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Pension Reform and Economic Performance under Imperfect Capital Markets

  • Casarico, Alessandra

The author considers an overlapping generations model where heterogeneous agents take decisions on consumption and investment in education under the assumption of imperfect capital markets. She studies how the introduction of a pay-as-you-go and of a fully funded pension scheme affects output and lifetime opportunities and then analyzes the impact of a pension reform. The standard neutrality result for fully funded pension schemes does not hold in this framework. The author establishes the conditions under which a fully funded scheme is associated with a higher investment in human capital. She shows that the transition path may involve poverty traps.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 108 (1998)
Issue (Month): 447 (March)
Pages: 344-62

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Handle: RePEc:ecj:econjl:v:108:y:1998:i:447:p:344-62
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  1. Oded Galor & Joseph Zeira, 2013. "Income Distribution and Macroeconomics," Working Papers 2013-12, Brown University, Department of Economics.
  2. Atkinson, Anthony B., 1995. "The Welfare State and Economic Performance," National Tax Journal, National Tax Association, vol. 48(2), pages 171-98, June.
  3. Martin Feldstein, 1995. "Would Privatizing Social Security Raise Economic Welfare?," NBER Working Papers 5281, National Bureau of Economic Research, Inc.
  4. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Hannover Economic Papers (HEP) dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  5. 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.
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