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Should Subsidized Private Transfers Replace Government Social Insurance?

Author

Listed:
  • Connel Fullenkamp
  • Mr. Ralph Chami

Abstract

Private transfers between individuals or through organized charities are increasingly viewed as an alternative for government social insurance programs. This paper models the incentive effects of government subsidized private transfers and finds that while there is a significant welfare benefit to subsidizing private transfers, there is also a significant welfare cost to this policy. It is shown analytically, as well as through simulations, that the optimal subsidy to private transfers is positive for a wide range of parameter values. This result indicates that subsidized private transfers in net terms are welfare enhancing.

Suggested Citation

  • Connel Fullenkamp & Mr. Ralph Chami, 2000. "Should Subsidized Private Transfers Replace Government Social Insurance?," IMF Working Papers 2000/150, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2000/150
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