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Disparities in pension systems and financial flows among European countries

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  • CHATEAU, JEAN
  • CHOJNICKI, XAVIER
  • MAGNANI, RICCARDO

Abstract

We present a quantitative analysis of the impact of differential ageing and pension reforms on capital and labor market and, in particular, on intra-European capital flows. To this end, we develop a stylized general equilibrium model with overlapping generations of heterogeneous agents for the three largest European countries: France, Germany and the United Kingdom. The model presents a structure halfway between pure general equilibrium models with rigorous microeconomic foundations and accounting models where the macroeconomic environment remains exogenous. We show that the dynamics of capital accumulation and pension system sustainability are totally different depending on the assumption concerning economic openness. Finally, in the long run, resorting to debt financing seems to be a dead end to finance retirement systems.

Suggested Citation

  • Chateau, Jean & Chojnicki, Xavier & Magnani, Riccardo, 2009. "Disparities in pension systems and financial flows among European countries," Journal of Pension Economics and Finance, Cambridge University Press, vol. 8(1), pages 1-33, January.
    • Handle: RePEc:cup:jpenef:v:8:y:2009:i:01:p:1-33_00
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    Cited by:

    1. Loumrhari, Ghizlan, 2016. "Vieillissement démographique et réforme paramétrique des retraites. Les enseignements d’un modèle EGC-GI pour le Maroc [Ageing and pension reform. A computational olg model for Morocco]," MPRA Paper 74077, University Library of Munich, Germany.
    2. Magnani, Riccardo, 2011. "A general equilibrium evaluation of the sustainability of the new pension reforms in Italy," Research in Economics, Elsevier, vol. 65(1), pages 5-35, March.

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