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Transition vers un système par capitalisation dans un modèle de croissance endogène

  • Pascal Belan

We study the transition from an unfunded to a funded pension system in an endogenous growth overlapping generations model (with positive externality of aggregate capital stock on individual producers). We suppose that workers have different skill levels. We distinguish cases where the initial unfunded system provides either uniform or past wage decreasing replacement rates. In the first case, a saving-fostering subsidy can make both transition generations and future generations better off. In the second case, the shift in saving return may be insufficient to realize a Pareto-improving reform. Then one needs to keep a intragenerational redistribution scheme. Classification JEL : H55, O41, D9, J1

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Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): 52 (2001)
Issue (Month): 6 ()
Pages: 1205-1226

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Handle: RePEc:cai:recosp:reco_526_1205
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  1. BELAN, Pascal & MICHEL, Philippe & PESTIEAU, Pierre, . "Pareto-improving social security reform," CORE Discussion Papers RP -1372, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Martin Feldstein & Andrew Samwick, 1996. "The Transition Path in Privatizing Social Security," NBER Working Papers 5761, National Bureau of Economic Research, Inc.
  3. Peters, Wolfgang, 1991. "Public Pensions in Transition: An Optimal Policy Path," Journal of Population Economics, Springer, vol. 4(2), pages 155-75, May.
  4. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Hannover Economic Papers (HEP) dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  5. Saint-Paul, G., 1991. "Fiscal Policy In An Endogenous Growth Model," DELTA Working Papers 91-04, DELTA (Ecole normale supérieure).
  6. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, August.
  7. BOADWAY, Robin & MARCHAND, Maurice & PESTIEAU, Pierre, . "Pay-as-you go social security in a changing environment," CORE Discussion Papers RP -961, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters, in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
  9. Brunner, Johann K., 1996. "Transition from a pay-as-you-go to a fully funded pension system: The case of differing individuals and intragenerational fairness," Journal of Public Economics, Elsevier, vol. 60(1), pages 131-146, April.
  10. 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.
  11. Brunner, Johann K., 1993. "Redistribution and the efficiency of the pay-as-you-go pension system," Discussion Papers, Series I 265, University of Konstanz, Department of Economics.
  12. BELAN, Pascal & MICHEL, Philippe & PESTIEAU, Pierre, 1996. "Pareto improving social security reform with endogenous growth," CORE Discussion Papers 1996057, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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