Pension Reform in an OLG Model with Multiple Social Security Systems
AbstractPrimarily due to financial sustainability problems, social security reforms have been on the policy agenda of both developed and developing countries for the last decade. Research literature on the subject tends to use overlapping generations (OLG) models with single representative household and presents reforms as shock to the constructed model. This study presents an OLG model with three separate social security institutions where the heterogeneity is through different benefit payments and contribution rates. Convergence across various institutions is enabled by a replacement ratio shock and model dynamics are discussed.
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Bibliographic InfoPaper provided by ERC - Economic Research Center, Middle East Technical University in its series ERC Working Papers with number 0805.
Length: 15 pages
Date of creation: Oct 2008
Date of revision: Oct 2008
Find related papers by JEL classification:
- C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
This paper has been announced in the following NEP Reports:
- NEP-AGE-2009-08-08 (Economics of Ageing)
- NEP-ALL-2009-08-08 (All new papers)
- NEP-DGE-2009-08-08 (Dynamic General Equilibrium)
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