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Macroeconomic Effects of Social Security Privatization in a Small Unionized Economy

  • Antonis Adam

This paper analyses the effects of a pension system privatization in a unionized economy. Using an overlapping-generations framework we show that in an environment characterized by unemployment, a reform towards a private pension system in the steady state may result in lower levels of employment and capital stock. In this case even if the privatization increases the welfare of all future generations, the reduction in the welfare of the elderly due to reduced pension benefits may be greater and a Pareto improving transition to a private system may not be feasible. On the other hand if the reform leads to higher employment then a Pareto-improving pension privatization scheme can be constructed.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2004/wp-cesifo-2004-12/cesifo1_wp1371.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1371.

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Date of creation: 2004
Date of revision:
Handle: RePEc:ces:ceswps:_1371
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  1. Lawrence H. Summers, 1988. "Relative Wages, Efficiency Wages, and Keynesian Unemployment," NBER Working Papers 2590, National Bureau of Economic Research, Inc.
  2. Morley Gunderson & James Pesando & Douglas Hyatt, 1992. "Wage-pension trade-offs in collective agreements," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 46(1), pages 146-160, October.
  3. Edward M. Gramlich, 1996. "Different Approaches for Dealing with Social Security," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 55-66, Summer.
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