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Pareto-improving social security reform

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  • BELAN, Pascal
  • MICHEL, Philippe
  • PESTIEAU, Pierre

Abstract

It is generally accepted that moving from an unfunded to a funded social security system implies a welfare loss for the transition generation—that is, the generation that has to pay twice: first, saving for its own retirement and, second, contributing to the pensions of the then retired generation. This article shows that in a setting of endogenous growth with positive externality such a transition can be Pareto improving. But it argues also that social security reform is more a pretext than a requirement for internalizing such a positive externality. The Geneva Papers on Risk and Insurance Theory (1998) 23, 119–125. doi:10.1023/A:1008622110502

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File URL: http://dx.doi.org/10.1023/A:1008622110502
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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number -1372.

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Handle: RePEc:cor:louvrp:-1372

Note: In : The Geneva Papers on Risk and Insurance Theory, 23, 119-125, 1998
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