Capital-skill complementarity and the redistributive effects of Social Security Reform

• 成果类型: Article
• 署名作者: Casarico, Alessandra; Devillanova, Carlo
• 署名单位: Bocconi University; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2007.06.007
• 发表日期: 2008
• 页码: 672-683
• 关键词: capital-skill complementarity; across-group inequality; intragenerational redistribution; pay-as-you-go; fully funded

摘要

wThis paper analyses the general equilibrium implications of reforming pay-as-you-go pension systems in an economy with heterogeneous agents, human capital investment and capital-skill complementarity. It shows that increasing funding, by raising savings, delivers in the long run higher physical and human capital and therefore higher output, but also higher across-group wage and income inequality. It also shows that the general equilibrium effects induced by this reform affect groups' sizes in a way that the higher across-group inequality generated by more funding goes with a larger share of the population against redistribution. (c) 2007 Elsevier B.V. All rights reserved.