Time preference, international migration, and social security |
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Authors: | Volker Meier |
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Institution: | (1) Department of Economics, University of Halle, Grosse Steinstrasse 73, D-06099 Halle, Saale, Germany (Fax: +49-345-55-27187; e-mail: v.meier@wiwi.uni-halle.de), DE |
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Abstract: | This paper analyzes both the formation of long-run migration incentives and the consequences of a regime change from “autarky”
to “free migration” in an overlapping-generations framework with two countries. Under autarky the countries may differ with
respect to their aggregate savings rate or with respect to their pension-wage ratio. It is shown that an individual prefers
to live in a country where the capital-labor ratio is close to the Golden Rule level and where his characteristics are relatively
scarce. Both the migration incentives and the consequences of free migration are determined by these two effects.
Received: 2 March 1998/Accepted: 10 February 1999 |
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Keywords: | JEL classification: F22 H55 |
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