Effects of Social Security on Fertility and Saving: An Overlapping Generations Model
AbstractThis paper studies the general equilibrium effects of various social security programs on the rates of population growth and capital accumulation within an overlapping generations framework with endogenous fertility and savings. It also shows that if the rate of intergenerational transfers of income from old to young or child care cost is low, a competitive equilibrium follows a path of over population and capital accumulation in a modified Pareto Optimal sense; a social security program in such a case is Pareto improving. A fully funded system is not neutral if it is financed by child - taxes. It also shows that unlike in the case of exogenous fertility where competitive equilibrium attains steady-state only asymptotically, when fertility is endogenous it may attain a unique globally stable steady state in finite time.
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Bibliographic InfoPaper provided by Chicago - Population Research Center in its series University of Chicago - Population Research Center with number 87-13.
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Publication status: Published in Indian Economic Review, v. 27, no. 1 (Jan.-June 1992): 25-43
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Postal: University of Chicago. Population Research Center. NORC and the University of Chicago. 1155 E. 60th Street, Chicago, Illinois 60637.
Web page: http://www.spc.uchicago.edu/prc/
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Other versions of this item:
- Lakshmi Kanta Raut, 1992. "Effect of Social Security on Fertility and Savings: An Overlapping Generations Model," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 27(1), pages 25-43, July.
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
- J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
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- J. Ignacio Conde-Ruiz & Eduardo L. Giménez & Mikel Pérez-Nievas, 2010.
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- Wei-bin Zhang, 2011. "Elastic Labour Supply and Home Production in a Monetary Growth Model," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 9(2), pages 87-100.
- Lakshmi K. Raut, 1996. "Subgame perfect manipulation of children by overlapping generations of agents with two-sided altruism and endogenous fertility," Labor and Demography 9604003, EconWPA.
- Stauvermann, Peter Josef & Kumar, Ronald, 2013. "Financing human capital development via government debt: a small country case using overlapping generations framework," MPRA Paper 47453, University Library of Munich, Germany.
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