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Intergenerational risk sharing and social security in an economy with land

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  • Wolfram Richter

Abstract

Homburg (1990 and 1992) shows that the existence of productive land prevents an economy from being dynamically inefficient. The result is extended to a world with uncertain labour income. It is shown that PAYG social security fails to be Pareto improving on almost all paths of economic growth. Copyright Springer-Verlag 1993
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Suggested Citation

  • Wolfram Richter, 1993. "Intergenerational risk sharing and social security in an economy with land," Journal of Economics, Springer, vol. 7(1), pages 91-103, December.
  • Handle: RePEc:kap:jeczfn:v:7:y:1993:i:1:p:91-103
    DOI: 10.1007/BF03052293
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    References listed on IDEAS

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    1. Homburg, Stefan, 1992. "Efficient Economic Growth," EconStor Books, ZBW - German National Library of Economics, number 92903.
    2. Andrew B. Abel & N. Gregory Mankiw & Lawrence H. Summers & Richard J. Zeckhauser, 1989. "Assessing Dynamic Efficiency: Theory and Evidence," Review of Economic Studies, Oxford University Press, vol. 56(1), pages 1-19.
    3. Enders, Walter & Lapan, Harvey E, 1982. "Social Security Taxation and Intergenerational Risk Sharing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 647-658, October.
    4. Walter Enders & Harvey Lapan, 1993. "A model of first and second-best social security programs," Journal of Economics, Springer, vol. 7(1), pages 65-90, December.
    5. Gordon, Roger H. & Varian, Hal R., 1988. "Intergenerational risk sharing," Journal of Public Economics, Elsevier, vol. 37(2), pages 185-202, November.
    6. Smith, Alasdair, 1982. "Intergenerational transfers as social insurance," Journal of Public Economics, Elsevier, vol. 19(1), pages 97-106, October.
    7. Robert C. Merton, 1983. "On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable," NBER Chapters,in: Financial Aspects of the United States Pension System, pages 325-358 National Bureau of Economic Research, Inc.
    8. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-459, May.
    9. Bruce C. Greenwald & Joseph E. Stiglitz, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, Oxford University Press, vol. 101(2), pages 229-264.
    10. Changyong Rhee, 1991. "Dynamic Inefficiency in an Economy with Land," Review of Economic Studies, Oxford University Press, vol. 58(4), pages 791-797.
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    Cited by:

    1. Wagener, Andreas, 2004. "On intergenerational risk sharing within social security schemes," European Journal of Political Economy, Elsevier, vol. 20(1), pages 181-206, March.
    2. Syed Ahsan & Peter Tsigaris, 1998. "The design of a consumption tax under capital risk," Journal of Economics, Springer, vol. 68(1), pages 53-78, February.
    3. Voigtländer Michael & Henman Barbara, 2005. "Vorschläge für eine konstitutionell begründete Rentenreform," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 54(2), pages 160-176, August.
    4. Arrau, Patricio & Schmidt-Hebbel, Klaus, 1995. "Pensions systems and reform : country experiences and research issues," Policy Research Working Paper Series 1470, The World Bank.
    5. Stefan Homburg, 2014. "Overaccumulation, Public Debt and the Importance of Land," German Economic Review, Verein für Socialpolitik, vol. 15(4), pages 411-435, November.
    6. Julia, Knolle, 2014. "An Empirical Comparison of Interest and Growth Rates," MPRA Paper 59520, University Library of Munich, Germany.
    7. Homburg, Stefan, 2017. "A Study in Monetary Macroeconomics," OUP Catalogue, Oxford University Press, number 9780198807537.
    8. Barbie, Martin & Hagedorn, Marcus & Kaul, Ashok, 2000. "Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security," IZA Discussion Papers 209, Institute for the Study of Labor (IZA).
    9. Friedrich Breyer, 2000. "Kapitaldeckungs- versus Umlageverfahren," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 1(4), pages 383-405, November.
    10. Henrik Petersen, Jorn, 1998. "Recent research on public pension systems. A review," Labour Economics, Elsevier, vol. 5(1), pages 91-108, March.
    11. Martin Barbie & Marcus Hagedorn & Ashok Kaul, 2000. "mic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security," Bonn Econ Discussion Papers bgse8_2000, University of Bonn, Germany, revised Jun 2000.
    12. Syed M. Ahsan & Panagiotis Tsigaris, 2003. "Choice of Tax Base Revisited: Cash Flow vs. Prepayment Approaches to Consumption Taxation," CESifo Working Paper Series 983, CESifo Group Munich.

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