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Partially Funded Pension, Fertility and Endogenous Growth

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  • Yang, Zaigui

Abstract

Within a framework of an overlapping generations endogenous growth model, this paper examines the effects of China’s partially funded public pension on the fertility, the economic growth and the family old-age security. Chinese are assumed to satisfy for both having children and getting old-age material support from children. It is shown that raising the firm contribution rate reduces the rates of fertility and intergenerational transfer, and increases the economic growth rate. The individual contribution has no effect on the above rates. This paper also finds the proper firm contribution rate interval to promote economic growth, control population rationally and maintain some family old-age security.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18681.

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Date of creation: Apr 2007
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Publication status: Published in Insurance and Risk Management 1-2.75(2007): pp. 1-12
Handle: RePEc:pra:mprapa:18681

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Keywords: Partially Funded Public Pension; Endogenous Growth; Fertility Rate; Family Old-Age Security;

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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  2. Zhang, Junsen & Nishimura, Kazuo, 1993. "The old-age security hypothesis revisited," Journal of Development Economics, Elsevier, vol. 41(1), pages 191-202, June.
  3. Feldstein, Martin, 1999. "Social security pension reform in China," China Economic Review, Elsevier, vol. 10(2), pages 99-107.
  4. Saint-Paul, G., 1991. "Fiscal Policy In An Endogenous Growth Model," DELTA Working Papers 91-04, DELTA (Ecole normale supérieure).
  5. Nishimura, K. & Zhang, J., 1990. "Pay-As-You-Go Public Pensions With Endogenous Fertility," Papers 202, Australian National University - Department of Economics.
  6. Feldstein, Martin, 1999. "Social Security Pension Reform in China," Scholarly Articles 2794835, Harvard University Department of Economics.
  7. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
  8. Wang, Yan & Xu, Dianqing & Wang, Zhi & Zhai, Fan, 2004. "Options and impact of China's pension reform: a computable general equilibrium analysis," Journal of Comparative Economics, Elsevier, vol. 32(1), pages 105-127, March.
  9. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer, vol. 12(4), pages 625-640.
  10. Zhang, Junsen & Zhang, Jie & Lee, Ronald, 2001. "Mortality decline and long-run economic growth," Journal of Public Economics, Elsevier, vol. 80(3), pages 485-507, June.
  11. Zhang, Jie & Zhang, Junsen, 2003. "Long-run effects of unfunded social security with earnings-dependent benefits," Journal of Economic Dynamics and Control, Elsevier, vol. 28(3), pages 617-641, December.
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