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Social security and economic integration

Author

Listed:
  • Lionel Artige

    (Université de Liège, CREPP - Center of Research in Public Economics and Population Economics - Université de Liège)

  • Antoine Dedry

    (CREPP - Center of Research in Public Economics and Population Economics - Université de Liège, Université de Liège)

  • Pierre Pestieau

    (PSE - Paris School of Economics, PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain, CEPR - Center for Economic Policy Research - CEPR)

Abstract

This letter analyzes the impact of economic integration on capital accumulation and capital flows when countries differ in their social security systems. Funding and early retirement both foster capital accumulation relative to pay-as-you-go pensions with flexible retirement. When economies integrate, both imply capital outflow possibly resulting in utility losses.

Suggested Citation

  • Lionel Artige & Antoine Dedry & Pierre Pestieau, 2014. "Social security and economic integration," Post-Print halshs-01157451, HAL.
  • Handle: RePEc:hal:journl:halshs-01157451
    DOI: 10.1016/j.econlet.2014.02.027
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01157451
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    References listed on IDEAS

    as
    1. Casarico Alessandra, 2001. "Pension systems in integrated capital markets," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 1(1), pages 1-19, November.
    2. Hu, Sheng Cheng, 1979. "Social Security, the Supply of Labor, and Capital Accumulation," American Economic Review, American Economic Association, vol. 69(3), pages 274-283, June.
    3. Yvonne Adema & Lex Meijdam & Harrie Verbon, 2009. "The international spillover effects of pension reform," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 16(5), pages 670-696, October.
    4. Gruber, Jonathan & Wise, David, 1998. "Social Security and Retirement: An International Comparison," American Economic Review, American Economic Association, vol. 88(2), pages 158-163, May.
    5. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-926, Sept./Oct.
    6. Robert Fenge & Pierre Pestieau, 2005. "Social Security and Early Retirement," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262062496, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Social security; Economic union; Pension; Retirement age;

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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