English, Article edition: Privatizing Social Security Thomas Cooley; Jorge Soares

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Bookmark: http://trove.nla.gov.au/version/57934
Physical Description
  • article
Language
  • English

Edition details

Title
  • Privatizing Social Security
Author
  • Thomas Cooley
  • Jorge Soares
Physical Description
  • article
Notes
  • This paper studies the political sustainability of the existing pay-as-you-go social security system in the face of recent demographic patterns. We analyze different approaches to privatizing the system and consider what it would require for them to be politically implementable. The analysis is based on an overlapping generations economy where an initial generation would choose to implement a pay-as-you-go social insurance system. We study the sustainability of this system in each subsequent period. We describe some transitions policies that make the current generations of agents at least as well off as the maintenance of the social security system. All feasible transition policies use debt to finance the benefits during the transition period shifting at least some of the cost to unborn generations. (Copyright: Elsevier)
  • Social Security, privatization, political implementability, overlapping generations, general equilibrium
  • RePEc:red:issued:v:2:y:1999:i:3:p:731-755
Language
  • English
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