Economic growth and stability with public pay-as-you-go pensions and private intra-family old-age insurance

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• 作者：Luciano Fanti^a ; ¹ ; ^{lfanti@ec.unipi.it} ; ^{fanti.luciano@gmail.com} ; Luca Gori^b ; ^{luca.gori@unige.it} ; ^{dr.luca.gori@gmail.com}
• 关键词：Endogenous fertility ; Myopic foresight ; OLG model ; Private old-age support ; Public PAYG pensions
• 刊名：Research in Economics
• 出版年：2012
• 期刊代码：76_10909443
• 类别：eco
• 出版时间：September, 2012
• 卷：66
• 期：3
• 页码：219-229
• 文件大小：284 K

摘要

This paper compares the steady-state and dynamic outcomes of two historical alternatives as a means of old-age insurance, namely, voluntary intra-family transfers from young to old members versus pay-as-you-go public pensions, in a general equilibrium overlapping generations model with children as a desirable good. We show that the shift from a private system of old-age support to public pensions increases the gross domestic product (GDP) per worker. Moreover, although in both cases the steady-state stock of capital, under myopic expectations, may be (globally) unstable depending on the size of the inter-generational transfer, we show that the existence of public pensions rather than private intra-family gifts considerably reduces the possibility of cyclical instability.