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Pareto-improving social security reform


  • BELAN, Pascal
  • MICHEL, Philippe
  • PESTIEAU, Pierre


It is generally accepted that moving from an unfunded to a funded social security system implies a welfare loss for the transition generation—that is, the generation that has to pay twice: first, saving for its own retirement and, second, contributing to the pensions of the then retired generation. This article shows that in a setting of endogenous growth with positive externality such a transition can be Pareto improving. But it argues also that social security reform is more a pretext than a requirement for internalizing such a positive externality. The Geneva Papers on Risk and Insurance Theory (1998) 23, 119–125. doi:10.1023/A:1008622110502
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • BELAN, Pascal & MICHEL, Philippe & PESTIEAU, Pierre, 1998. "Pareto-improving social security reform," CORE Discussion Papers RP 1372, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvrp:1372
    Note: In : The Geneva Papers on Risk and Insurance Theory, 23, 119-125, 1998

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