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| Tekijä: | Casarico, A. |
| Otsikko: | Pension reform and economic performance under imperfect capital market. |
| Lehti: | Economic Journal
1998 : MARCH, VOL. 108:447, p. 344-362 |
| Asiasana: | PENSIONS HUMAN CAPITAL SOCIAL SECURITY |
| Kieli: | eng |
| Tiivistelmä: | The study considers an overlapping generations model where heteregeneous agents take decisions on consumption and investment in education under the assumption of imperfect capital markets. It investigates how the introduction of a pay-as-you-go and of a fully funded pension scheme affects output and lifetime opportunities, and then analyses the impact of a pension reform. The standard neutrality result for fully funded scheme is associated with a higher investment in human capital. Even when a fully funded scheme is superior to a pay-as-you-go on because it guarantees higher retuns, the transition may cause poverty traps. This possibility has to be taken into account when evaluating the benefits of a pension reform. |
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