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| Author: | Felderer, B. |
| Title: | Does a Public Pension System Reduce Savings Rates and Birth Rates? |
| Journal: | Journal of Institutional and Theoretical Economics
1992 : JUNE, VOL. 148, p.314-325 |
| Index terms: | PENSION SCHEMES SOCIAL WELFARE SOCIAL SECURITY |
| Language: | eng |
| Abstract: | It is examined whether a compulsory public pension system reduces saving rates and birth rates. The theoretical framework is a life-cycle model of the representative family. The results contradict the common view that a pay-as-you-go (PAY-GO) system must reduce the birth-rate. This could happen if the expected rate of return of the compulsory PAY-GO system is very low. The only exception is an economy where there is no capital market and the only way to secure retirement is intergenerational transfers within the family. |
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