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Sustainability of social security in a model of endogenous fertility

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  • Oshio, Takashi
  • Yasuoka, Masaya

Abstract

Social security tends to be unsustainable in nature in that it reduces individuals' demand for children as a measure to support their old age, which in turn undermines the financial base of social security. Using a simple overlapping-generations model with endogenous fertility and income transfer from children to parents, we discuss the maximum size of a pay-as-you-go social security program that can prevent a cumulative reduction of fertility and make the program sustainable. We also show that childcare allowance raises the maximum size of the program and raises an individual's lifetime utility.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/17553/1/pie_dp450.pdf
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Bibliographic Info

Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series PIE/CIS Discussion Paper with number 450.

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Length: 25 p.
Date of creation: Aug 2009
Date of revision:
Handle: RePEc:hit:piecis:450

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Keywords: social security; fertility; intergenerational income transfer;

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