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Ageing and Pension Reform in a Small Open Economy: The Role of Savings Incentives

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  • Leers, T.
  • Meijdam, A.C.
  • Verbon, H.A.A.

    (Tilburg University, Center for Economic Research)

Abstract

In this paper we analyse the effects of ageing in a small open economy with a representative government. More specific, we adress the question whether in case of ageing a transition from an unfunded to a more funded pension scheme is politically feasible. We show that the existence of a suitable subsidy on savings is crucial in this respect. Without a subsidy on savings, the economy is trapped at the preexisting level of saving and ageing leads to an increase of the PAYG tax. However, if a subsidy exists which is linked to the tax rate in a non-linear way a conversion from PAYG to funded pensions is politically feasible.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1998-90.

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Date of creation: 1998
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Handle: RePEc:dgr:kubcen:199890

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Related research

Keywords: ageing; overlapping generations; pensions;

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  1. Martin Feldstein, 1997. "The Missing Piece in Policy Analysis: Social Security Reform," NBER Working Papers 5413, National Bureau of Economic Research, Inc.
  2. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59.
  3. Meijdam, Lex & Verbon, Harrie A A, 1997. "Aging and Public Pensions in an Overlapping-Generations Model," Oxford Economic Papers, Oxford University Press, vol. 49(1), pages 29-42, January.
  4. Meijdam, A.C. & Ven, M.E.A.J. van de & Verbon, H.A.A., 1996. "The dynamics of government debt," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72307, Tilburg University.
  5. Gartner, Manfred, 1994. "Democracy, elections, and macroeconomic policy: Two decades of progress," European Journal of Political Economy, Elsevier, vol. 10(1), pages 85-109, May.
  6. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-11, July.
  7. Bernheim, B Douglas, 1989. "Intergenerational Altruism, Dynastic Equilibria and Social Welfare," Review of Economic Studies, Wiley Blackwell, vol. 56(1), pages 119-28, January.
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