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Pay-As-You-Go Public Pension Systems: Two-Sided Altruism and Endogenous Growth

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  • Yang, Zaigui

Abstract

Within the framework of an overlapping generations model with two-sided altruism and endogenous growth, this paper calculates the rates of fertility, output growth, child-rearing cost, saving, consumption, net intertemporal transfer, bequest and gift, and compares the equilibrium solutions under different public pension systems. It proves that the fully-fertilitylinked public pension system (FFLPPS) is equivalent to the system without public pension (WPPS), and the partly-fertility-linked public pension system (PFLPPS) is equivalent to the conventional public pension system (CPPS). The CPPS is beneficial to developing countries in promoting economic growth and reducing population. It is necessary for developed countries to weigh gains and losses carefully if they hope to transform their CPPS (or PFLPPS) to the FFLPPS.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18623.

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Date of creation: Jun 2005
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Publication status: Published in Asia-Pacific Journal of Risk and Insurance 1.1(2005): pp. 33-44
Handle: RePEc:pra:mprapa:18623

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Keywords: Public Pension; Two-Sided Altruism; Endogenous Growth;

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  1. Berthold U. Wigger, 1999. "Public Pensions and Growth," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, Mohr Siebeck, Tübingen, vol. 56(2), pages 241-, June.
  2. Saint-Paul, Gilles, 1992. "Fiscal Policy in an Endogenous Growth Model," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(4), pages 1243-59, November.
  3. Veall, Michael R., 1986. "Public pensions as optimal social contracts," Journal of Public Economics, Elsevier, Elsevier, vol. 31(2), pages 237-251, November.
  4. Andrew B. Abel & Mark Warshawsky, . "Specification of the Joy of Giving: Insights from Altruism," Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research 03-87, Wharton School Rodney L. White Center for Financial Research.
  5. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  6. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer, Springer, vol. 12(4), pages 625-640.
  7. Nishimura, Kazuo & Zhang, Junsen, 1995. "Sustainable Plans of Social Security with Endogenous Fertility," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 182-94, January.
  8. Junsen Zhang & Junxi Zhang, 1998. "Social Security, Intergenerational Transfers, and Endogenous Growth," Canadian Journal of Economics, Canadian Economics Association, vol. 31(5), pages 1225-1241, November.
  9. Nishimura, K. & Zhang, J., 1990. "Pay-As-You-Go Public Pensions With Endogenous Fertility," Papers, Australian National University - Department of Economics 202, Australian National University - Department of Economics.
  10. Zhang, Junsen & Zhang, Junxi, 2001. "Bequest Motives, Social Security, and Economic Growth," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 39(3), pages 453-66, July.
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Cited by:
  1. Stauvermann, Peter J. & Ky, Sereyvath & Nam, Gi-Yu, 2013. "The Costs of Increasing the Fertility Rate in an Endogenous Growth Model," MPRA Paper 46381, University Library of Munich, Germany.

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