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PAYG pension systems with capital mobility

  • Pierre Pestieau

    ()

  • Gwanaël Piaser

    ()

  • Motohiro Sato

    ()

This paper studies the design of an optimal pension scheme in an OLG and open economy model. The pension scheme provides a flat rate benefit and is based on the PAYG principle. It thus combines inter- and intra-generational redistribution. In this setting a number of symmetric economies are connected by an open and perfect capital market. When this number is very large, we have the small open economy case; when it is reduced to one, we have the case of autarky or perfect coordination. As the number of countries increases, there is more intragenerational redistribution, but less capital accumulation. Copyright Springer Science + Business Media, LLC 2006

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File URL: http://hdl.handle.net/10.1007/s10797-006-6079-3
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Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 13 (2006)
Issue (Month): 5 (September)
Pages: 587-599

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Handle: RePEc:kap:itaxpf:v:13:y:2006:i:5:p:587-599
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=102915

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  1. Jousten, Alain & Pestieau, Pierre, 2001. "Labour Mobility, Redistribution And Pensions Reform In Europe," CEPR Discussion Papers 2792, C.E.P.R. Discussion Papers.
  2. Pemberton, James, 1999. "Social Security: National Policies with International Implications," Economic Journal, Royal Economic Society, vol. 109(457), pages 492-508, July.
  3. Stefan Homburg & Wolfram Richter, 1993. "Harmonizing public debt and public pension schemes in the European community," Journal of Economics, Springer, vol. 58(1), pages 51-63, December.
  4. Pemberton, James, 2000. "National and international privatisation of pensions," European Economic Review, Elsevier, vol. 44(10), pages 1873-1896, December.
  5. Breyer, Friedrich & Kolmar, Martin, 2002. "Are national pension systems efficient if labor is (im)perfectly mobile?," Journal of Public Economics, Elsevier, vol. 83(3), pages 347-374, March.
  6. Adema, Y. & Meijdam, A.C. & Verbon, H.A.A., 2009. "The international spillover effects of pension reform," Other publications TiSEM 34013c75-ba05-46ad-8656-0, Tilburg University, School of Economics and Management.
  7. Hoyt, William H., 1991. "Property taxation, Nash equilibrium, and market power," Journal of Urban Economics, Elsevier, vol. 30(1), pages 123-131, July.
  8. Casarico Alessandra, 2001. "Pension systems in integrated capital markets," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-19, November.
  9. Torsten Persson, 1983. "Deficits and Intergenerational Welfare in Open Economies," NBER Working Papers 1083, National Bureau of Economic Research, Inc.
  10. Beltrametti, Luca & Bonatti, Luigi, 2004. "Does international coordination of pension policies boost capital accumulation?," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 113-129, January.
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