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Capital accumulation, welfare and the emergence of pension fund activism

Listed author(s):
  • Pascal Belan

    ()

    (LEN - Laboratoire d'Economie de Nantes - UN - Université de Nantes)

  • Philippe Michel

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - ECM - Ecole Centrale de Marseille - AMU - Aix Marseille Université - EHESS - École des hautes études en sciences sociales - Université Paul Cézanne - Aix-Marseille 3 - Université de la Méditerranée - Aix-Marseille 2 - CNRS - Centre National de la Recherche Scientifique)

  • Bertrand Wigniolle

    ()

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

This paper presents an overlapping generations model with altruistic consumers, in which pension funds, by holding a signi...cant share of capital assets, produce non competitive behavior. We study the consequences of such behavior on capital accumulation and welfare in the long run when subsidies are associated with contributions to pension funds. If bequests are operative and the subsidy rate is not too high, the capital stock increases with the introduction of pension funds, and this increases long run utility. If bequests are not operative without pension funds, the rise in long-run welfare is no longer guaranteed, even if the subsidy rate is low.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00268847.

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Date of creation: Mar 2007
Publication status: Published in FinanzArchiv Public Finance Analysis, 2007, 23 (2), pp.54-82. <10.1628/001522107X186728>
Handle: RePEc:hal:cesptp:halshs-00268847
DOI: 10.1628/001522107X186728
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00268847
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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  24. Belan, Pascal & Michel, Philippe & Wigniolle, Bertrand, 2003. "Les effets à long terme des fonds de pension," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(4), pages 457-480, Décembre.
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