Public pensions and take-off

Public pensions and take-off

This paper examines the effects of unfunded public pensions on national income, growth rate, and employment in a model à la Lucas (1988) consistent with the empirical finding in Schoeni (1997). Our model shows that a public pension system can lead to a take-off from a low growth trap to a higher gro...

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Veröffentlicht in:Journal of pension economics & finance 2003-03, Vol.2 (1), p.25-39
1. Verfasser: MIYAZAWA, KAZUTOSHI
Format: Artikel
Sprache:eng
Schlagworte:
Age
Bequests
Cost control
Economic growth
Education
Education expenses
Growth rate
Human capital
Long term health care
Pensions
Retirement
Utility functions
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Zusammenfassung:This paper examines the effects of unfunded public pensions on national income, growth rate, and employment in a model à la Lucas (1988) consistent with the empirical finding in Schoeni (1997). Our model shows that a public pension system can lead to a take-off from a low growth trap to a higher growth equilibrium.
ISSN:1474-7472
1475-3022
DOI:10.1017/S1474747202001166