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Voting on pensions: a survey

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  • Grégory de Walque

    ()
    (National Bank of Belgium, Research Department)

Abstract

The paper presents a non-exhaustive survey of the literature designed to explain emergence, size and political sustainability of pay-as-you-go pension systems. It proposes a simple framework of analysis (a small open two overlapping generation economy model), around which some variants are displayed. Dictatorship of the median voter is assumed. The text is organized to answer the following questions: (i) do political equilibria with PAYG pension schemes exist, (ii) why do they emerge, (iii) what are the conditions for the participation constraint of the pension game to be verified, and finally (iv) what is the size of the pension system chosen by the median voter and how is this size influenced by an exogenous (e.g. demographic) shock.

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File URL: http://www.nbb.be/doc/oc/repec/reswpp/WP62.pdf
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Bibliographic Info

Paper provided by National Bank of Belgium in its series Working Paper Research with number 62.

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Length: 55 pages
Date of creation: Oct 2004
Date of revision:
Handle: RePEc:nbb:reswpp:200410-2

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Keywords: public pensions; voting.;

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References

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  1. Stephen Turnovsky, 2000. "Growth in an Open Economy: Some Recent Developments," Working Papers 0015, University of Washington, Department of Economics.
  2. Charles Wyplosz, 2000. "Economic growth and the labor markets: Europe's challenge," Working Paper Research 08, National Bank of Belgium.
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  7. CASAMATTA, Georges & CREMER , Helmuth & PESTIEAU, Pierre, . "The political economy of social security," CORE Discussion Papers RP -1475, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Luc Aucremanne, 2000. "The use of robust estimators as measures of core inflation," Working Paper Research 02, National Bank of Belgium.
  9. Esteban Joan Maria & Sakovics Jozsef, 1993. "Intertemporal Transfer Institutions," Journal of Economic Theory, Elsevier, vol. 61(2), pages 189-205, December.
  10. Xavier Freixas & Gyongyi Loranth & Alan D. Morrison & Hyun Song Shin, 2004. "Regulating Financial Conglomerates," Working Paper Research 54, National Bank of Belgium.
  11. Thomas F. Cooley & Jorge Soares, 1999. "A Positive Theory of Social Security Based on Reputation," Journal of Political Economy, University of Chicago Press, vol. 107(1), pages 135-160, February.
  12. Raf Wouters & Michel Dombrecht, 2000. "Model-based inflation forecasts and monetary policy rules," Working Paper Research 01, National Bank of Belgium.
  13. Boadway, R.W. & Wildasin, D.E., 1987. "A median voter model of social security," CORE Discussion Papers 1987014, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  14. Luc Aucremann & David Cornille, 2001. "Attractive prices and euro-rounding effects on inflation," Working Paper Document 17, National Bank of Belgium.
  15. Butzen, Paul & Fuss, Catherine & Vermeulen, Philip, 2001. "The interest rate and credit channels in Belgium: An investigation with micro-level firm data," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 A3-1, International Conferences on Panel Data.
  16. Nyssens, A. & Butzen, P. & Bisciari, P., 2000. "Performances economiques des Etats-Unis dans les annees nonante," Papers 3, Warwick - Development Economics Research Centre.
  17. Galasso, Vincenzo & Profeta, Paola, 2002. "The political economy of social security: a survey," European Journal of Political Economy, Elsevier, vol. 18(1), pages 1-29, March.
  18. Hansson, Ingemar & Stuart, Charles, 1989. "Social Security as Trade among Living Generations," American Economic Review, American Economic Association, vol. 79(5), pages 1182-95, December.
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Citations

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Cited by:
  1. Frédéric Lagneaux, 2004. "Importance économique du Port Autonome de Liège: rapport 2002," Working Paper Document 64, National Bank of Belgium.
  2. M.-L. Leroux & P. Pestieau, 2012. "The political economy of derived pension rights," International Tax and Public Finance, Springer, vol. 19(5), pages 753-776, October.
  3. John Creedy & Shuyun May Li & Solmaz Moslehi, 2009. "The Composition of Government Expenditure in an Overlapping Generations Model," Department of Economics - Working Papers Series 1064, The University of Melbourne.
  4. Olivier Blanchard & Jordi Gali, 2006. "A new Keynesian model with unemployment," Working Paper Research 92, National Bank of Belgium.
  5. Janet Mitchell, 2005. "Financial intermediation theory and implications for the sources of value in structured finance markets," Working Paper Document 71, National Bank of Belgium.
  6. Devriese, Johan & Mitchell, Janet, 2005. "Liquidity Risk in Securities Settlement," CEPR Discussion Papers 5123, C.E.P.R. Discussion Papers.
  7. Helga De Doncker, 2006. "Crédits aux particuliers - Analyse des données de la Centrale des Crédits aux Particuliers," Working Paper Document 78, National Bank of Belgium.
  8. François Coppens & David Vivet, 2006. "The single European electricity market: A long road to convergence," Working Paper Document 84, National Bank of Belgium.
  9. Joachim Keller, 2008. "Agency problems in structured finance – a case study of European CLOs," Working Paper Document 137, National Bank of Belgium.
  10. Yusuke Kinai, 2011. "Solution Concept for Intergenerational Conflict: the Role of Intergenerational Bargaining," Discussion Papers in Economics and Business 11-10, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  11. LEROUX, Marie-Louise & PESTIEAU, Pierre & RACIONERO, Maria, . "Voting on pensions: sex and marriage," CORE Discussion Papers RP -2308, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. Frédéric Lagneaux, 2005. "Importance économique du Port Autonome de Liège: rapport 2003," Working Paper Document 75, National Bank of Belgium.
  13. Ryo Arawatari & Tetsuo Ono, 2011. "Old-age Social Security vs. Forward Intergenerational Public Goods Provision," Discussion Papers in Economics and Business 11-26-Rev, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP), revised Apr 2012.
  14. Joseph Plasmans & Tomasz Michalak & Jorge Fornero, 2006. "Simulation, estimation and welfare implications of monetary policies in a 3-country NOEM model," Working Paper Research 94, National Bank of Belgium.
  15. Frédéric Lagneaux, 2008. "Economic Importance of Belgian Transport Logistics," Working Paper Document 125, National Bank of Belgium.
  16. Nancy Masschelein, 2007. "Monitoring pro-cyclicality under the capital requirements directive : preliminary concepts for developing a framework," Working Paper Document 120, National Bank of Belgium.

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