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Intergenerational Redistribution, Health Care, and Politics

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  • Lundin, Douglas

    (Dept. of Economics, Stockholm School of Economics)

  • Sáez Martí, María

    ()
    (The Research Institute of Industrial Economics)

Abstract

Publicly provided health care implies considerable intergenerational redistribution. The possibility of accumulating a fund or debt will affect the degree of redistribution as well as how efficient the financing of health care is. In a voting model we study how governments inability to make binding long-term policy commitments will affect the accumulation of a fund or debt. Today's government will base its policy decisions on expectations about future governments behavior and simply follow suit, which results in strong political inertia. Either a fund or debt may therefore be upheld in political equilibrium. But no mechanism ensure that it is at its optimal level. If there is fund in steady state, the more political clout the old have the smaller will the fund be, i.e saving decrease. If there is debt, however, a politically stronger old generation may imply a smaller debt, i.e. savings increase.

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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 486.

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Length: 15 pages
Date of creation: 07 Jan 2002
Date of revision:
Handle: RePEc:hhs:hastef:0486

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Keywords: Voting; health expenditure; intergenerational transfers; dynamic politics;

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  1. Persson, Torsten & Tabellini, Guido, 1999. "Political economics and macroeconomic policy," Handbook of Macroeconomics, Elsevier, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 22, pages 1397-1482 Elsevier.
  2. Jose-Victor Rios-Rull & Per Krusell, 1999. "On the Size of U.S. Government: Political Economy in the Neoclassical Growth Model," American Economic Review, American Economic Association, American Economic Association, vol. 89(5), pages 1156-1181, December.
  3. John Hassler & José V. Rodríguez Mora & Kjetil Storesletten & Fabrizio Zilibotti, 2001. "The survival of the welfare state," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 603, Department of Economics and Business, Universitat Pompeu Fabra.
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