SOCIAL-SECURITY AND ENDOGENOUS GROWTH

• 成果类型: Article
• 署名作者: ZHANG, J
• 署名单位: University of Windsor; University of Victoria
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/0047-2727(94)01473-2
• 发表日期: 1995
• 页码: 185-213
• 关键词: Social Security; GROWTH; human capital; savings; fertility

摘要

This paper examines the effects of social security on the steady-state growth of per capita income in an endogenous growth model in which agents care about their own consumption, the number of children, and the welfare of each child. It shows that an unfunded program may simulate growth by reducing fertility and increasing the ratio of human capital investment per child to per family income when bequests are positive. Also, it may cause faster growth than funded programs, especially when receipts from funded programs are independent of contributions. When voluntary saving is positive, funded social security is neutral if receipts are linked to contributions, and most likely depresses growth if receipts are independent of contributions.