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Pareto-Improving Social Security Reform (1998)

Belan, Pascal ; Michel, Philippe ; Pestieau, Pierre

Springer

The Geneva risk and insurance review 23 (1998), S. 119-125

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ISSN: 1554-9658

Keywords: social security ; privatization ; overlapping generations model ; endogenous growth

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract It is generally accepted that moving from an unfunded to a funded social security system implies a welfare loss for the transition generation—that is, the generation that has to pay twice: first, saving for its own retirement and, second, contributing to the pensions of the then retired generation. This article shows that in a setting of endogenous growth with positive externality such a transition can be Pareto improving. But it argues also that social security reform is more a pretext than a requirement for internalizing such a positive externality.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1023/A:1008622110502

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