pemberton, James, 1999. "Social Security: National Policies with International Implications," Economic Journal, Royal Economic Society, vol. 109(457), pages 492-508, July.
  5. Stefan Homburg & Wolfram Richter, 1993. "Harmonizing public debt and public pension schemes in the European community," Journal of Economics, Springer, vol. 7(1), pages 51-63, December.
  6. Persson, Torsten, 1985. "Deficits and intergenerational welfare in open economies," Journal of International Economics, Elsevier, vol. 19(1-2), pages 67-84, August.
  7. Breyer, Friedrich & Kolmar, Martin, 2002. "Are national pension systems efficient if labor is (im)perfectly mobile?," Journal of Public Economics, Elsevier, vol. 83(3), pages 347-374, March.
  8. Yvonne Adema & Lex Meijdam & Harrie A. A Verbon, 2005. "The International Spillover Effects of Pension Reform," CESifo Working Paper Series 1540, CESifo Group Munich.
  9. Casarico Alessandra, 2001. "Pension systems in integrated capital markets," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-19, November.
  10. Pemberton, James, 2000. "National and international privatisation of pensions," European Economic Review, Elsevier, vol. 44(10), pages 1873-1896, December.
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Cited by:
  1. Kuhle, Wolfgang, 2012. "Dynamic efficiency and the two-part golden rule with heterogeneous agents," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 992-1006.
  2. Adema, Y. & Meijdam, A.C. & Verbon, H.A.A., 2009. "The international spillover effects of pension reform," Open Access publications from Tilburg University urn:nbn:nl:ui:12-365376, Tilburg University.
  3. Mariangela Bonasia & Rita De Siano, 2012. "Population Dynamics and Regional Social Security Sustainability in Italy," Discussion Papers 14_2012, CRISEI, University of Naples "Parthenope", Italy.
  4. Raymond Batina, 2012. "Capital tax competition and social security," International Tax and Public Finance, Springer, vol. 19(6), pages 819-843, December.

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