کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
984388 | 934247 | 2012 | 11 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Economic growth and stability with public pay-as-you-go pensions and private intra-family old-age insurance Economic growth and stability with public pay-as-you-go pensions and private intra-family old-age insurance](/preview/png/984388.png)
This paper compares the steady-state and dynamic outcomes of two historical alternatives as a means of old-age insurance, namely, voluntary intra-family transfers from young to old members versus pay-as-you-go public pensions, in a general equilibrium overlapping generations model with children as a desirable good. We show that the shift from a private system of old-age support to public pensions increases the gross domestic product (GDP) per worker. Moreover, although in both cases the steady-state stock of capital, under myopic expectations, may be (globally) unstable depending on the size of the inter-generational transfer, we show that the existence of public pensions rather than private intra-family gifts considerably reduces the possibility of cyclical instability.
► An overlapping generations closed economy with endogenous fertility is analysed.
► Stability outcomes under public pensions and private transfers are compared.
► The shift from voluntary transfers to public pensions increases the GDP per worker.
► It also reduces the cyclical instability when individuals have myopic expectations.
Journal: Research in Economics - Volume 66, Issue 3, September 2012, Pages 219–229