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Social Security Financial Crises

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Author Info

  • Rodrigo Cerda

    () (Instituto de Economía. Pontificia Universidad Católica de Chile.)

Abstract

This paper explores the causes of the social security financial crises. We indicate that the financial crisis might be endogenous to the social security system. The main idea is that the PAYG social security system might affect fertility and human capital's decisions and therefore, may negatively impact the aggregated growth rate of the economy. These effects lead to an endogenous erosion of the financial basis of the PAYG social security program so that, as a consequence, the PAYG system is not sustainable and it requires continuous increases in the social security tax rate.

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File URL: http://www.economia.puc.cl/docs/dt_252.pdf
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Bibliographic Info

Paper provided by Instituto de Economia. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 252.

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Date of creation: 2003
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Handle: RePEc:ioe:doctra:252

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Related research

Keywords: Pay-as-you-go social security; demographic transition; financial crisis;

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