Social Security Policy with Public Debt in an Aging Economy
AbstractThis paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the payment. In the model presented below, an economy with an aging population may achieve two dynamically inefficient equilibria. Under certain conditions, the effects of pension reform and population aging on capital accumulation are entirely different between the two equilibria.
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Bibliographic InfoPaper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number 107.
Length: 32,  p.
Date of creation: Aug 2002
Date of revision:
Note: June 4, 2002
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Population aging; Social security; Pension reform; Public debt; Economic growth; Overlapping generations;
Other versions of this item:
- Tetsuo Ono, 2003. "Social security policy with public debt in an aging economy," Journal of Population Economics, Springer, vol. 16(2), pages 363-387, 05.
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
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