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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 I - 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. Emmanuel Thibault, 2000. "Existence of equilibrium in an OLG model with production and altruistic preferences," Economic Theory, Springer, Springer, vol. 15(3), pages 709-715.
  2. Brunner, Johann K., 1993. "Redistribution and the efficiency of the pay-as-you-go pension system," Discussion Papers, Series I 265, University of Konstanz, Department of Economics.
  3. repec:ebl:ecbull:v:4:y:2002:i:1:p:1-8 is not listed on IDEAS
  4. Burkart, Mike & Gromb, Denis & Panunzi, Fausto, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(3), pages 693-728, August.
  5. Breyer, Friedrich & Straub, Martin, 1993. "Welfare effects of unfunded pension systems when labor supply is endogenous," Journal of Public Economics, Elsevier, Elsevier, vol. 50(1), pages 77-91, January.
  6. BELAN, Pascal & MICHEL, Philippe & PESTIEAU, Pierre, . "Pareto-improving social security reform," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1372, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. GABSZEWICZ, Jean & MICHEL, Philippe, 1992. "Oligopoly equilibria in exchange economies," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1992047, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Mark G. Guzman, 1999. "Bank structure, capital accumulation and growth: a simple macroeconomic model," Working Papers, Federal Reserve Bank of Dallas 9907, Federal Reserve Bank of Dallas.
  9. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(3), pages 461-88, June.
  10. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  11. BELAN, Pascal & PESTIEAU, Pierre, 1997. "Privatizing social security: a critical assessment," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1997084, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. CODOGNATO, Giulio & GABSZEWICZ, Jean J., . "Cournot-Walras equilibria in markets with a continuum of traders," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1041, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  13. Bertrand Wigniolle & Philippe Michel & Pascal Belan, 2002. "Pension funds and capital accumulation," Economics Bulletin, AccessEcon, vol. 4(1), pages 1-8.
  14. Nicola Cetorelli & Pietro F. Peretto, 2000. "Oligopoly banking and capital accumulation," Working Paper Series, Federal Reserve Bank of Chicago WP-00-12, Federal Reserve Bank of Chicago.
  15. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
  16. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, American Economic Association, vol. 67(3), pages 297-308, June.
  17. Belan, Pascal & Michel, Philippe & Wigniolle, Bertrand, 2003. "Les effets à long terme des fonds de pension," L'Actualité Economique, Société Canadienne de Science Economique, Société Canadienne de Science Economique, vol. 79(4), pages 457-480, Décembre.
  18. John Laitner, 1982. "Monopoly and Long-Run Capital Accumulation," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 13(1), pages 143-157, Spring.
  19. Brunner, Johann K., 1993. "Transition from a pay-as-you-go to a fully-funded pension system: The case of differing individuals and intragenerational fairness," Discussion Papers, Series I 266, University of Konstanz, Department of Economics.
  20. Steven Huddart, 1993. "The Effect of a Large Shareholder on Corporate Value," Management Science, INFORMS, INFORMS, vol. 39(11), pages 1407-1421, November.
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Cited by:
  1. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2005. "Does imperfect competition foster capital accumulation in a developing economy," Cahiers de la Maison des Sciences Economiques, Université Panthéon-Sorbonne (Paris 1) v05026, Université Panthéon-Sorbonne (Paris 1).
  2. repec:hal:journl:halshs-00268842 is not listed on IDEAS
  3. repec:hal:journl:halshs-00193985 is not listed on IDEAS

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