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Pension Reform in an OLG Model with Multiple Social Security Systems

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  • Çagaçan Deger

    () (Department of Economics, METU)

Abstract

Primarily 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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File URL: http://www.erc.metu.edu.tr/menu/series08/0805.pdf
File Function: First version, 2008
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Bibliographic Info

Paper provided by ERC - Economic Research Center, Middle East Technical University in its series ERC Working Papers with number 0805.

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Length: 15 pages
Date of creation: Oct 2008
Date of revision: Oct 2008
Handle: RePEc:met:wpaper:0805

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  1. Axel Börsch-Supan & Alexander Ludwig & Joachim Winter, 2002. "Aging, pension reform and capital flows: a multi-country simulation model," Computing in Economics and Finance 2002 108, Society for Computational Economics.
  2. Martín Gonzales-Eiras & Dirk Niepelt, 2007. "Population Ageing, Government Budgets, and Productivity Growth in Politico-Economic Equilibrium," Working Papers 07.05, Swiss National Bank, Study Center Gerzensee.
  3. Luciano Greco, 2008. "A Note on Social Security and Public Debt," "Marco Fanno" Working Papers 0083, Dipartimento di Scienze Economiche "Marco Fanno".
  4. Sergio G. Ferreira, 2005. "Pension Reform in Brazil: Transitional Issues in a Model with Endogenous Labor Supply," IBMEC RJ Economics Discussion Papers 2005-02, Economics Research Group, IBMEC Business School - Rio de Janeiro.
  5. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  6. Huggett, Mark, 1996. "Wealth distribution in life-cycle economies," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 469-494, December.
  7. David Hauner, 2008. "Macroeconomic Effects of Pension Reform in Russia," IMF Working Papers 08/201, International Monetary Fund.
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Cited by:
  1. Cai Cai Du & Joan Muysken & Olaf Sleijpen, 2011. "Economy wide risk diversification in a three-pillar pension system," DNB Working Papers 286, Netherlands Central Bank, Research Department.

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