Sharing High Growth across Generations: Pensions and Demographic Transition in China

• 成果类型: Article
• 署名作者: Song, Zheng; Storesletten, Kjetil; Wang, Yikai; Zilibotti, Fabrizio
• 署名单位: University of Chicago; University of Oslo; University of Zurich
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20130322
• 发表日期: 2015
• 页码: 1-39
• 关键词: economic-growth; fiscal-policy; urban china; 2000 census; REFORM; EFFICIENCY; CHILDREN

摘要

We analyze intergenerational redistribution in emerging economies with the aid of an overlapping generations model with endogenous labor supply. Growth is initially high but declines over time. A version of the model calibrated to China is used to analyze the welfare effects of alternative pension reforms. Although a reform of the current system is necessary to achieve financial sustainability, delaying its implementation implies large welfare gains for the (poorer) current generations, imposing only small costs on (richer) future generations. In contrast, a fully funded reform harms current generations, with small gains to future generations.