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Transition vers un système par capitalisation dans un modèle de croissance endogène

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  • Pascal Belan

Abstract

[fre] Transition vers un système par capitalisation dans un modèle de croissance endogène. . Nous étudions la transition d'un système de retraite par répartition vers un système par capitalisation dans un modèle à générations imbriquées en croissance endogène (externalité positive du stock de capital agrégé sur la production). On suppose que les actifs sont différenciés par leur niveau de productivité. Deux cas sont étudiés selon qu'initialement le système par répartition propose des taux de remplacement identiques (système commutatif) ou décroissants avec le salaire passé (système redistributif). Nous montrons que, dans le premier cas, une politi­que de subvention de l'épargne permet de passer à un système par capitalisation de manière pareto-améliorante. Mais, dans le second cas, la modification du rendement de l'épargne peut s'avérer insuffisante pour réaliser une amélioration au sens de Pareto. Il faudra alors lui associer un système de redistribution sociale, sans quoi la transition pénalise les bas salaires. [eng] Transition towards a fully-funded system in an endogenous growth model. . We study the transition from an unfunded to a funded pension system in an endogenous growth overlapping generations model (with positive externality of aggregate capital stock on individual producers). We suppose that workers have different skill levels. We distinguish cases where the initial unfunded system provides either uniform or past wage decreasing replacement rates. In the first case, a saving-fostering subsidy can make both transition generations and future generations better off. In the second case, the shift in saving return may be insufficient to realize a Pareto-improving reform. Then one needs to keep a intragenerational redistribution scheme.

Suggested Citation

  • Pascal Belan, 2001. "Transition vers un système par capitalisation dans un modèle de croissance endogène," Revue Économique, Programme National Persée, vol. 52(6), pages 1205-1226.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2001_num_52_6_410381
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    References listed on IDEAS

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    1. Pascal Belan & Philippe Michel & Pierre Pestieau, 1998. "Pareto-Improving Social Security Reform," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 23(2), pages 119-125, December.
    2. Brunner, Johann K., 1996. "Transition from a pay-as-you-go to a fully funded pension system: The case of differing individuals and intragenerational fairness," Journal of Public Economics, Elsevier, vol. 60(1), pages 131-146, April.
    3. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters,in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
    4. 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.
    5. Gilles Saint-Paul, 1992. "Fiscal Policy in an Endogenous Growth Model," The Quarterly Journal of Economics, Oxford University Press, vol. 107(4), pages 1243-1259.
    6. Marchand, Maurice & Michel, Philippe & Pestieau, Pierre, 1996. "Intergenerational transfers in an endogenous growth model with fertility changes," European Journal of Political Economy, Elsevier, vol. 12(1), pages 33-48, April.
    7. Boadway, Robin & Marchand, Maurice & Pestieau, Pierre, 1991. "Pay-as-You-Go Social Security in a Changing Environment," Journal of Population Economics, Springer;European Society for Population Economics, vol. 4(4), pages 257-280, November.
    8. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
    9. 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.
    10. 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.
    11. BELAN, Pascal & MICHEL, Philippe & PESTIEAU, Pierre, 1996. "Pareto improving social security reform with endogenous growth," CORE Discussion Papers 1996057, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    12. Peters, Wolfgang, 1991. "Public Pensions in Transition: An Optimal Policy Path," Journal of Population Economics, Springer;European Society for Population Economics, vol. 4(2), pages 155-175, May.
    13. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1.
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    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • J1 - Labor and Demographic Economics - - Demographic Economics

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