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Ageing and pension reform in a small open economy : the role of savings incentives

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Author Info
Leers, T.
Meijdam, L.
Verbon, H. (Tilburg University, Center for Economic Research)

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

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

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Find related papers by JEL classification:
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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  1. Feldstein, Martin, 1996. "The Missing Piece in Policy Analysis: Social Security Reform," American Economic Review, American Economic Association, vol. 86(2), pages 1-14, May.
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  2. Bernheim, B Douglas, 1989. "Intergenerational Altruism, Dynastic Equilibria and Social Welfare," Review of Economic Studies, Blackwell Publishing, vol. 56(1), pages 119-28, January. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
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  6. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59. [Downloadable!] (restricted)
  7. Meijdam, Lex & van de Ven, Martijn & Verbon, Harrie A. A., 1996. "The dynamics of government debt," European Journal of Political Economy, Elsevier, vol. 12(1), pages 67-90, April. [Downloadable!] (restricted)
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