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Harmonizing public debt and public pension schemes in the European community

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  • Stefan Homburg
  • Wolfram Richter

Abstract

We analyze the problem of harmonizing public debt and public pension schemes in a multi-jurisdictional setting. Our main findings are that harmonization seems to be necessary on efficiency grounds if households can freely migrate between the jurisdictions. On the other hand, harmonization is unnecessary if households are immobile or if migration is prohibited on political grounds. This suggests that harmonization is an important issue for EC member states but not for, say, Japan or the United States. Copyright Springer-Verlag 1993

Suggested Citation

  • 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.
    • Handle: RePEc:kap:jeczfn:v:58:y:1993:i:1:p:51-63
    DOI: 10.1007/BF03052291
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    1. Homburg, Stefan, 1992. "Efficient Economic Growth: Chapter 1. Introduction," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92903, December.
    2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    3. Homburg, Stefan, 1988. "Theorie der Alterssicherung: Kapitel 1. Einleitung," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92902, December.
    4. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 146, pages 640-647.
    5. Breyer, Friedrich & Straub, Martin, 1993. "Welfare effects of unfunded pension systems when labor supply is endogenous," Journal of Public Economics, Elsevier, vol. 50(1), pages 77-91, January.
    6. Frenkel, Michael & Klein, Martin, 1991. "Fiskalpolitischer Harmonisierungszwang durch die europäische Währungsunion?," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1949 - 2007), ZBW - Leibniz Information Centre for Economics, vol. 71(3), pages 137-143.
    7. Homburg, Stefan & Richter, Wolfram, 1990. "Eine effizienzorientierte Reform der GRV," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 183-191.
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