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Pension funds and capital accumulation

  • Bertrand Wigniolle

    ()

    (EUREQua Université de Paris I)

  • Philippe Michel

    ()

    (GREQAM, Université de la Méditerranée and IUF)

  • Pascal Belan

    ()

    (LIBRE, université de Franche-Comté)

This note presents a model in which pension funds, by holding a significant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and long-run welfare.

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File URL: http://www.accessecon.com/pubs/EB/2002/Volume4/EB-01D90001A.pdf
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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 4 (2002)
Issue (Month): 1 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-01d90001
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  1. William G. Gale, 1994. "Public policies and private pension contributions," Proceedings, Federal Reserve Bank of Cleveland, pages 710-734.
  2. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers 91-5, Federal Reserve Bank of Boston.
  3. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1.
  4. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters, in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
  5. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
  6. Pascal Belan & Pierre Pestieau, 1999. "Privatizing Social Security: A Critical Assessment," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 24(1), pages 114-130, January.
  7. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
  8. Martin Feldstein & Andrew Samwick, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters, in: Privatizing Social Security, pages 215-264 National Bureau of Economic Research, Inc.
  9. Jeanine Bailliu & Helmut Reisen, 1997. "Do Funded Pensions Contribute to Higher Aggregate Savings?: A Cross-Country Analysis," OECD Development Centre Working Papers 130, OECD Publishing.
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