On The Possibility Of Pareto-Improving Pension Reform
The aim of this paper is twofold. First, it provides a simple framework for the analyses of the transitions between two steady states with different fiscal policies. This allows us to clarify the existing results on the possibility of Pareto-improving transitions from pay-as-you-go to fully funded pension systems. We show that the reduction in the marginal tax rate is a sufficient condition for the possibility of such pension reforms. Second, the paper investigates the features and the duration of the shortest Pareto-improving pension reform in an open economy. Copyright © 2006 The Author; Journal compilation © 2006 Blackwell Publishing Ltd and The University of Manchester.
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Volume (Year): 74 (2006)
Issue (Month): 6 (December)
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