Does international coordination of pension policies boost capital accumulation?

• 成果类型: Article
• 署名作者: Beltrametti, L; Bonatti, L
• 署名单位: University of Genoa; University of Milano-Bicocca; University of Trento
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(02)00080-4
• 发表日期: 2004
• 页码: 113-129
• 关键词: Social Security; policy coordination; Capital formation; Saving

摘要

Within an OLG framework we study a perfectly balanced Pay-As-You-Go (PAYG) pension scheme: in spite of its depressive impact on national saving, PAYG is implemented for operating intergenerational transfers. With international capital mobility, the national adoption of PAYG determines a spill-over effect through the world capital stock. This creates a situation of interdependence among national pension policies, that we model as a n-countries dynamic game. In contrast with previous literature, it is shown that in general the international coordination of pension policies does not boost world savings and capital accumulation. (C) 2002 Elsevier B.V. All rights reserved.