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Capital accumulation, welfare and the emergence of pension fund activism

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Author Info

  • Pascal Belan

    (LEN - Laboratoire d'Economie de Nantes - Université de Nantes)

  • Philippe Michel

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - École des Hautes Études en Sciences Sociales (EHESS) - CNRS : UMR6579)

  • Bertrand Wigniolle

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris 1 - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris)

Abstract

This paper presents an overlapping generations model with altruistic consumers, in which pension funds, by holding a signi...cant share of capital assets, produce non competitive behavior. We study the consequences of such behavior on capital accumulation and welfare in the long run when subsidies are associated with contributions to pension funds. If bequests are operative and the subsidy rate is not too high, the capital stock increases with the introduction of pension funds, and this increases long run utility. If bequests are not operative without pension funds, the rise in long-run welfare is no longer guaranteed, even if the subsidy rate is low.

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Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00268847.

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Date of creation: Mar 2007
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Publication status: Published, FinanzArchiv Public Finance Analysis, 2007, 23, 2, 54-82
Handle: RePEc:hal:cesptp:halshs-00268847

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00268847
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Keywords: imperfect competition; capital accumulation; pension funds; altruism;

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References

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  1. Cetorelli, Nicola & Peretto, Pietro F., 2000. "Oligopoly Banking and Capital Accumulation," Working Papers 00-19, Duke University, Department of Economics.
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  9. Bertrand Wigniolle & Philippe Michel & Pascal Belan, 2002. "Pension funds and capital accumulation," Economics Bulletin, AccessEcon, vol. 4(1), pages 1-8.
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  12. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
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  15. BELAN, Pascal & PESTIEAU, Pierre, 1997. "Privatizing social security: a critical assessment," CORE Discussion Papers 1997084, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  16. Belan, Pascal & Michel, Philippe & Wigniolle, Bertrand, 2003. "Les effets à long terme des fonds de pension," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(4), pages 457-480, Décembre.
  17. Mark G. Guzman, 1999. "Bank structure, capital accumulation and growth: a simple macroeconomic model," Working Papers 9907, Federal Reserve Bank of Dallas.
  18. CODOGNATO, Giulio & GABSZEWICZ, Jean J., . "Cournot-Walras equilibria in markets with a continuum of traders," CORE Discussion Papers RP -1041, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  20. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Leibniz Universität Hannover dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
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Cited by:
  1. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2005. "Does imperfect competition foster capital accumulation in a developing economy ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00193985, HAL.

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