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Pay-As-You-Go Public Pension Systems: Two-Sided Altruism and Endogenous Growth

  • Yang, Zaigui

Within the framework of an overlapping generations model with two-sided altruism and endogenous growth, this paper calculates the rates of fertility, output growth, child-rearing cost, saving, consumption, net intertemporal transfer, bequest and gift, and compares the equilibrium solutions under different public pension systems. It proves that the fully-fertilitylinked public pension system (FFLPPS) is equivalent to the system without public pension (WPPS), and the partly-fertility-linked public pension system (PFLPPS) is equivalent to the conventional public pension system (CPPS). The CPPS is beneficial to developing countries in promoting economic growth and reducing population. It is necessary for developed countries to weigh gains and losses carefully if they hope to transform their CPPS (or PFLPPS) to the FFLPPS.

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File URL: http://mpra.ub.uni-muenchen.de/18623/1/MPRA_paper_18623.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18623.

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Date of creation: Jun 2005
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Publication status: Published in Asia-Pacific Journal of Risk and Insurance 1.1(2005): pp. 33-44
Handle: RePEc:pra:mprapa:18623
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  1. Junsen Zhang & Junxi Zhang, 1998. "Social Security, Intergenerational Transfers, and Endogenous Growth," Canadian Journal of Economics, Canadian Economics Association, vol. 31(5), pages 1225-1241, November.
  2. Abel, Andrew B & Warshawsky, Mark, 1988. "Specification of the Joy of Giving: Insights from Altruism," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 145-49, February.
  3. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  4. Nishimura, K. & Zhang, J., 1990. "Pay-As-You-Go Public Pensions With Endogenous Fertility," Papers 202, Australian National University - Department of Economics.
  5. Zhang, Junsen & Zhang, Junxi, 2001. "Bequest Motives, Social Security, and Economic Growth," Economic Inquiry, Western Economic Association International, vol. 39(3), pages 453-66, July.
  6. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer, vol. 12(4), pages 625-640.
  7. Veall, Michael R., 1986. "Public pensions as optimal social contracts," Journal of Public Economics, Elsevier, vol. 31(2), pages 237-251, November.
  8. Berthold U. Wigger, 1999. "Public Pensions and Growth," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 56(2), pages 241-, June.
  9. Saint-Paul, G., 1991. "Fiscal Policy In An Endogenous Growth Model," DELTA Working Papers 91-04, DELTA (Ecole normale supérieure).
  10. Nishimura, Kazuo & Zhang, Junsen, 1995. "Sustainable Plans of Social Security with Endogenous Fertility," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 182-94, January.
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