English, Article, Journal or magazine article edition: On the Optimality of PAYG Pension Systems in an Endogenous Fertility Setting Geraldine Mahieu; Cio Patxot; G. ABIO; ...

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Bookmark: http://trove.nla.gov.au/version/178593
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • On the Optimality of PAYG Pension Systems in an Endogenous Fertility Setting
Author
  • Geraldine Mahieu
  • Cio Patxot
  • G. ABIO
  • GŽraldine MAHIEU
Physical Description
  • preprint
Notes
  • In order to help in designing an accurate pension reform, we determine the resource allocation in an endogenous fertility model that generates an endogenous demographic transition by means of distinguishing between female and male labor. We analyze the problem of the optimal solution and characterize the decentralization of the first best. We show that a pension policy linking pension benefits to the number of children acts as a corrective tax system able to restore both the optimal capital stock and the optimal rate of population growth as a single instrument. We also show that neither a Beveridgean pension scheme nor a Bismarckian one can decentralize the first best.
  • demographic transition, endogenous fertility, pay-as-you-go pension system, golden rule
  • RePEc:ces:ceswps:_1050
  • In order to help in designing an accurate pension reform, we determine the optimal resource allocation in an endogenous fertility model generating a demographic transition. Extending SamuelsonÕs (1975) work in such a setting, we analyze the problem of the interiority of the optimal solution and discuss the serendipity theorem. We then characterize the decentralization of the first best, showing that a pension policy linking pension benefits to the number of children constitutes an optimal social security program able to restore both the optimal capital stock and the optimal rate of pupulation growth as a unique instrument. We also show that neither a Beveridgean pension scheme nor a Bismarckian one can decentralize the first best.
  • RePEc:ctl:louvir:2002006
Language
  • English
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