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Partially Funded Pension, Fertility and Endogenous Growth

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  • Yang, Zaigui

Abstract

Within a framework of an overlapping generations endogenous growth model, this paper examines the effects of China’s partially funded public pension on the fertility, the economic growth and the family old-age security. Chinese are assumed to satisfy for both having children and getting old-age material support from children. It is shown that raising the firm contribution rate reduces the rates of fertility and intergenerational transfer, and increases the economic growth rate. The individual contribution has no effect on the above rates. This paper also finds the proper firm contribution rate interval to promote economic growth, control population rationally and maintain some family old-age security.

Suggested Citation

  • Yang, Zaigui, 2007. "Partially Funded Pension, Fertility and Endogenous Growth," MPRA Paper 18681, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18681
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    File URL: https://mpra.ub.uni-muenchen.de/18681/1/MPRA_paper_18681.pdf
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    References listed on IDEAS

    as
    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Zhang, Junsen & Nishimura, Kazuo, 1993. "The old-age security hypothesis revisited," Journal of Development Economics, Elsevier, vol. 41(1), pages 191-202, June.
    3. Feldstein, Martin, 1999. "Social security pension reform in China," China Economic Review, Elsevier, vol. 10(2), pages 99-107.
    4. Gilles Saint-Paul, 1992. "Fiscal Policy in an Endogenous Growth Model," The Quarterly Journal of Economics, Oxford University Press, vol. 107(4), pages 1243-1259.
    5. Feldstein, Martin, 1999. "Social Security Pension Reform in China," Scholarly Articles 2794835, Harvard University Department of Economics.
    6. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
    7. Wang, Yan & Xu, Dianqing & Wang, Zhi & Zhai, Fan, 2004. "Options and impact of China's pension reform: a computable general equilibrium analysis," Journal of Comparative Economics, Elsevier, vol. 32(1), pages 105-127, March.
    8. Nishimura, Kazuo & Zhang, Junsen, 1992. "Pay-as-you-go public pensions with endogenous fertility," Journal of Public Economics, Elsevier, vol. 48(2), pages 239-258, July.
    9. Zhang, Junsen & Zhang, Jie & Lee, Ronald, 2001. "Mortality decline and long-run economic growth," Journal of Public Economics, Elsevier, vol. 80(3), pages 485-507, June.
    10. Zhang, Junxi, 1995. "Does unfunded social security also depress output growth?," Economics Letters, Elsevier, vol. 49(3), pages 307-312, September.
    11. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer;European Society for Population Economics, vol. 12(4), pages 625-640.
    12. Zhang, Jie & Zhang, Junsen, 2003. "Long-run effects of unfunded social security with earnings-dependent benefits," Journal of Economic Dynamics and Control, Elsevier, vol. 28(3), pages 617-641, December.
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    Citations

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    Cited by:

    1. Stauvermann, Peter J. & Ky, Sereyvath & Nam, Gi-Yu, 2013. "The Costs of Increasing the Fertility Rate in an Endogenous Growth Model," MPRA Paper 46381, University Library of Munich, Germany.

    More about this item

    Keywords

    Partially Funded Public Pension; Endogenous Growth; Fertility Rate; Family Old-Age Security;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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