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Pensions, fertility, and education

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  • Meier, Volker
  • Wrede, Matthias

Abstract

A pay-as-you-go pension scheme is associated with positive externalities of having children and providing them with human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and education, we discuss internalization policies associated with child benefits in the pension formula. The second-best scheme displays both a benefit contingent on the contributions of children and a purely fertility-related component. Copyright

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Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19214.

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Date of creation: 2010
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Publication status: Published in Journal of Pension Economics and Finance 1 9(2010): pp. 75-93
Handle: RePEc:lmu:muenar:19214

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References

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  1. Sinn, Hans-Werner, 2004. "The pay-as-you-go pension system as fertility insurance and an enforcement device," Munich Reprints in Economics 19606, University of Munich, Department of Economics.
  2. Fenge, Robert & Meier, Volker, 2005. "Pensions and Fertility Incentives," Munich Reprints in Economics 20343, University of Munich, Department of Economics.
  3. G. ABIO & Géraldine MAHIEU & C. Patxot, 2002. "On the Optimality of PAYG Pension Systems in an Endogenous Fertility Setting," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2002006, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  4. Volker Meier & Robert Fenge, 2004. "Are Family Allowances And Fertility-Related Pensions Siamese Twins?," Royal Economic Society Annual Conference 2004 125, Royal Economic Society.
  5. Michele Boldrin & Maria Cristina De Nardi & Larry E. Jones, 2005. "Fertility and Social Security," Levine's Bibliography 666156000000000506, UCLA Department of Economics.
  6. Sinn, Hans-Werner, 1997. "The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal For a Partial Transition to a Funded System," CEPR Discussion Papers 1734, C.E.P.R. Discussion Papers.
  7. Fenge, Robert & Meier, Volker, 2009. "Are family allowances and fertility-related pensions perfect substitutes?," Munich Reprints in Economics 20340, University of Munich, Department of Economics.
  8. Bas van Groezen & Lex Meijdam, 2004. "Growing Old and Staying Young: Population Policy in an Ageing Closed Economy," Working Papers 04-28, Utrecht School of Economics.
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  21. Woessmann, Ludger, 2004. "How Equal Are Educational Opportunities? Family Background and Student Achievement in Europe and the United States," IZA Discussion Papers 1284, Institute for the Study of Labor (IZA).
  22. Kolmar, Martin, 2001. " Optimal Intergenerational Redistribution in a Two-Country Model with Endogenous Fertility," Public Choice, Springer, vol. 106(1-2), pages 23-51, January.
  23. Peters, Wolfgang, 1995. "Public Pensions, Family Allowances and Endogenous Demographic Change," Journal of Population Economics, Springer, vol. 8(2), pages 161-83, May.
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  25. Mark Gradstein & Moshe Justman & Volker Meier, 2004. "The Political Economy of Education: Implications for Growth and Inequality," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262072564, December.
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Citations

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Cited by:
  1. Kai A. Konrad & Stergios Skaperdas, 2005. "The Market for Protection and the Origin of the State," CESifo Working Paper Series 1578, CESifo Group Munich.
  2. Vincenzo Galasso & Roberta Gatti & Paola Profeta, 2009. "Investing for the old age: pensions, children and savings," International Tax and Public Finance, Springer, vol. 16(4), pages 538-559, August.
  3. CREMER, Helmuth & GAHVARI, Firouz & PESTIEAU, Pierre, . "Fertility, human capital accumulation, and the pension system," CORE Discussion Papers RP -2366, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Miroslav Verbič & Rok Spruk, 2014. "Aging Population and Public Pensions: Theory and Macroeconometric Evidence," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(3), pages 289-316, June.
  5. Holzmann, Robert, 2005. "Demographic Alternatives for Aging Industrial Countries: Increased Total Fertility Rate, Labor Force Participation, or Immigration," IZA Discussion Papers 1885, Institute for the Study of Labor (IZA).
  6. Luca Spataro & Thomas I. Renstroem, 2010. "Optimal taxation, critical-level utilitarianism and economic growth," Working Papers 2010_06, Durham University Business School.
  7. Volker Meier & Martin Werding, 2010. "Ageing and the welfare state: securing sustainability," Oxford Review of Economic Policy, Oxford University Press, vol. 26(4), pages 655-673, Winter.
  8. Milos Marius Cristian, 2012. "Demographic Dynamics And Sustainability Of Public Pension Expenditures Within European Union-15 Member States," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 171-174, December.
  9. Verbič, Miroslav & Spruk, Rok, 2011. "Aging population and public pensions: theory and evidence," MPRA Paper 38914, University Library of Munich, Germany.
  10. Andras Simonovits, 2012. "Pension Reforms in an Aging Society: A Fully Displayed Cohort Model," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 4, pages 1-30, December.
  11. Guataqui, Juan Carlos & García-Suaza, Andrés Felipe & Rodríguez-Acosta, Mauricio, 2009. "Ahorro para el retiro en Colombia: patrones y determinantes," DOCUMENTOS DE TRABAJO 005792, UNIVERSIDAD DEL ROSARIO.

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