Wen, Xue Endogenous Labor Supply, Economic Growth and Demographic Change in Pay-as-you-go and Fully-Funded Pension Systems. In: XXVI Conferenza SIEP, September 25th-26th, 2014, Pavia, Italy (Unpublished) (2014)
Full text not available from this repository.Abstract
We study the effects of ageing on the sustainability of the pension systems based on different funding and payment schemes: the PAYG and fully funded (FF) systems, the Beveridge (flat benefit) and Bismarck payment schemes (contribution related). We show that under different pensions systems, the sustainability of the pension system depends on different factors. In particular, given that the dominant pension system in most European countries is PAYG, we show that in the demographic trend of ageing, the commonly used policy actions such as raising tax rates distort labor supply and the capital market, thus, reduce the tax base and deteriorate the growth of the economy. Instead, structural pension reforms such as transforming PAYG systems to (partially) fully funded systems or alter the Beveridgean pension system to be more Bismarckian seem to be more efficient measures.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | H Social Sciences > HJ Public Finance |
| Research Area: | Economics and Institutional Change |
| Depositing User: | Users 52 not found. |
| Date Deposited: | 02 Dec 2015 08:24 |
| Last Modified: | 14 Apr 2016 11:25 |
| URI: | http://eprints.imtlucca.it/id/eprint/2946 |
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