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Taxation, Pensions and Saving in a Small Open Economy

  • Broer, D Peter
  • Westerhout, Ed W M T
  • Bovenberg, A Lans

An overlapping generations model of a small open economy is used to explore several policy options aimed at reducing the burden of income taxes and pay-as-you-go contributions on labor income so as to improve the incentives to supply labor. Including the return of funded collective pension plans in the tax base turns out to be counterproductive. Cutting pay-as-you-go benefits, in contrast, succeeds in improving efficiency in general and labor-market incentives in particular. Under specific variants of the funded collective plan, reducing pay-as-you-go benefits even proves to be Pareto welfare improving. Copyright 1994 by The editors of the Scandinavian Journal of Economics.

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Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 96 (1994)
Issue (Month): 3 ()
Pages: 403-24

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Handle: RePEc:bla:scandj:v:96:y:1994:i:3:p:403-24
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  1. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : I. The basic neoclassical model," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 195-232.
  2. King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988. "Production, growth and business cycles : II. New directions," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 309-341.
  3. Broer, D. P. & Westerhout, E. W. M. T., 1993. "Taxation in an intertemporal general equilibrium model of a small open economy," Economic Modelling, Elsevier, vol. 10(1), pages 64-80, January.
  4. Christian Keuschnigg, 1991. "The Transition to a Cash Flow Income Tax," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 127(II), pages 113-140, June.
  5. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
  6. Huijser, A. P., 1990. "Capital market effects of the ageing population : The Dutch pension system in the long run," European Economic Review, Elsevier, vol. 34(5), pages 987-1009, July.
  7. Breyer, Friedrich & Straub, Martin, 1991. "Welfare effects of unfunded pension systems when labor supply is endogenous," Discussion Papers, Series I 252, University of Konstanz, Department of Economics.
  8. Nelissen, J.H.M., 1987. "The redistributive impact of the general old age pensions act on lifetime income in the Netherlands," Other publications TiSEM c1e60227-c0d1-48c9-ae27-5, Tilburg University, School of Economics and Management.
  9. Marchand, M. & Pestieau, P., 1991. "Public pensions: Choices for the future," European Economic Review, Elsevier, vol. 35(2-3), pages 441-453, April.
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