The authors review the qualitative macroeconomic and welfare implications of replacing a pay-as-you-go pension system with a fully funded scheme. They summarize the typically small effects found in the simulations literature, based on exogenous-growth one-sector models. Much larger, and sustained, effects are obtained in the framework of an overlapping-generations model with endogenous growth and formal-informal production sectors - the model presented...
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INFORMATION
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1995/06/30
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Document de travail de recherche sur les politiques
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WPS1471
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1
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1
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2010/07/01
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Pension reform and growth
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pension reform