PAYG pension systems with capital mobility

Abstract : This paper studies the design of an optimal pension scheme in an OLG and open economy model. The pension scheme provides a flat rate benefit and is based on the PAYG principle. It thus combines inter- and intra-generational redistribution. In this setting a number of symmetric economies are connected by an open and perfect capital market. When this number is very large, we have the small open economy case; when it is reduced to one, we have the case of autarky or perfect coordination. As the number of countries increases, there is more intragenerational redistribution, but less capital accumulation.
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Submitted on : Tuesday, November 20, 2012 - 8:44:29 AM
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Pierre Pestieau, Gwanaël Piaser, Motohiro Sato. PAYG pension systems with capital mobility. International Tax and Public Finance, Springer Verlag, 2006, 13 (5), pp.587-599. ⟨10.1007/s10797-006-6079-3⟩. ⟨halshs-00754127⟩

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